When it comes to more complicated issues in life, it can be difficult to tackle them alone. When these problems are of a financial nature, they take on added importance and, unfortunately, stress. Finding someone to help you with these important decisions can be equally stressful and consequential. Unfortunately, we sometimes make the wrong decision in who to trust in these types of situations, which can lead to much bigger problems. In trying to avoid that mistake, sometimes we try to do the job ourselves which can be equally as detrimental.
This week, I decided to sit down with a few professionals that I trust to hear their stories about problems that they encountered with clients who either tried to do the job themselves or hired the wrong professional. My hope is that these stories will illustrate the value of not only hiring a professional but also hiring the right professional.
“Roughly 6 months ago we had a gentleman call because he was looking for a quote on his new business he was opening in town. We got his information and provided him a quote the same day. He came over to us and has been a great client ever since. We found out after the fact that he had asked his current provider for a quote 3 days before he asked us. But he didn’t hear back from them until after we had already issued his policy for him. If the staff member at the other agency had helped him in a timely manner, he might have stayed at his past agency. But we were able to provide him a great quote, and get it to him the same day.”
"The property was a beautiful $1 million plus home on acreage with a large pole barn. It was a highly marketable home with upscale finishes, great layout and desired farmhouse style decor. Owners unsuccessfully attempted to sell this home by for-sale-by-owner for several months. During this time they contracted with a builder to build their new home. This service put the home on the MLS but provided no marketing. Hired a limited service realtor to list their home on the MLS at a price that exceeded market value. They received very few showings and no feedback. They were in jeopardy of losing the contract for their new home. They terminated their contract with the limited service realtor and hired me. With a customized marketing plan in place, I listed the home and accepted a cash offer within 5 days of listing the home. The sellers were able to move forward with the purchase of their new home."
"Client came to us with 81 separate positions (stocks or funds) of which nearly a third were essentially the same thing. On top of that, they were paying a fund manager fee, a "program" fee, and an advisory fee. We demonstrated to the client that the real goal of "asset allocation" is to be diversified among various types of assets, not to own every money manager in the universe! The client now has a portfolio that is designed to meet their goals and needs - not their advisors need for compensation - and they will save at least $15,000 / year in redundant fees."
Hopefully, these stories illustrated for you the need to hire a trusted professional! As I mentioned before, these are all people that I trust to work with my clients. Should you like to reach out to any of them, just click on their name to learn more! As always, I have prepared a song for this week. With Thanksgiving just a few short days away, today's song is in honor of Turkey Day. Enjoy!