What's wrong with a professional-sounding line like "I prefer not to make any changes at this time."?
+1
It's also the line I take with the rare door-to-door evangelists. "Our needs are met now". End of discussion.
What's wrong with a professional-sounding line like "I prefer not to make any changes at this time."?
+1
It's also the line I take with the rare door-to-door evangelists. "Our needs are met now". End of discussion.
Right, that will just engage them in their practiced sales pitch. Don't go there.
I think I'd simply be honest, which is best for them also, they won't waste their time either. Simple say " I manage my own finances, and I'm happy with that arrangement. If I ever feel I need your services, I'll give you a call."
If they persist, then they have opened themselves up to a little firmer reply, so I wouldn't feel bad about that. But if I'm afraid of offending other contacts, I'd simply reply, 'No thank you, I'm not interested at this time". And I'd simply repeat that again and again, nothing added, until they stop.
And if your other contacts ask you about the FA, you could just say something like "Oh, he sounded like a nice guy/gal, I just don't need their services at this time, thanks."
-ERD50
I really don't understand the need to put down an FA with some kind of smart-a$$ one-liner.
I'm still confused. And curious I guess. It sounds backwards to me - what am I missing?...
As Bestwife suggested, these are 100% more like referrals than cold calls. If one of my contacts puts me in touch with a potential customer, I expect that potential customer to give me at least a short but real bite at the apple. So it's only fair that the same would be expected of me when the situation is reversed. ...
What's wrong with a professional-sounding line like "I prefer not to make any changes at this time."?
I'm still confused. And curious I guess. It sounds backwards to me - what am I missing?
I can't picture a case where you tell a business person about a potential client, without talking with the potential client first to see if they are interested in being approached.
Like if "Bob" mentions they are having problems with their gutters, I might mention to "Bob" that I know a guy that does good gutter work. But I wouldn't go to the gutter guy and just tell him to call "Bob" and to mention my name. And I wouldn't say "I'll have my gutter guy call you", w/o getting some feedback that that is what "Bob" wants.
So how does this work that the business person calls you unsolicited, and then you feel you have some obligation to the person he got your name from? I don't get it.
-ERD50
IMO, many of these suggested answers are too wishy-washy, and beg the FA to call you later.
"I prefer not to make any changes at this time" - what the FA hears is "I'm trying to make you go away because I don't like cold calling...but I have no clue what I'm going to do down the road with my investments and am too afraid to say anything, and I'm probably just another rube who could be talked into handing over a portion of my portfolio for you to invest".
Your answers need to be unequivocally clear without any potential to interpret differently. The FA will try to use any argument to get their foot in the door by attacking whatever 'reason' you give for not handing over your portfolio for them to extract various fees from.
You have to use clear words like "I will ALWAYS manage my portfolio,with Vanguard index funds", not "I'm fine at the moment with Vanguard funds", because phrases like "at the moment" imply that you could be open to the FA at a later point in time, and will have a much higher chance of a return call, IMO.
Some FA might take the hint and not bother you any more, but some sales people (in any profession) will try and twist and interpret what you're saying into any chance to get another audience later on.
...I've always loved investments/investment analysis, and have toyed with the idea of becoming a Financial Advisor (either self-employed, or working for a firm such as American Express, et. al.). ...
... Unless, that is, I get my dream job of portfolio management for a personal financial planner or mutual fund, where I can do what I do right now after-hours, and get paid for it ...
I can formulate my own answers, but thanks for offering to help.. . . Your answers need to be . . .
I can choose my own words, but thanks again for offering to help with that. If I need some help I'll ask for it.. . . You have to use clear words . . .
Relax, [-]Mr. Bonds[/-] [insert my name].
Did someone challenge you to a duel? You can reject someone's offer without arrogance. I don't see where Vanguard or DIY have anything to do with telling someone you don't need their services. Maybe your shorts are in a wad.
The EJ saleswoman kept calling and leaving messages on the answering machine. Finally I picked up and told her in no uncertain terms to never contact us again either by phone, by mail, by anything. It worked.
However some of these one liners are really funny!
"What a timely call. I just received a sizeable settlement from my lawsuit against my previous FA and need to invest it. When can we meet?"
If I decided to ignore humanality which is sometimes the case I would respond "Are you asking this eskimo if he wants to buy some ice?"
fastest way to get rid of someone who you don't want to talk to....tell them you are in timeshare sales!
You might ask (or at least wonder) if the FA is so good at what they do, why is he/she still working for a living?
"Can I manage your investments for you?"
So far it has worked quite well. It's a good offense without being offensive.
"I self manage our finances and get free advice from a close relative who is a senior level advisor with organized crime syndicate."
You seem to have done a 180 since this post:
...I've always loved investments/investment analysis, and have toyed with the idea of becoming a Financial Advisor (either self-employed, or working for a firm such as American Express, et. al.). ...
I know that it'll draw a lot of sneers , but if I do become a FA, I honestly would be in it for peoples' best interests, since:
1) I naturally looking out for other peoples' protection/welfare/well being, and
2) I would be very close to FI, so I wouldn't need to practice used-car salesman tactics to skim 2% commissions off of fee-laden investments to live a high-flying lifestyle.
and this one:
Unless, that is, I get my dream job of portfolio management for a personal financial planner or mutual fund, where I can do what I do right now after-hours, and get paid for it
As for
Your answers need to be unequivocally clear
I can formulate my own answers, but thanks for offering to help.
And
You have to use clear words
I can choose my own words, but thanks again for offering to help with that. If I need some help I'll ask for it.
Interesting exchange, but it seems to me that Rustward and MooreBonds have missed an ideal real life opportunity to illustrate their respective approaches to dealing with unwanted referrals. Their exchange could have gone something like this:
Rustward: "Thanks for the advice, MooreBonds, but I prefer not to make any changes to my approach to FA referrals at this time."
MooreBonds: "You're very welcome, Rustward. As for me, I will always prefer my approach to yours."
Interesting exchange, but it seems to me that Rustward and MooreBonds have missed an ideal real life opportunity to illustrate their respective approaches to dealing with unwanted referrals. Their exchange could have gone something like this:
Rustward: "Thanks for the advice, MooreBonds, but I prefer not to make any changes to my approach to FA referrals at this time."
MooreBonds: "You're very welcome, Rustward. As for me, I will always prefer my approach to yours."
I usually tell these types I am a CFA charterholder and they are headed for the next county.
Just one pet peeve. Advisors, to me, are impartial by definition and have my best interests in mind.
Salesmen, however, work on commission, and thats what FA are.
My peeve is we don't call a duck, a duck.
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I'd love to see their faces when you tell them that, lol.
My Schwab rep is thoroughly cowed.