What to say to financial planners/insurance brokers

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beyou
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What to say to financial planners/insurance brokers

Post by beyou » Tue Apr 22, 2014 9:26 pm

I have no problem hanging up on cold call salesmen. But there are 2 problems I need to address when being "sold" on financial products:

1) Sales from my own bank/broker/fund - I don't like that people contact me based on accessing my account and assessing that I may be a good target to sell more expensive product. Every time I move cash in/out of my Etrade account, I get a call. Even Vanguard rep emailed me wanting to review my account to give unsolicited advice. I consider this an invasion of my privacy, how do I get them to stop ?

2) Sales efforts from personal relationships. Had enough of having to tell uncles, cousins, and others that no, i do not need whole life, or a managed account, don't want to explain why, but have to live with ongoing contact with these people, somehow unaffected by my desire to keep this private (and low cost). Some are personally offended by resistance to using their "services", others not so sure but this does seem to chill relationships, at least in my mind. Why is it that this is one of the few professions where they need to impose on everyone they know ? My friends & relatives who are lawyers don't ask to create a will for me !

What to do or say to stop the invasion of privacy ? Ideas ?

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Re: What to say to financial planners/insurance brokers

Post by steve_14 » Tue Apr 22, 2014 9:29 pm

I use ETrade and Vanguard, and have never had such problems. Nor do my friends and family try to sell me stuff. Maybe you should move? If it's something as minor as an email, I certainly wouldn't let it bother me, but you can always opt out of those.

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Re: What to say to financial planners/insurance brokers

Post by Watty » Tue Apr 22, 2014 9:37 pm

What to do or say to stop the invasion of privacy ? Ideas ?
For the sales calls, just tell them to put you on their do not call list and refuse to talk with them other than to say that.


For the friends trying to sell you stuff, just tell them that you have found it best to not do business with friends. If you have a spouse then you can sometimes blame it on them and just that is what your spouse insists on. Let your spouse know that you are doing this so that if it comes up they will know what is going on.

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Re: What to say to financial planners/insurance brokers

Post by investor » Tue Apr 22, 2014 9:38 pm

as to the personal relationships. I would simply say that it is my practice to not mix business with friends, neighbors and relatives.

investor

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Re: What to say to financial planners/insurance brokers

Post by Calm Man » Tue Apr 22, 2014 9:43 pm

The reason people in the financial business call you is the same as any salesperson which is to generate business. That's what I would do if I were in the business. Please understand that when Vanguard calls you about idle cash, the person is selling nothing. If anything, the money market funds have a higher expense ratio than their stock index funds. Employees are not compensated by profits. I know my Flagship rep is compensated by my happiness and that of other clients. As to the others, just be honest. It is the easiest way. I receive many cold calls and calls from family/friend types. If I "owe" the person nothing, I tell them no thank you. For those who I think are entitled to an explanation, I tell them that I must be honest, do not want to waste their time nor they waste mine, and that I invest in a portfolio of index funds that costs me less than 10 basis points on average. That is sufficient generally to stop the discussion.

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Re: What to say to financial planners/insurance brokers

Post by cheese_breath » Tue Apr 22, 2014 9:43 pm

investor wrote:as to the personal relationships. I would simply say that it is my practice to not mix business with friends, neighbors and relatives.

investor
As to the rest... There's no way to stop them. If it's a phone call just say "Not interested thank you." and hang up. If it's an Email delete it.
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Re: What to say to financial planners/insurance brokers

Post by beyou » Tue Apr 22, 2014 10:13 pm

Again, cold calls and emails are not the problem. Yes I can delete emails and hang up.
I have no issue being rude to complete strangers that call my home :-)

It's the people and firms you know and take advantage of an existing relationship,
or let a relationship sour as a result when you give them the bad news.
Just seeking what "worked" best in terms of avoiding negative outcomes.
Listen and not buy, or don't listen to their pitch ?
Explain why or not ?

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Re: What to say to financial planners/insurance brokers

Post by NorCalDad » Tue Apr 22, 2014 10:51 pm

If it's people with whom I have an existing business relationship, I would ask to be placed on a do not call list for marketing/sales communications. If it persists, I would threaten to take my business elsewhere.

If it's your friends and family, I agree with Watty's suggestion to tell them you don't conduct business with friends and family. This should be good enough. But if they persist, you can try changing the subject or perhaps responding that you already have your financial house in order. If they don't respect that, then I would not have a problem being more forceful, and I would not feel guilty if they get offended because their persistence was much more offensive in the first place.

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Re: What to say to financial planners/insurance brokers

Post by pjstack » Tue Apr 22, 2014 11:02 pm

Someone told me long ago that a good salesman has an answer for everything except "NO".
I have found this to be true.
Just say "no". Repeat as necessary. No explanations, excuses, etc. Just "no".
Especially no explanations, unless you really want to prolong the agony.
pjstack

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Re: What to say to financial planners/insurance brokers

Post by FelixTheCat » Tue Apr 22, 2014 11:06 pm

I have my assets at Vanguard. I have never been cold-called.
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Re: What to say to financial planners/insurance brokers

Post by clubby » Tue Apr 22, 2014 11:24 pm

We have a lot of assets at Vanguard and Fidelity and we have never been cold called either. If I were, I would probably just say no thank you.

