What Scrooge could learn from a financial adviser…

Scrooge. Yes, it’s a name synonymous with stinginess and cold-heartedness, even for those who haven’t read Charles Dickens’s allegorical novella A Christmas Carol.

We’ve seen Scrooge appear in countless films, like Bill Murray’s 80s comedy Scrooged and the more recent biographical film The Man Who Invented Christmas. (There are also two ballet and four opera versions of this iconic story.)

Since the mid-nineteenth century, this character’s name has always been a stand-in for any person who is a ‘cheapskate’.

‘Oh! But he was a tight-fisted hand at the grindstone, Scrooge!’ is how the author describes this frozen old scarecrow – a rich, yes, but friendless and unhappy man sitting in the dark because it’s cheaper than burning a lamp – and who is tormented by four supernatural visitors one lonely, bleak and foggy Christmas Eve in London.

As we go into this festive season, let’s revisit his story - with a twist!

Instead of three ghosts, that shrewd moneylender and businessman Scrooge will now be guided by three modern financial advisers as they share some timeless wisdom with all of us.
 

‘Old Marley was as dead as a doornail’ – or at least he was supposed to be dead, until he appears to warn the isolated, gruel-sipping Ebenezer Scrooge.

A former business partner, Jacob Marley was – like Scrooge – driven by self-serving avarice. Now a vaporous spirit – bound by heavy chains, trapped in purgatory – he warns that greed and indifference lead to suffering.

He tells Scrooge that he’ll be visited by three ghosts and that he must heed their words if he wants to avoid the same terrible fate.

In our retelling, he’d also given Scrooge a heads-up that three financial advisers will be knocking on the old man’s door, and he should let them in and listen with an open mind.

A ghost from the past

This first ghost shows our miserly protagonist scenes from his past, revealing Scrooge’s lonely childhood, happy moments with his sister and the painful end of his engagement to the love of his life, Belle, who realises he loves money more than he loves her.

Financial adviser: ‘Ebenezer, you were born poor and friendless, but yours has been a real rags-to-riches story. So why are you still living in rags? Don’t just hoard your money – allocate spend for the things that matter, and perhaps consider diversifying your portfolio.’

‘More than that, invest in people, your community and new personal horizons. If you build strong partnerships, those relationships will give you far greater returns than any gold coins or money.’ 

A ghost from the present

This spirit reveals to Scrooge the festive celebrations and heart-wrenching struggles of ordinary people all around him including his nephew’s party, his long-suffering clerk, Bob at a modest family meal and the man’s ill child, Tiny Tim.

Financial adviser: ‘Let’s look at your current finances. Yes, you run a successful business and you’re accumulating wealth, but you're missing out on life’s rich experiences and you’re indifferent to the causes of those less fortunate than you.

‘It’s great to save for a rainy day (or foggy night) – but what about enjoying the sunshine? Balance – that’s what it’s about, balance and perspective. Give back to those who show loyalty or need your help. If you spread goodwill, you’ll receive priceless assets, like love and friendship.’

A ghost from the future

This final apparition shows Scrooge what could happen if he does not change his ways. It’s a future where he dies unloved and brings into stark relief Bob's grief at the funeral, while Scrooge’s own grave is neglected, unvisited and forgotten – with the taxman swirling around for scraps.

Financial adviser: ‘Now, Ebenezer, here’s a gloomy prediction. If you continue down this road, you’ll only ever be remembered for your wealth. What about legacy planning? Give back while you’re alive and leave behind a reputation that people will genuinely admire.

‘Now is an appropriate time for introspection. You can shift your attitude towards money. It’s not just a means to accumulate wealth but a way to enrich your life and the lives of those around you.’

The truth is that the pursuit of money alone won’t guarantee happiness. Wealth creation must always include balance, forgiveness, generosity, human connection and creating good memories. A life of prosperity is achievable through balance and smart investing. By investing wisely, you can secure your financial future and create a legacy that goes beyond mere wealth.

Often, when we change our mindset about money, we gain insight into transforming our own lives.

Did you know?  In Victorian England, it’s interesting to note, the roles closest to today’s financial advisers would probably have been stockbrokers and bank managers. With the rise of the London Stock Exchange (founded in 1801), brokers started managing individual investments. At the same time, we saw some of the first private bankers emerge to manage their clients’ wealth.