Here they come yo, here they come!

Industry:

Sales – Marketing
Insurance
Banking – Financial Services

Job Type:

Sales
Insurance
Banking

Req’d Education:

High School

Req’d Experience:

None

Being a vet in the finance industry for over 15 years in positions ranging from Personal banker to Private wealth manager, I understand how difficult and challenging it can be to successfully work in this field. Not only did I have to take classes and study hours upon hours to get the various investment licenses I have, I had to deal with the daunting task of increasing my knowledge of financial products that changed every single day. I also had to ensure that I stayed compliant by following every rule and law, so my firm would not end up having to pay a fine or sued, and I would not end up in jail like so many of my former colleagues.

Imagine a financial professional with no experience soliciting you to invest your hard-earned money with them, sounds crazy huh? Well unfortunately for us it’s true, if you don’t believe me, all you have to do is scroll through the various job sites and see the many financial institutions requiring no experience to join their team. It’s not the savvy investor with $100k of invest able  assets they are going after, it’s the person with limited income and financial knowledge who may not trust financial institutions but is at the point in their life where they are finally trying to get their finances in order.

Here are 5 things they are taught in training classes to help increase their chances of closing you. Make sure you understand these tactics so you won’t be caught off guard and forced to pay for something you can’t afford or don’t need.

1. Earn Your Prospects Trust.

They are taught that the ability to earn a prospects trust is a trait that the most successful sales professionals share. Because, when a prospect trusts them, they will put their defenses down and follow any advice and buy any product the adviser is selling.

2. Gain The Competitive Edge.

Since people form impressions about you based on factors such as appearance and attitude. There is nothing more favorable when it comes to building trust and rapport than making a favorable first impression.  So they are instructed to dress appropriately and maintain well-groomed appearance.

3. Adjust to Your prospects Temperament Style.

Studies show that people are born into one of four primary temperament styles: Aggressive, Expressive, Passive, or Analytical. So, one would imagine that each temperament style requires a unique approach and selling strategy. They are taught that once they are able to identify each of the styles, they will be able to close more sales in less time by adjusting to their prospect’s preferred buying style.

4. Understand Body Language to Build Trust.

Body language is a mixture of movement, posture, and tone of voice. Research indicates that more than 70% of our communication during a face-face conversation is nonverbal. A prospects deepest feelings and thoughts are revealed through their body language. The key is to create a harmony by matching and mirroring your prospect’s body language and gestures. By understanding the meaning behind their prospect’s body language, they will minimize any sales pressures they may have and know the appropriate time to close the sale.

5. Look For Common Ground.

In today’s highly competitive marketplace, prospects have many options and are looking for an adviser they feel they can trust. They are taught that the easiest way to get their prospect to like them is to find common ground, so before they begin with their sales presentation, do a warm up first and make the prospect comfortable by talking about sports, weather, or a local news story. If the meeting is at their home or office look at personal items such as pictures or awards and ask them about it and watch them beam with pride.

In as little as 14 days of training, these foot soldiers will be hitting the streets hungry to add you to their book of business.

Here are 3 things I advise you to consider if you are faced with any type of financial professional from rookie to seasoned veteran.

1. They Are Not Your Friend.

And even if they are, treat them like any other adviser and compare their proposal to at least 2 competitors to make sure you are getting the best option for you and your family.

2. Ask Questions.

If you do not understand something, the worse thing you can do is to not ask a question. It could mean the difference of saying no to something you need or buying something you don’t. There are no dumb questions when it comes to your finances.

3. Don’t Be Afraid To Say No.

Don’t feel obligated to invest your money because you don’t want to hurt the adviser’s feelings, follow your gut and do not become emotionally tied to a product or a person.

I know how tough it is out there to find the right adviser, but take your time, and do your due diligence, because if  you entrust your finances with the wrong financial professional there is no guarantee you will recover.

Join my movement, end the cycle of financial illiteracy!

Signed Bruce Wayne (And yes this is my real name!)

Aaron Carter

2 Good 2 B True (Photo credit: Wikipedia)

My wife and I were in the kitchen eating when I picked up my iPad to check for an email I was expecting. Not surprising to me,  all over the internet, news had began to spread about another former child star that lost it all and was forced to file for bankruptcy. While reading the article out loud, my youngest son walked in the kitchen and asked who the article was about. “Aaron Carter,” I answered. “Who is Aaron Carter?” He asked.  “He was as big as Justin Bieber during the late 1990s.” I responded. With a puzzled look on his face my son questioned in a dismissive tone, “Justin Bieber, big?” then states, “I believe more in the tooth fairy than in Bieber!” “Whatcha  talking bout Willis?” My wife asked.  After a brief moment of laughter, I began to explain the irony of my wife’s comical response to my son announcing that he no longer believed in the tooth fairy.

