Have you ever noticed how many times a day we are bombarded with an “act now!” sales pitch? My email SPAM folder is filled with limited time offers and red hot deals that surely won’t last. There are flash sales, double points and more exclusive deals than I have time to look at. Every single one of these sales pitches is trying to get me to buy into The Fear. The Fear says that this product/service/deal won’t be available tomorrow, I have to act now or it will be gone forever. This is the exact same way that infomercials are able to sell products. The Fear says that this is an exclusive deal, I need this solution and if I don’t call RIGHT NOW it will be gone forever! Sadly this is also the way that some shady salesmen try to sell investment products.
The financial planning industry is filled with amazing, trustworthy and upstanding advisors. I attend a Kingdom Advisors small group once a month and it is full of Godly, compassionate advisors who always put their clients’ needs first. However, as with any industry, there are always snakes and crooks who are in it for themselves. We have heard of a number of shady financial salesmen who prey on the newly widowed, the fearful and the distressed. One of the common themes these crooks use is the “act now!” sales pitch. They want you to make a commitment right away before you have time to think it over or run it by a trusted advisor. These crooks want you to buy into The Fear. The Fear of the future, The Fear of the unknown, The Fear of running out of money or maybe just the pressure to make a decision today. If anyone in the financial services business is trying to push you to make a decision quickly, that should be a red flag. Financial planning and investment management are long-term commitments focused on long-term goals. A legitimate financial plan and investment strategy won’t come with an “act now!” caveat. In our office we always give our clients time to process information and sleep on big decisions. This is especially important if you are dealing with the loss of a loved one.
When you lose a loved one, especially a spouse, decision making becomes nearly impossible. A good rule of thumb is to never make long-term decisions when you are at your worst. You shouldn’t decide to divorce your spouse at midnight when you’re sleep deprived and likewise you shouldn’t lock up all of your assets when you are grief stricken and experiencing brain fog.
A solid, long-term financial plan is not an infomercial sales pitch and won’t expire at midnight on the date of presentation. A trusted advisor will give you time and space to process the information and weigh your options. If someone is pushing you to “act now!” we’d be happy to take a look at the investment/product and give you a second opinion.
Serenity Melnick is a Registered Representative offering securities through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Legacy Wealth Management, LLC and Cambridge are not affiliated. Cambridge does not offer tax advice.
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