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Re: What to say to financial planners/insurance brokers

Post by dowse » Wed Apr 23, 2014 12:51 pm

Add caller ID service to your phone plan. Despite listing with "do not call", we still get many unwanted calls. We have stopped answering any calls from numbers we do not recognize. Any legitimate caller will leave a message. We also don't answer any calls on our cell phones that we don't recognize.

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Re: What to say to financial planners/insurance brokers

Post by TN_INVEST » Thu Apr 24, 2014 10:20 am

Tell the Vanguard rep, bank, fund to go jump in a lake
Tell your family to go jump in a lake

You might also consider changing your phone number on record (I suspect lots of folks call my ex, ex, ex employer's fax machine or the local time temperature phone line).

Or you could just mess with them and say that you're only interested in talking with them if they can tell your "right now" how to better move this money so your soon to be ex-wife won't find it and/or the bankruptcy folks can't get it.

My point...tell em you aren't interested, but if they keep calling, mess with them (you could also schedule a 7:30AM meeting at the Cracker Barrel way across town and never show up).
Last edited by TN_INVEST on Thu Apr 24, 2014 10:27 am, edited 1 time in total.

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Re: What to say to financial planners/insurance brokers

Post by livesoft » Thu Apr 24, 2014 10:25 am

After I tell them I am DIY, I almost always ask them if would like me to look at their personal investments or 401(k) plan so that I can offer them advice. All but one person has declined my offer. The other took me up on commenting about their corporate 401(k) plan and I think I helped them out nicely.

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Re: What to say to financial planners/insurance brokers

Post by sunnywindy » Thu Apr 24, 2014 10:44 am

A year or two after I opened my Schwab account and after I moved a fair amount of cash to the account, I did get an unsolicited call from Schwab. They actually didn't try to sell me anything specific but said something to the effect of, 'If you need to ask any questions or want help, we are here to help you.' I politely said thanks for the offer but I would contact them if I needed help..."you catch my drift?" They said they understood and I've never received another call.
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Re: What to say to financial planners/insurance brokers

Post by IlliniDave » Thu Apr 24, 2014 11:06 am

I just say, "No, thanks." Depending on the degree of personal connection I might follow up by explaining that I'm a diehard DIY investor and will not change. Then perhaps I'll gently suggest they google Jack Bogle or visit http://www.bogleheads.org 8-)

Forgot to add, the only real solicitations I've received were from my long-time insurance agent (the whole life deal) and from my current bank (right after I set up bank transfer between them and Vanguard and started moving money to Vanguard on a regular basis). Some kid who was younger than my oldest daughter called to ask me if I was meeting all my financial goals. I said I was exceeding them nicely, thanks for asking. That was the end of it.
Last edited by IlliniDave on Thu Apr 24, 2014 11:11 am, edited 1 time in total.
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Re: What to say to financial planners/insurance brokers

Post by IPer » Thu Apr 24, 2014 11:06 am

1. do not call list, Vanguard has never called me to solicit.
2. the emotional stress and disunity caused by doing business with friends and family far outweighs the brief pain when confronting them and saying no. they will not understand as they see a chunk of assets and a way to profit from it when someone else surely would (though they of course don't understand the expense ration differences, whether or not, doesn't matter). so they see you as just being mean or aloof or stuck up or whatever. these attitudes may persist or subside but there is no real basis for them and you should make it clear to them that to base friendship on whether or not you do business with them puts them in a lower category then strangers!
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Re: What to say to financial planners/insurance brokers

Post by Jack FFR1846 » Thu Apr 24, 2014 3:24 pm

For #1, send them an email to say that you don't want phone calls and that you are quite willing to move your entire account to Fidelity/Schwab/wherever.

For #2, ask the relative "How much money do I need to buy this investment?". Whatever they say, just reply "I don't have that kind of money".
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Re: What to say to financial planners/insurance brokers

Post by dm200 » Thu Apr 24, 2014 3:27 pm

Jack FFR1846 wrote:For #1, send them an email to say that you don't want phone calls and that you are quite willing to move your entire account to Fidelity/Schwab/wherever.

For #2, ask the relative "How much money do I need to buy this investment?". Whatever they say, just reply "I don't have that kind of money".
I really like #2. :happy

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Re: What to say to financial planners/insurance brokers

Post by gwrvmd » Thu Apr 24, 2014 5:00 pm

I usually say "I get most of my investment advise from seminars given during dinner at Ruths Chris Steak House. Are you having one soon?" That will usually stop the conversation but if they are.....enjoy the dinner and the ambiance but don't ask any questions, it may delay the entrée or the desert. Bona Petit .........Gordon
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Re: What to say to financial planners/insurance brokers

Post by derosa » Thu Apr 24, 2014 5:07 pm

thanks for thinking of me. Right now I am all set - just made some changes and I am all set right now. If something happens in the future I know how to reach you.

Hope your business does well for you going forward. Its tought out there isn't it?

