If you’ll forgive my language, I believe the way to “revolutionize” the financial services industry is quite simple: you just cut the crap.
The pushy peddlers of old aren’t entirely gone, and it reminds me to come back to the basics. Clients first. If you’re better off, I’m better off. Grow the buckets.
I recently met a person, well into the retirement years, who escaped some real damage by listening to their guts on a financial proposition. The peddler who almost got to them reminded me of the antics of a character I met as a young man starting out in the life insurance business, long ago.
This classic peddler fit every stereotype of the master salesman of the last century. Big pinkie ring, Cadillac, flashy suits. His motto? “Dazzle them with diamonds, baffle them with bull….”
It didn’t matter if you needed what he was selling or not. The question was, could he make a buck by tricking you into buying it?
The sales abuses are just as real today. Can you imagine tying up money for 10 years when you are retired, facing a huge penalty if you do want your money out, and getting mediocre returns just so a peddler can get a big insurance commission? It happens.
The bad news is, the obvious signs like pinkie rings and flashy suits are gone, replaced by a sea of nice websites with family pictures and flowery talk about your best interests and the peddler’s degrees and designations. The good news: you can always get a second opinion.
I’m in business to talk all day. If someone you know needs a second opinion, I’d love to talk to them. Here to help as I can.
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