Comments on: Is Your Financial Adviser Everything To Everyone? http://evolutionofwealth.com/2009/12/financial-adviser-everything-to-everyone/ Helping People Find, Keep and Enjoy Their Money Tue, 20 Dec 2011 16:21:36 +0000 hourly 1 http://wordpress.org/?v= By: Evolution Of Wealth http://evolutionofwealth.com/2009/12/financial-adviser-everything-to-everyone/comment-page-1/#comment-259 Evolution Of Wealth Thu, 17 Dec 2009 04:45:17 +0000 http://evolutionofwealth.com/?p=537#comment-259 Maybe I'm naive to believe that if you do right by people that it will only benefit you more in the long run. I guess it's sort of a karma thing. To me, those financial sales people that push products regardsless of the client's situation or best interest, they don't last long. It's just a matter of time and today it's even shorter with the ease and access of information. What I'm saying is if you do right by people then money shouldn't be the driving force. It should just happen. You shouldn't have to worry about the money but instead you focus on helping people. Does that sound crazy? Maybe I’m naive to believe that if you do right by people that it will only benefit you more in the long run. I guess it’s sort of a karma thing. To me, those financial sales people that push products regardsless of the client’s situation or best interest, they don’t last long. It’s just a matter of time and today it’s even shorter with the ease and access of information.

What I’m saying is if you do right by people then money shouldn’t be the driving force. It should just happen. You shouldn’t have to worry about the money but instead you focus on helping people. Does that sound crazy?

]]> By: Evolution Of Wealth http://evolutionofwealth.com/2009/12/financial-adviser-everything-to-everyone/comment-page-1/#comment-258 Evolution Of Wealth Thu, 17 Dec 2009 04:30:19 +0000 http://evolutionofwealth.com/?p=537#comment-258 You make a great point about incentives. I might even go farther and say it's about education. The industry training is flawed. It's a business and they train financial people to sell as much as possible as fast as possible. It's almost as though the companies expect the advisers to leave. It's a tough business. Truthfully, I don't know how you could get into the business as a fee-only adviser. Even with fee-only advisers I've seen plenty who are very investment orientated. That's what they get paid on, assets under management. That's their incentive. You make a great point about incentives. I might even go farther and say it’s about education. The industry training is flawed. It’s a business and they train financial people to sell as much as possible as fast as possible. It’s almost as though the companies expect the advisers to leave. It’s a tough business. Truthfully, I don’t know how you could get into the business as a fee-only adviser. Even with fee-only advisers I’ve seen plenty who are very investment orientated. That’s what they get paid on, assets under management. That’s their incentive.

]]> By: Kevin@OutOfYourRut http://evolutionofwealth.com/2009/12/financial-adviser-everything-to-everyone/comment-page-1/#comment-248 Kevin@OutOfYourRut Fri, 11 Dec 2009 01:05:23 +0000 http://evolutionofwealth.com/?p=537#comment-248 Having done some work in insurance sales many years back, sales managers were encouraging us to refer to ourselves as financial planners. I never felf comfortable with that label and never used it. What ever we did was cover for insurance sales. What ever the customers question, life insurance was the answer, and always whole or universal life. That was the plan, there was no other. I suspect it's that way in many financial sales fields. The goal is to sell the company's own products and everything else is mostly a prop to produce that result. Personally, I think a good financial planner is someone who considers the customers big picture needs, integrating the various factors in their lives to produce the best alternative. In that regard, the FP shouldn't really be selling anything, he needs to be totally objective. Maybe a fee based FP is really the place to find the real professionals. .-= Kevin@OutOfYourRut´s last blog ..<a href="http://outofyourrut.com/blog/2009/12/09/fast-track-on-frequent-flyer-miles/" rel="nofollow">Fast Track to Frequent Flyer Miles</a> =-. Having done some work in insurance sales many years back, sales managers were encouraging us to refer to ourselves as financial planners. I never felf comfortable with that label and never used it. What ever we did was cover for insurance sales. What ever the customers question, life insurance was the answer, and always whole or universal life. That was the plan, there was no other.

I suspect it’s that way in many financial sales fields. The goal is to sell the company’s own products and everything else is mostly a prop to produce that result.

Personally, I think a good financial planner is someone who considers the customers big picture needs, integrating the various factors in their lives to produce the best alternative. In that regard, the FP shouldn’t really be selling anything, he needs to be totally objective. Maybe a fee based FP is really the place to find the real professionals.
.-= Kevin@OutOfYourRut´s last blog ..Fast Track to Frequent Flyer Miles =-.

]]> By: Daniel http://evolutionofwealth.com/2009/12/financial-adviser-everything-to-everyone/comment-page-1/#comment-245 Daniel Wed, 09 Dec 2009 14:50:05 +0000 http://evolutionofwealth.com/?p=537#comment-245 I think a big problem with the pricing of financial advisers is that they are often encouraged to suggest something that is not in the customer's best interest. If they were to find a solution that was best for each person, that might result in lower commissions. To be honest, it's hard to blame them for looking out for their best interests, and as much as I'd like to think that if they acted like that they'd attract more customers, the reality is that the commission systems in many companies doesn't always encourage the best decisions. Fee-only advisers have more incentive to help the customers so they will keep coming back. What have your experiences been? .-= Daniel´s last blog ..<a href="http://feedproxy.google.com/~r/SweatingTheBigStuff/~3/H5ZFEmxQY2Q/" rel="nofollow">Credit Series: Debt Usage</a> =-. I think a big problem with the pricing of financial advisers is that they are often encouraged to suggest something that is not in the customer’s best interest. If they were to find a solution that was best for each person, that might result in lower commissions. To be honest, it’s hard to blame them for looking out for their best interests, and as much as I’d like to think that if they acted like that they’d attract more customers, the reality is that the commission systems in many companies doesn’t always encourage the best decisions. Fee-only advisers have more incentive to help the customers so they will keep coming back.

What have your experiences been?
.-= Daniel´s last blog ..Credit Series: Debt Usage =-.

]]> By: Tweets that mention Financial Advisers Want All Your Money -- Topsy.com http://evolutionofwealth.com/2009/12/financial-adviser-everything-to-everyone/comment-page-1/#comment-243 Tweets that mention Financial Advisers Want All Your Money -- Topsy.com Tue, 08 Dec 2009 17:31:03 +0000 http://evolutionofwealth.com/?p=537#comment-243 [...] This post was mentioned on Twitter by Bill Winterberg CFP®, Evolution Of Wealth. Evolution Of Wealth said: Is Your Financial Adviser Eveything to Everyone? http://bit.ly/5VuCWH Do they want to be? [...] [...] This post was mentioned on Twitter by Bill Winterberg CFP®, Evolution Of Wealth. Evolution Of Wealth said: Is Your Financial Adviser Eveything to Everyone? http://bit.ly/5VuCWH Do they want to be? [...]

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