“I like to stick with music I know I can play. I love classical, but I don’t think I could ever play it. I’m just not qualified.” -Willie Nelson
The word salesman conjures up a particular image in our society. We tend to fear the salesman. Why? Is it really the salesman we fear? Or, is it the unqualified salesman that scares us? An important distinction is made, a line in the sand.
All professions have salesman. We’re all salesman in some regard. Oftentimes, sales are made by trying to “get what we want.” This leads to a lack of empathy, a rushed process, and a state of win-lose; not the desired win-win. No wonder it feels dirty. It’s a short cut. It’s unnatural. We need more.
In financial planning, salesmanship fits in two primary categories. One, the sale of specific products and compensation based on such sales. Two, the sale of a long term service-based relationship, built over time on trust and independence. It comes down to qualifications. If qualifications are lacking, product sales are primary. If proper qualifications are there, service and relationship tend to be primary.
Where do we start to evaluate these key qualifications? What do these attributes mean for us? Can we make sense of the confusion? Can we make the complex, simple?
We are searching for that competence. It’s a two-way street. One, for us to be eligible, a good fit. And two, to verify the financial planner’s capabilities. There is no perfect formula. There are signs, key indicators. A few of those:
A college degree. Insist on an advanced degree. Look for a commitment to the field of finance. At a bare minimum, we should require this standard be met. What type of degree? Does that matter? Of course. Certain degrees would improve the quality of service. Look for those. Degrees can’t be faked. They can’t be achieved on a whim. They require work, sacrifice, and time. It raises the caliber. This displays a base level of responsibility and dedication.
Professional designations, certifications, licenses, and organizations. Entire books are written describing the “alphabet soup” of these in financial planning. Suffice it to say, in all of these categories, there are ones delineating service providers and ones delineating product sales. It is incumbent on us to know the difference. Designations and certifications are necessary to identify and classify the planner. Membership to specific organizations confirms loyalty and philosophy. Proper licensing grants permission, legal authority, to deliver service. Researching the different options is critical.
Years of professional service experience. This experience showcases the necessary skills to serve us. Notice, the distinction between sales experience and service experience. We are confident that the years of practice and training are there. This struggle is used to perform on our behalf. We are able to trust in the know-how.
Furthermore, there is a level of trust in the doing. The knowing is important. Communicating the knowledge is essential. But, the doing creates a level of intimacy, a much more advanced mastery of a subject. Doing provides the proof. Be, do, become. Hunt for professionals with the exposure. Experience is gained and shared, only after the exposure. Exposure is gained through the hours of study, work, and application. Don’t let yourself be shorted.
In the end, we’re looking to qualify the close relationships we allow in our lives. With service providers, ones built on trust, it is more essential than ever. We need to know there is a certain fiber built in. We want to ensure the inherent skill is there. The skill to provide the service we rely on. Is there a high capacity to deliver the talk? Are we confident they have “what it takes” to guide us?
We want that quality service? We demand it be delivered? To get it, we must be diligent in our research. It makes a difference, perhaps the difference.
“The only source of knowledge is experience.” -Albert Einstein
