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Salesmen, Emotions and Mistakes

Tuesday, May 22nd, 2018

 

 

Lately it’s been more challenging out there, especially for older folks alone. Sometimes they get talked into buying products they can’t afford.

Just recently one of our clients was so pressured by an intimidating salesman, she signed up for a water purification system she couldn’t afford. He even told her he would get fired if she didn’t buy it. It did turn out ok for her though, in the end. They can’t touch her retirement account or her home, so she is lucky.

Another client had a salesman in her home to learn about stairway chair-lifts and he was so overbearing he insisted on her giving him her brokerage statement! He told her how she was invested incorrectly and picked up the phone and called me! When she realized he had called me she got on the phone and told me what was going on. I told her not to sign anything and call me later. Fortunately, she is fine, didn’t buy it, and he is now fired.

These two instances were very close calls. One would have had to pay $8,000 and the other $13,000. I am not saying the products were bad or not worth the price, but these clients weren’t in a position to pay for them.

But both women felt intimidated, stressed, even frightened by these aggressive men.

I know our clients can make good, solid decisions. But, if you are alone and think you may feel at all vulnerable if someone is trying to hard-sell you something, have a plan ahead of time.

  • Tell a close friend or family member about the appointment. Better yet, have a trusted person with you
  • Sit by your phone ready to call if you feel intimidated, and tell your contact ahead of time a prearranged word or phrase to come over, such as “Can I afford this?”
  • If you do feel like you got pressured into buying something you shouldn’t have, under Florida law you have 3 days to cancel the purchase. For those of you in other states, check your state’s laws.
  • Call your financial advisor or planner before the appointment to discuss what a reasonable, affordable purchase for you would be, especially if you’re not sure. Then, if the product is over that amount, be firm with your decision that you will not buy it.
  • If you have already made a mistake and want to find out if anything can be done now, we can see if any of our resources can help, but if not, don’t berate yourself, just know you’ve learned from the experience.
  • If you have a friend or relative who may be vulnerable in this way, sit down with him or her and come up with a plan if a desired in-home purchase appointment is coming up.
  • Not all companies have unethical salespeople. I know there are many great people out there. Just please be careful.

 

Sometimes we don’t realize how much an aggressive salesman or woman can coerce us into making an emotional, disastrous decision. Preparing for an appointment with a salesperson includes checking ourselves for our own steadfastness in protecting ourselves, even if that means reaching out for help.

Posted in Articles, Blog Posts, Newsletters

January 2018 Newsletter

Thursday, January 18th, 2018
We are always filled with optimism at the start of a brand new year, even though how the year unfolds is a complete mystery! But much of it is in our control, isn’t it?
We can’t control sudden changes in our lives: illnesses, accidents, and other unexpected life events, but we can do what we can to be prepared. That’s why we buy insurance, make a retirement and estate plan, further our education, apprise ourselves of national and world events, learn how to be healthier, lessen stress and take care of our families.
We can’t control the markets, but we can be prepared for whatever moves they take. Last year was a great year for investments. Most people made a good return. We haven’t had a bear market, or correction, in quite a while. It will come, we just don’t know when.
Therefore, it’s a perfect time to re-evaluate your objective. If you are someone who is planning on retiring in the next 5 years or so, you may want to change your allocation of investments, lessening your exposure to stocks, and placing more into fixed income, or bonds in your portfolio. If you are already retired, chances are you have the proper allocation to weather any bear market. Keep in mind, the average down market lasts 6 to 18 months, and the average bull, or up market, lasts several years. But there are no guarantees. the only thing we are sure of is change!
Let us know if you want an evaluation of your current portfolio to see if it is meeting your goals, your comfort or risk  level, and readiness for whatever may come!
May this be a great year for each and every one of you.
To your Financial Wellbeing,
Kasey Claytor,  Aaron Wade  & Dawn Lopez
Bitcoin? To buy or not?

Bitcoin is in the news everywhere you turn! How much it has risen, how you are missing out if you aren’t in this new investment! We want to give you real information on this before you jump into a volatile currency. If you are tempted by all the hype, read this first. 

Posted in Articles, Blog Posts, Newsletters

How can you tell if you have the right financial advisor?

Thursday, March 17th, 2016

Here is a check list of questions to ask yourself:

1) Does he/she prognosticate and predict?

We’ve been taught to expect our experts to tell us what is coming, yet in reality  no one knows. We must be prepared for all possible and unseen events to the extent we can be.

2) When the market makes a big move up or down, does your advisor suggest changes to your portfolio? If so:

A) Why was it incorrectly positioned in the first place?
B) Were there commission charges on the changes?

Your portfolio should be allocated to weather any storm for your time horizon and your comfort level. After that it is just routine maintenance to keep the allocation aligned with your original plan. The only time this might change is when you have big changes such as marriage or retirement.

3) Do you receive education on how the markets really work from your advisor?

Is there an opportunity for clients to learn methods of investing including philosophies so you can discern what yours is?

4) Does your advisor talk ‘above’ you?

When you listen to your advisor is he/she understandable? And if you don’t understand does he/she re-frame the answer in a way that you do? It is important you know what you are doing and why with your investments.

5) Do you have a high feeling of trust? Do you feel good after talking with him or her?

This will be your experience when your advisor is also a good ‘coach’. Your emotions will invariably work against your success if they go unchecked. You may be tempted to buy and sell at inopportune times. The stock markets will always have drops of 20% or more, and our decisions during those times can easily damage our long term plans. It is important that you can voice your fears and concerns to your advisor so that not only are you heard, but hopefully you will learn the truth about the markets and not the latest media buzz.

6) Have you been encouraged by your advisor to have reasonable expectations?
Such as:
A) The markets will cycle through bull and bear markets. During the last 31
years we had 24 positive returns. Even during the positive years the average intra-year decline was 14%
B) The stock markets will invariably decline over 20% at some time.

Are you prepared to stick with your plan no matter what is going on in the world and the markets? This is a sign of a seasoned, well-educated investor.

7) Lastly does your advisor understand, when it comes right down to it, your success has more to do with your internal commitment, internal guidance and financial maturity than any other variable because if you have no resolve to leave your money invested through the tough times, if you can’t resist spending more than you earn, or you haven’t devised a good way to save, no advisor can be of much help.

 

 

Posted in Blog Posts

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Osprey Money Management, LLC. • 877-650-3796 • 321-383-4005 • 918 S. Washington Avenue, Titusville, FL 32780
Osprey Money Management LLC is a Registered Investment Advisory Firm registered within the State of Florida.


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