Weekly Thoughts 16 August 2013

Over the last few months a handful of clients have been approached by someone or some brokerage and had sales pitches positioned to them for other products or investment opportunities or insurance options. This will happen. And my point of writing about it, is to say that if something sounds interesting or you want to know more about something you’re told about, listen with pleasure and do not be afraid to tell me about it. The benefit of being independent is that I could contract to offer things from any company. I am always pushing my own boundaries to know if there are things I’m missing. Hence the loose grouping of independent advisors I meet with monthly in Pietermaritzburg and then I also meet with my succession guy in Johannesburg every three months.

One such recent approach saw me reading all about an investment offering presented to a client, bouncing it off my Jo’burg guy and then having the consultant from said company in my office last week. The net result when the consultant and I were finished, was that she admitted her investment product didn’t have anything better to offer or at a lower cost than the investment spaces I was using. It didn’t even match up. In another of these examples, I helped a client get a very forceful brokerage off his back by debating directly with them.

If I think something is good for you and the person offering it to you deserves the business, I might even say so. I have done this before too. I can still record the item on your portfolio. Furthermore, many IFA’s who are attempting to be at the forefront of financial planning regarding attitude and approach, are very quick and open in telling another person that their advisor is doing good for them and then we do not interfere. I have said this of things I have been shown and had it said of me too.