Dads in banking give fatherly financial advice
LAST week, in our countdown to Father’s Day, we had several dads share the financial adjustments they had to make since becoming fathers. This week we caught up with a special group of dads — they are not only experts at money management for their families, but also for their clients.
These dads who work in financial services, all at Jamaica Money Market Brokers (JMMB), share their tested and proven financial advice with All Woman. What makes them even more special is that they are all girl dads, so they are giving us the same advice they give to their own dear daughters.
Keith Duncan, JMMB Group CEO, father of four:
Identify your goals and create a diversified and disciplined investment plan to achieve your goals. You work hard for your money, let your money work hard for you.
Jerome Jarrett, client partnership manager, father of three:
“My advice to my children as they get older, not just my daughters, is to contribute the full amount to their pension, so that they can be financially independent in their later years.”
Hopeton Ridgard, corporate relationship manager, father of one:
“I believe it’s crucial that children learn the value of money at an early age. My advice can be summed up simply — save more and spend wisely.”
At age 11, Ridgard’s daughter Sara is already heeding her father’s advice. Not only is she aware of the basics of stocks and other investments, but she saves all her monetary gifts and spends wisely.
“At around eight years old she asked for a balance on her accounts, and now when she asks to buy something she reminds me that she has enough money so she can afford it,” the proud dad beams.
Christopher Walker, CEO of JMMB Fund Managers, father of two:
“Start early, regardless of your level of earnings and make a deliberate effort to save by setting an annual/monthly target and endeavour to stick to it,” Walker advises. “Be present and proactive about your finances. Move past the fear factor (such as financial jargon and complex investment instruments); simply start and focus on gaining knowledge of who you are and what risk you are willing to take. When investing, always stay true to yourself.”
With his daughter now in her late teens, Walker has sought to include her in the family’s financial matters to build her confidence dealing with these matters.
“I believe that financial decisions concerning a family should be inclusive, and it’s important for her to recognise that she has a part to play in making these types of decisions,” he says.
Alwayne Cousins, manager, corporate solutions, father of two:
Having lost his own father at an early age, Alwayne believes in pulling from the positives to give his daughters all they need to thrive in life and ensure they feel loved and cared for. His life experience has guided the financial lessons that he wants to teach his daughters.
“It takes small steps to achieve your goals; when you start saving early, the reward at the end will be greater,” is his word of advice.
Barrington Rose, senior counterparty and operational risk analyst, father of one:
While his 15-month-old daughter Sara is a bit too young to understand just now, as Rose watches her grow and learn to walk, he is reminded of all the changes that are taking place and how much her needs change with time.
“Similar to the changes in her physical needs over time, her financial needs will change based on her goals, risk appetite, and where she is in her life cycle; therefore as she grows she should build the discipline of saving,” he says. “I also recommend that you invest in yourself. Therefore, as you enhance your earning power, invest aggressively during your late teens and early 20s.”
Greig Lindo, assistant general manager, trading and treasury, father of one:
As she is only two years old, Greig intends to teach concepts such as investing to his daughter Arielle when she is old enough to understand.
“Start investing for your future early and learn the time value of money so that you can use it to build wealth,” he plans to advise her.
