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Thanks but….

by | Feb 25, 2022 | financial planning

Now and then we meet people we can make a massive difference to but who cannot bring themselves to be helped.

They are often wealthy and have many accounts with many providers and a pot-pourri of investments which they chose and manage themselves. Most advisers and investment firms would bite their arms off to have them as clients.

On the one hand, they say they need help – it is too much, it seems a bit of a mess, etc. On the other, that they are great because there is more money than they started with.

We smile and nod, as recollections about confirmation bias, cognitive bias and anchoring bias drift through our minds.

For a second or two we wonder idly what they understand about such matters as strategy, purpose, planning, opportunity cost, investment and product charges and what asset allocation, diversification and risk really mean.

We return to presence, putting such matters to one side. We sit quietly knowing that their innate wisdom brought them to us, it knows something is amiss. Their innate wisdom led them to the water, we hope it returns.

They talk, we listen deeply, waiting for the moment we can tell them that it will all be okay, that we can help, but then they say….

“So, I would like you to look after some of this money for us”.

We swallow hard, open our mouths, and reply….

“How would that work?”

We are buying time. Their answer does not matter – it will be some sort of madness. All we want to do is compose ourselves and avoid saying….

“Which other professionals do you ask to do only half the job? Do you ask your dentist to only check out the pointy teeth? Or your mechanic to service your car but ignore the brakes”

It is cruel to say such things to someone we now realise is much sicker than we had imagined. Instead, we say….

“I’m afraid that’s not a service we offer or wish to offer. There are very good reasons for this.

After 30+ years working in financial planning I have no doubt such an approach will be more expensive, inefficient and riskier than either us or you looking after all the money.

Our steadfast belief is that only a joined up, comprehensive, holistic financial plan can provide long-lasting financial success.

That is what we do for the 250+ families who entrust us to steward £200m+ of their hard-earned money.

I believe that each of those families works with us because they recognise that the fees we charge are a fraction of the value we bring.

If our service, the only service we offer, is of interest to your and your family, I would be delighted to discuss it with you further.

If not, then I wish you and your family every future success and happiness, our door remains open to you.”

That, we believe, is the respectful response of the true professional. It is as truthful, helpful and kind as we can be.

Have they heard us? Only time will tell.

Today we have done the best they will allow us to – told them thanks, but no thanks.

Boring But Effective | Truthful, Helpful, Kind

advice@townclosefp.co.uk 

 

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