I’ve recently finished reading Anxious People by Fredrik Backman and it really got me thinking – mainly, about how I could apply several of the key messages to my work life.
The book is about a bank robbery that goes wrong and turns into a hostage situation – although it is actually about so much more.
Firstly, it challenged my preconceptions of characters in the book. I had to go back and read several passages to see how I’d managed to interpret things in a certain way.
I don’t want to write too much more here, just in case you decide to read it…
This really started to make me revaluate how I interact with clients, or indeed prospective clients, particularly when I meet them for first time.
I think this book beautifully illustrates how we can bring our own judgement and preconceptions into a client meeting, when we need to leave them at the door.
We need to ask more questions; we need to dig further into why people think or feel a certain way about money, life and expectations.
We need to ask more questions; we need to dig further into why people think or feel a certain way about money, life and expectations
In the book, Anna-Lena – one of the main characters – initially appeared to be a bit downtrodden by her husband.
The reality was that she had been the main ‘breadwinner’, while he had stayed at home to look after the children.
Her husband, Roger, was using house renovation as to a way to prove his worth in the relationship and Anna-Lena hired someone to improve Roger’s chances of success, without him knowing.
Her intention was to make him feel good about himself, which it did – until he found out about the helping hand that she had!
Another character is Zara – an analyst at a bank. Her thoughts on wealth and the banking system give a different perspective yet again.
She says that ‘the most expensive thing you can buy in the most densely populated places on the planet is space’, which I found to be an interesting concept.
It is clear from Zara that she needs to be careful that ‘space’ does not become ‘loneliness’.
She also comments that, more so than ever in the modern world, we are comparing ourselves with others.
She points out that people who spend a lot of time curating a portrait online depicting happy times are probably not that happy.
I’ve written about this before, but comparison really is the enemy of joy.
Zara also says that the financial system abuses people’s trust and dreams, and also points out that a lot of people finance their lives.
Mortgages, cars, electronics etc, can all be on credit, and fewer people are paying them off.
An illusion of wealth can be created with a huge amount of underlying debt
Again, what people portray is not necessarily reflective of their full circumstances. An illusion of wealth can be created with a huge amount of underlying debt.
This lifestyle can be maintainable while working, but is often harder in retirement – particularly if you have been spending your income on financing debt rather than saving for the future.
It also illustrates how important it is to build trust with our clients and understand their dreams, and how we can help.
It’s important to understand how much finance a client has, what their long-term plans are, and how susceptible they would be in times of interest rate increases.
There are a lot of business book recommendations thrown around – on sales, management, self help books. But can reading fiction also help with your financial planning career?
At the very minimum, it can give you another topic to discuss with your clients.
Shelley McCarthy is managing director of Informed Choice
