A sip of wisdom: how wine making and financial planning are more alike than you think
4 min read
I’ve long strived to have a hobby that sounds more exciting than “attempting to run” or “occasionally doing a pub quiz”. Recently I achieved that goal when I was kindly gifted a WSET (Wine and Spirt Education Trust) voucher and was able to pursue my WSET level 1 and 2 in Wine.
I decided to embark on my journey to learn more about wine for a couple of reasons:
- I wanted to be better able to navigate a wine menu when it came my way (instead of relying on an Argentinian Malbec being on the list)
- I enjoy wine and was keen to be a bit more educated on the topic, at least enough to ask some intelligent questions.
Noble rot: from mould to gold
As I began reading about the creation of wines and how certain conditions can create a fungal mould that can become a wine making miracle, I realised how much there is to wine making I had never considered and was unaware of. I also realised that even with this little bit of knowledge I had gleaned, I was really only scratching the surface. This led me to consider the similarities between expertise in wine making and expertise in financial planning. On the surface, these two fields may appear to have little in common, but upon closer inspection, there are some interesting similarities.
Primarily, both wine making and financial planning require a great deal of specialised knowledge. Wine makers must be intimately familiar with the various grape varieties, wine regions, climate impacts and production techniques that go into making a great bottle of wine. They must also possess a refined palate capable of detecting subtle differences in both taste and aroma. Similarly, financial planners must be well-versed in the various investment options, vehicles and asset classes available to their clients. They must also have a deep understanding of tax requirements, estate planning and retirement and income strategies. Each client will also have subtle differences in their needs, accrued assets and long-term goals, making the desired outcome quite different for each.
Savouring the flavours: why technique matters
Before I started my course, I had not appreciated the importance of tasting technique (you just drink it right?) and how much practice this requires. Good technique helps to develop sensory skills (both on the nose and on the palette), improve wine assessment, and enhance communication. With regular practice, tasters develop a greater appreciation of different wine styles and become more confident and articulate in their evaluations and assessments.
A similarity between wine making and financial planning experience is the importance of experience and practice. Wine makers must taste countless bottles of wine to refine their palate and develop a deep understanding of the subtle nuances that separate good wine from exceptional wine. Similarly, financial planners must train and work with a wide range of clients and investment strategies to hone their skills and gain the experience necessary to make sound financial recommendations.
Trusting your taste: every palette is different
Finally, both wine making and financial planning experience require a certain level of intuition and creativity. Wine makers must be able to look beyond the technical aspects of winemaking and tap into their creative side to identify wines that possess a certain “wow” factor. Similarly, financial planners must be able to think creatively and develop innovative strategies that help their clients meet their financial goals. You aren’t always necessarily looking for solutions that are the most complicated, but you are looking for a “wow“ outcome for that particular client and their circumstances.
“Making good wine is a skill; making fine wine is an art.”
Robert Mondavi
In both wine making and financial planning, there is also a strong element of subjectivity. What one person may consider a great bottle of wine; another may find unremarkable. Similarly, what one client may consider a comfortable investment strategy, may be considered too risky for another’s personal situation. This means that both professions must be able to effectively communicate their recommendations and justify their decisions to clients. Your recommendations will be driven by client needs and preferences, you would not recommend a Rioja to a client who needs a light and refreshing dry white for instance.
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While wine making and financial planning may seem like vastly different professions, there are some interesting similarities between the two. Both require specialised knowledge, experience, subjectivity, effective communication, and creativity. Whether you are into wine or financial planning, it is important to remember that success in either field requires a deep commitment to ongoing learning and professional advancement. In both instances experience leads to the perfect pairing.
