There are good ideas that look like a sales pitch, and few sales pitches that are backed by a good idea for you.
The world is full of salesmen. We all want to buy not be sold. The reasons are fairly simple: even if the product or service the “salesman” is pushing, we have to stop and ask a few questions: Is this the best for me? is there a similar, better product out there? will this work the way we’re being told? etc.
So is the case with the financial Advisors of the world and many will not talk to a true advisor for having been “sold” so many time sin the past.
But a good professional salesman does provide a valuable service IF he proceeds in a professional, client centered fashion. The difference is fantastic.
Consider this situation. YOu go to the fridge in the morning and the light doesn’t come on, you look inside and notice it’s not very cold! after doing some checking around, you conclude that this 18 year old fridge is done for and you need a new one. So you do some internet research, check for holiday sales and discounts, and armed with good information, you proceed to the various stores of your choice to check out the best products. A professional man comes and asks to help. Your first reactions is to avoid him and yes he leaves you alone, After checking a fem models, you now have some specific questions, and you call the “salesman” over. HE answers your questions and points out a couple of shortcomings on the model you have chosen., he asks a few questions that are pertinent to your needs, he asks if you have gone to XUZ dept store down the street that they are having a sale and might be able to get the same for a little less.
You go to the other store and are met at the door by a REAL Go Getter Salesman. He follows you around the displays constantly suggesting this model or that this is on sale and that gets rebates.
So it’s pretty clear the difference between the two “salesmen” who are compensated by some salary and commission. The first expressed an interest and concern for you, your needs and budget, the second seemed only interested in closing a deal. The first sought to match your situation with the right product, the second attempted to put you with anything at all, just close the deal NOW!
So it is in the financial services world, but much more complex and challenging. The “Salesman” comes with a product to convince you to buy, overcoming objections like they taught in sales school. The professional advisor, takes time to learn who you are, just what your needs and concerns are, REALLY!, does his due diligence, then reviews before he ever tries to close the deal.
On the Fridge purchase, how would you feel if the second guy pulled up in your driveway with a fridge in his pick up truck, knocked on your door and proceeded to “sell” you what he had? Not so good. What if the first salesman called you the next day and asked if you found what you needed and offered to help you find just the right one?
Sometime we want help in making a purchase of a product. But in the Boomer world planning, strategy and managment are more important than the product, not that the product and company are irrelivant, but the plan is the first step.
So there are good ideas that look like a sales pitch, but very few sales pitches that are backed by good ideas unless they started with through investigation of your situation and needs budget and concerns and resources.
Make sure you do your homework and work with an advisor who places your interests ahead of his own at all times.