July 2 – Trevor Thompson
Did, you hear that pop? That was the lid of the can of worms opening!
TRUST. Absolutely essential in the financial advice world. But how do you know who to trust? Can you just trust a brand? Can you trust a referral from a friend? Maybe, but what if they were financially ignorant and trusted the wrong people? A trusted professional may be a good start.
Here’s a clue. If someone gets paid to sell you something you need to turn your radar on. There are honest and open ways to do it and there are the devious ones that put the salesmans interest first.
Why is he on his soap box again I hear you ask? Well this week I have been negotiating for compensation on behalf of a new client for bad advice from a very big financial Institution. I also heard the example of someone who paid 10% of their capital to a planner at a different very large financial institution for dodgy advice disguising a product flog and last night I met two lovely people who are becoming my clients. When I looked at some of the mess they had I asked “why did you do this?”. Because the planner worked for (I wont say who as I dont want to be sued). They trusted a brand and were sold “products” by the commission driven salesman.
Putting you first is our motto because I chose it. I want my son to aspire to be a Financial Planner and I want cowboys run out of town. Sorry about the rant. It gets up my nose!
Ask enough questions to gain trust and resist pressurised sales spiels.
By Trevor Thompson.
CFP DipFP
SENIOR PARTNER