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Guarding Your Wealth for Senior Citizens
Financial Advisor Gets Sticker Shock Choosing a Service Professional
Trust your ‘red flag’ indicator, don’t move quickly
and do extensive research
By Jeffrey D. Voudrie, CFP
 March 25, 2008 - It can be difficult for someone in
the financial services industry to know how the investor feels -
especially when first choosing which advisor to work with. I recently
had an experience that put me in your shoes for a change.
A couple of mornings ago, my teeth began hurting
for a short time after I brushed them. It had been awhile (too long)
since they were cleaned so I decided to go to the dentist for a cleaning
and check-up.
I only have one set of teeth and I know that they
need to take care of me for the rest of my life. Unless I want to exist
on soft food, it’s vital that I take care of them. Likewise, someone
retiring only has one nest egg and their lifestyle and ability to remain
retired will depend on what happens to it. Make a mistake and you can
lose a good portion of it.
How do you choose an advisor? How do you choose a
dentist? I could look in the phone book and I can ask people that I know
whether they are pleased with their dentist. Still, how do I know if
their experience with a dentist is going to be the same as mine? It’s
not like you can interview a dentist, get a price list and an extensive
list of references!
Worse, the reason I was looking for a new dentist
was because I wasn’t pleased with the dentists I’d used in the past.
Surely this time I would find one that I would like! So I called a
dentist that seemed to do a good job for another family member and I set
an appointment.
A red flag went up during the first call. I asked
for an appointment after the stock market was closed for the day and
amazingly, they just happened to have had a cancellation and I could get
in that very day! Having a sales background, I know that’s a common
tactic to use because you don’t want to give the impression that you
aren’t busy.
Another red flag was raised as soon as I walked
into the office. There was leather furniture, a café and a plasma screen
television. The coffee table featured literature on various cosmetic
improvements.
The plasma TV, it turned out, was just playing a loop
designed to sell those improvements. I never realized that having whiter
teeth would have such a positive impact on my entire life!
The phone sales tactic I picked up on was confirmed
when I heard the receptionist say the same thing to others that were
calling in. In the financial services industry, these are seen as
harmless statements.
‘It’s no big deal, they’ll never know,’ the advisor
might explain to the assistant. Maybe I’m old fashioned, but I don’t
want to be treated that way and neither do my clients.
Soon I was ushered into the chair where I thought I
was going to have my teeth cleaned. After a few pleasantries, the dental
assistant said that she needed to take some x-rays and that they
recommended the 360° one. “It is $199 for both sets, is that OK?”
While examining my gums she mentioned that oral
cancer was very hard to detect and affected many people. They had a test
that would screen for it and it only cost $49…would I be interested? No.
My appointment was for a cleaning. But all I
received was the x-rays and the ‘initial consultation’. It’s ‘possible’
I have a cavity under one of my existing fillings and the dentist
recommended it be fixed, not with a traditional filling but with a new ¾
crown that would be much better.
I left feeling like I paid $200 for some x-rays and
a sales pitch. The full ‘cleaning,’ it turns out, will cost over $500!
That partial crown would only be $850! For comparison I called another
dentist. This one seemed to be more ‘old school’. His cost for a
cleaning? $110.
Have you ever felt like I did after going to an
investment advisor? Undoubtedly, some of you have and I am ashamed to
say that it is becoming more common. There are advisors out there,
though, that are more focused on your needs than their own. Trust your
‘red flag’ indicator, don’t move quickly and do extensive research on
any recommended products.
If you have a specific question or would like more
information, give me a call toll-free at 1-877-827-1463 or you can also reach me by email at
jeff@guardingyourwealth.com.
I will answer your financial question FREE.
About Guarding Your Wealth:
“Guarding Your Wealth” is a
nationally syndicated weekly personal finance column written by Jeffrey
D. Voudrie, CFP. Mr. Voudrie is the President of Legacy Planning Group,
a private wealth management firm that employs sophisticated proprietary
strategies designed to protect and grow its clients' investments. Visit his website,
www.guardingyourwealth.com to read past articles under the Guarding
Your Wealth Article Archive that may not have appeared in
SeniorJournal.com.
Guarding Your Wealth for Seniors, on
SeniorJournal.com, is
a collection of columns by Voudrie that deal with issues of particular
interest to senior citizens.
Click here
for all columns.
In addition to being a nationally
syndicated columnist and Certified Financial Planning Practitioner, Mr.
Voudrie provides personal, private money management services to select
private clients
nationwide.
Looking for an energetic expert who
is passionate about financial and wealth management? Mr. Voudrie is an
excellent speaker who will excite and inspire your audience. Mr. Voudrie
is available for a limited number of speaking engagements, television
appearances and radio talk shows. For bookings, email
jeff@guardingyourwealth.com.
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