In life, the ability to adapt and remain flexible in the face of unexpected challenges can make all the difference, as I was reminded just last week by the events surrounding the New England Patriots. This situation serves as a powerful reminder that no matter how carefully crafted a plan may be, the need for flexibility is paramount, particularly in the world of financial planning.
The team’s recent coaching change—firing head coach Jerrod Mayo and hiring Mike Vrabel—highlighted the importance of being able to pivot when circumstances shift unexpectedly. For years, the Kraft family had planned for Mayo to be the successor to Bill Belichick, envisioning a smooth transition following a glorious Super Bowl victory. Again, not the case at all, as Mayo was handed a team struggling for stability among lots of roster turnover. This resulted in the fans being forced to suffer through the last few years of poor performances. Instead, what the team and organization needed was an experienced, well-respected, and tough head coach in a time of need.
This could have worked out extremely well when the football gods smiled upon us as the Titans fired Mike Vrabel the same off-season Bill was let go, lining up the perfect opportunity. Alas, the agreement with hiring Mayo was in place and already filed with the NFL, and predetermination won out to flexibility. We will never know for sure what could have been a different outcome with Vrabel at the helm, instead of the lost season we had this year with Mayo, however, I’m glad for the result this time around.
This entire situation was a reminder to me of how building flexibility into any plan is crucial, especially when it comes to financial plans. A financial plan that was created years ago could not have anticipated or planned for events like the Great Financial Crisis or Covid, not to mention any unexpected events related to their personal lives. This goes back to how we as the financial planners of Napier Financial constantly monitor and update each of our clients’ financial plans to ensure we have the flexibility built in and can adapt to the ever-changing environment of today’s world.
