 English/British slang. Every country has their own slang words and phrases. I thought today I would share one of them that I find myself using quite frequently when dealing with people in my role as financial advisor. I love getting to know people. In my job I consider myself to have many different roles including a financial planner, lifestyle coach, income planner and yes even a "sleeping Policeman". Allow me to explain the phrase. 
I am often working with folks who are either getting ready to retire or assessing their income needs. This is where I sit down and ask all kinds of fun questions about goals, plans, dreams and what their bucket list items are. Folks in their 60's and 70's have a finite number of good, active years ahead of them and I have seen many situations of financial decisions both good and bad. I try to share some of those experiences and offer suggestions of how to emulate the successful and avoid the not so successful paths. For many people with adequate resources I suggest that they treat their children and grandchildren to a trip where memories will be made that will last for everyone's lifetime. For those people an extra $20-30,000 in their estate at their passing would be hardly noticeable, whereas the memories would be priceless. For some an outright gift on occasion or annually might be best from a tax point of view. For others I might have to give my "sleeping Policeman" speech. I have explained to many people what a sleeping policeman is, but I have actually had to act as one on only a few occasions. So, without further ado allow me to explain. Imagine you are speeding along the road and you suddenly spot a police car stopped at the side. It is a natural inclination to put your foot on the brake and slow down. It doesn't even matter if the car is empty or the policeman is sleeping, you can't tell, but the reflex is to slow down. The same reaction is achieved by the placement of a speed bump in the road. Folks will generally slow down 24 hours a day for a speed bump, just as sure as they would if there was a police car parked at the side of the road. When I am working with a person as their financial partner I have had to act as a sleeping policeman and advise them to slow down.  For the most part people do not take offense at my suggesting they think twice about depleting savings etc, as they recognize I am only trying to give them the best advice I can based upon my experience. Even then I advise that I am only acting as a speed bump, they are of course free to take any action they want as it is their money. But as their advisor I have a fiduciary responsibility to give the best advice I possibly can. I have had clients ask me to tie up their money where they can't readily have access to it, as they recognize themselves that they have a tendency to overspend.
However, most folks have a fairly accurate grasp of their situation and don't require me to be the speed bump. It is far more frequent that I advise folks that they are financially comfortable and to do the fun items on their bucket list while they still have the good health to do so. Wherever you fall in that spectrum it is a good idea to get an impartial review of your situation. Email any questions or comments to:
Phil@CastellInsurance.com | 