The year was 1989, the first time I ever heard of a child taking their parents to court over money.  The case involved the late Gary Coleman, arguably the biggest child star of that era who starred on the hit television show “Diff’rent Strokes”. He sued his adoptive parents for the misappropriation of his funds and ultimately won a judgement of $1,280,000, but it wasn’t enough to stop the inevitable from happening. Gary Coleman blamed multiple people for his insolvency starting with himself, accountants, adoptive parents, and lawyers. He unfortunately died a broke and unhappy man at the young age of 42 in 2010.

The Vicious Cycle of Child stars struggling financially didn’t start with Gary Coleman, and it certainly did not end with him either. From Corey Haim, to Leif Garrett, to Tori Spelling (yes, you read it right!) Tori Spelling.

A few protective measures were put in place in an effort to protect a portion of the earnings child stars make, the most popular one is named The California Child Actor’s Bill (also known as the Coogan Act or Coogan Bill).

The original Bill was passed in 1939 by the State of California in response to the plight of Jackie Coogan, who earned millions of dollars as a successful child actor only to discover, upon reaching adulthood, that his parents had spent almost all of his money. As it stands, money earned and accumulated under a contract under the code remains the sole legal property of the minor child.

While The California Child Actor’s Bill helps protect a portion of the earnings made by child stars, there are 4 major issues it does not guard against:

1. Greed — American society is competitive and all about “keeping up with the Joneses.” Celebrities (and their parents) are often caught up with the new-found financial freedom and find themselves overspending and buying to impress others.

2. Lack of financial literacy – Most young people are not taught how to create a budget, how to save money, or proper ways to invest. Celebrities are in the same situation as the average kid learning (or not learning) about money. In addition, many child actors rely on managers or parents to handle their finances. This is not always the best decision given that parents may not be financially educated either.

3. Money stops when kids age – For most child actors, this sentiment is sad but true. At a young age, it is easy to think money will always be plentiful. Yet many young celebrities cannot find work after they hit puberty. And once the work goes so does the cash.

4. People not acting in the best interest of the child – It is common for celebrities (especially children) to have their finances managed by lawyers, financial planners, and their own parents. However, these individuals may not have the young actor’s best interests at heart. And if no one is checking the trusted advisor’s work, the money may easily disappear without a trace.

While their lives may seem all glitz and glamour, let me remind you that all that glitters is not gold.  Child stars have a tough life because it’s difficult for anyone who suddenly comes into a windfall of money, especially for a child who may be unaware of what they are earning or what their money is being spent on.  Not being aware increases the risks of financial mismanagement and makes bankruptcy in the future highly likely.  Parents of today’s young actors should become educated, plan ahead, and look at the past to know what mistakes to avoid.

The number one tip I can give anyone in this situation is to build a financial advisory team comprised of these professionals!

1. Financial Advisor

This team member is the managing director and quarterback of your financial team. So, this individual should practice comprehensive planning, not just selling investments. Comprehensive planning includes choosing investments, cash flow planning, budgeting, tax planning, portfolio maintenance and risk assessment.

2. CPA

Taxes are the single largest expense an individual will pay during the course of their lifetime. And, they are also often a significant expense upon death. So, tax planning is an important element to a properly implemented financial plan. A CPA can help individuals reduce their tax liabilities and make sure you accurately/adequately pay when you’re supposed to.

3. Attorney

An attorney will read and advise you on any contracts you enter in, they will also help their clients with any legal issues that may arise from criminal, and DUI’s, to wills and other services. Choose an attorney with estate planning experience and someone whom you can understand and trust with your personal wishes.

4. Insurance professional

Numerous things will change within our lives over time, including our health, wealth, relationships, career and interests. In order to properly protect ourselves and our loved ones against the things we cannot afford to lose, insurance planning is critical. A professional insurance agent will work with you to monitor changes in order to protect your assets and ultimately, your financial wishes. Choose someone who can effectively anticipate your needs and who will work with you throughout your retirement. And, be sure to address long-term care insurance, disability and life insurance needs with your insurance professional.

It is very important to interview multiple professionals for each category. Not only does each individual need to achieve their goals and objectives within their individual specialties, they need to work well together in a team environment. 

I know it sounds like a lot of work, but believe me it will be well worth it in the end.

Join my movement, end the vicious cycle of financial illiteracy!

Signed Bruce Wayne (And yes this is my real name!)