When others chime in.

We ask for advice when we need a professional opinion on a matter. We may ask a friend or coworker for advice on personal issues, guidance on a relationship or parenting. Going to a restaurant for the first time, we look at the reviews. Buying something on Amazon, what did others have to say about their purchase?

It should be fair to consider that experience is likely the biggest part of the advice. Reviews are written by people who have experienced the product, food, or service. People who had been involved with whatever you are interested in would have reviews and opinions that are directly related and not just by speculation.

On occasion, something different happens when it comes to professional advice on financial matters. You meet with a financial professional, you discuss your objectives. They come back to you with a professional opinion and recommendations. Then, there is a pause and some time passes to think about the ideas presented.

Due diligence is very important to financial decisions. However, we have experienced times when in following up, another professional apparently chimed in with an opposing point of view. The client shares that their pool guy felt the ideas were not the right fit. The pool guy is just a representation of the type of response we are addressing. It could also be the landscaper or the house sitter, their dentist, or even the dog groomer. In short, the advice of the financial professional, the one licensed, trained and experienced in providing advice, was overshadowed by the outside opinions of others who may have not the experience or knowledge to provide it.

This experience happens to many professionals. Once advice is provided where the potential of an incentive (compensation) could be involved, consumers may end up questioning the advice for any bias it may have. A consumer may then ask for thoughts and opinions from a disinterested third party which may or may not have all the information to provide the opinion.

Getting ratings, reviews, and feedback prior to making a decision is now hand and hand with our online culture. You are relying on the star ratings and reviews from people who have experienced it. If you made a decision on going to a restaurant based on the review of someone who had never been or eaten there, would that make sense to you? If you are going to ask for advice on the advice you were offered, at least make it from a source that has the professional background or experience to share it.