The "Ick" Factor
Of course you distrust the financial services industry.?
It wasn’t that long ago that every time you walked into a bank, a toaster or blender was waiting for you as a “free gift” with new account opening < - product sale
Your stock broker called every month (or week) with the latest, most amazing next stock pick.?< - product sale?
You remember when you were shopping for your home, your mortgage banker assured you, you could get a much bigger house than you were initially planning for < - product sale?
You went to get a quote for life insurance and the agent warned you that term life was a waste of money, take a look at these fancy accumulation policies they said <- product sale (both the term and the other kind of insurance to be clear)?
Your younger, hipper, investment advisor assures you that they don’t earn commissions.?By managing your portfolio with a fee, they are on the “same side of the table” as you.?< - product sale?
Credit cards?
Personal loans?
Insurance policies?
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Investment accounts?
……….All products?
The industry is built around products.?The reality is, financial education isn’t very profitable (or frankly, sought after) and advice isn’t much better.?
Don’t misunderstand me, I’m a huge product fan, all of these have a time and a place.?I just want you to know, you aren’t crazy to get the used car salesperson vibe every time you talk to a “financial professional.”?It’s ok to listen to your Spidey sense and walk away from a professional that leaves you feeling sold.?
(BTW, a colleague of mine had a short cut rule she called “The Rule of Hair Product” which simply was the more hair product the person was using, the less I could trust them.?The rule held up pretty well in an industry that is 85% white male.)
You deserve to feel safe asking questions, you deserve to be heard, you deserve to understand how their product fits into YOUR objective (not theirs).???
What other products gave you the “ick” factor??
If you own one of these and it still isn’t sitting well with you, schedule a quick 15 minute call with me here, we can review it together and put your ick at ease or confirm what your gut is telling you.
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1 年I enjoyed your post, Carol Parrish, RICP?! Regarding your question about products with a high "ick" factor, my mind goes to political promises made to voters. Yeah, I'm a bit skeptical.
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1 年Carol Parrish, RICP?, your candid take on the financial services industry is both refreshing and empowering. It's crucial for consumers to recognize the product-centric nature of the industry and to trust their instincts when something feels off. Your emphasis on the importance of financial education and genuine advice is a much-needed perspective. The "Rule of Hair Product" anecdote adds a touch of humor to a serious topic, making it more relatable. Everyone deserves transparent and genuine financial advice that aligns with their objectives. Your invitation to review products that give the "ick" factor is a testament to your commitment to genuine service.
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1 年This one really sticks with me Carol Parrish, RICP? Definitely had those experiences you mentioned and sadly did not walk away. Glad you are out there protecting others with your experience and expertise.
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1 年Thanks for sharing your spidey senses with us Carol Parrish, RICP?. The biggest thing that gives me the "ick" factor is when women are not taken seriously when it comes to money and finances. There are certain banks I also hold in low regard, like Wells Fargo. What else should we be on the lookout for when evaluating working with an expert like yourself?
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1 年Could not agree more Carol Parrish, RICP? it's so valuable to listen to yourself when your Spidey sense tells you to walk away from a professional that leaves you feeling sold. AND the "rule of hair product" would have made me the most trusted person in the industry! :)