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Re: What to say to financial planners/insurance brokers

Post by Longdog » Thu Apr 24, 2014 5:21 pm

pjstack wrote:Someone told me long ago that a good salesman has an answer for everything except "NO".
I have found this to be true.
Just say "no". Repeat as necessary. No explanations, excuses, etc. Just "no".
Especially no explanations, unless you really want to prolong the agony.
That's great advice! The moment you give a reason, you've lost because you've prolonged a conversation you don't even want to have. You don't owe them a reason.
Steve

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Re: What to say to financial planners/insurance brokers

Post by Dale_G » Thu Apr 24, 2014 5:25 pm

I must have the wrong friends. Most of the calls I get are from Rachael, Trudy and Brita(?) from Card Services wanting to reduce the interest rate on my credit card balances.

In more than 30 years, I've received about 3 calls from Vanguard - and at least one of those was about something I messed up.

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Re: What to say to financial planners/insurance brokers

Post by LowER » Thu Apr 24, 2014 5:57 pm

My first words to the cold callers are that I AM A BOGLEHEAD! And repeat it as many times as I feel like at the time then tell them I am very busy and have to go, then goodbye.

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Re: What to say to financial planners/insurance brokers

Post by nisiprius » Thu Apr 24, 2014 6:21 pm

For me, the most comfortable words of rejection I can use are "Thank you, but I have made my decision." Avoid discussing any specifics whatsoever. I just repeat variations of the phrase. I may even say "You may be right, but my mind is made up." Be courteous. Be cordial. Lie through your teeth and thank them for their concern and for offering their help.

As always in "cross-examination daydreams"--I don't do it this anywhere near as well as I imagine it, but this is ideally the way such a conversation would go. Try to use the word "no" as often as possible.

"Wouldn't you at least like the opportunity to consider something new?"
"No thank you, for better or for worse my mind is made up."
"May I ask what you are planning to invest in?"
"No, thank you, I would prefer not to discuss that."
"If I could show you that I can make more money for you and reduce risk at the same time, would you at least be willing to listen to a short presentation?"
"No, I couldn't waste your time on that, knowing that I've already made my decision."
"But do you actually understand all the benefits of a grommetized reserve conventicle fluxed amenity with GLBT rider?"
"No, but I am not interested in it."
"Isn't that a little closed-minded of you?"
"Perhaps, but, no, I am not interested in learning about them."
"Do you really think you can do-it-yourself as well as you could do it with professional advice?"
"Maybe not, but, right or wrong, that is what I have decided to do."

etc. etc.

What you must NOT do is discuss specifics ("I plan to put 1/3 each in three Vanguard index funds"). If you allow him to define the rules of the game to be "You MUST accept my plan unless you can win an argument with me and convince me that your plan is better," under those rules you will always lose. Similarly, do not raise objections about cost, fees, etc. Just avoid specifics. The message you want to send--cordially and politely--is--"I am a closed-minded, pigheaded, stubborn fool who has made up his mind and will not change it no matter how wrong I am."
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LowER
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Re: What to say to financial planners/insurance brokers

Post by LowER » Thu Apr 24, 2014 6:52 pm

nisiprius wrote:For me, the most comfortable words of rejection I can use are "Thank you, but I have made my decision." Avoid discussing any specifics whatsoever. I just repeat variations of the phrase. I may even say "You may be right, but my mind is made up." Be courteous. Be cordial. Lie through your teeth and thank them for their concern and for offering their help.

As always in "cross-examination daydreams"--I don't do it this anywhere near as well as I imagine it, but this is ideally the way such a conversation would go. Try to use the word "no" as often as possible.

"Wouldn't you at least like the opportunity to consider something new?"
"No thank you, for better or for worse my mind is made up."
"May I ask what you are planning to invest in?"
"No, thank you, I would prefer not to discuss that."
"If I could show you that I can make more money for you and reduce risk at the same time, would you at least be willing to listen to a short presentation?"
"No, I couldn't waste your time on that, knowing that I've already made my decision."
"But do you actually understand all the benefits of a grommetized reserve conventicle fluxed amenity with GLBT rider?"
"No, but I am not interested in it."
"Isn't that a little closed-minded of you?"
"Perhaps, but, no, I am not interested in learning about them."
"Do you really think you can do-it-yourself as well as you could do it with professional advice?"
"Maybe not, but, right or wrong, that is what I have decided to do."

etc. etc.

What you must NOT do is discuss specifics ("I plan to put 1/3 each in three Vanguard index funds"). If you allow him to define the rules of the game to be "You MUST accept my plan unless you can win an argument with me and convince me that your plan is better," under those rules you will always lose. Similarly, do not raise objections about cost, fees, etc. Just avoid specifics. The message you want to send--cordially and politely--is--"I am a closed-minded, pigheaded, stubborn fool who has made up his mind and will not change it no matter how wrong I am."
Very well said. My Cliffnotes version of that (hopefully not implying/inferring anything) is that you should never give any obstacle for the salesperson to overcome - which every well-trained sales pro will do with just about any scenario. If you give no obstacle, they have nothing to overcome. Show over.

Repeat after me: "I AM A BOGLEHEAD."

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Re: What to say to financial planners/insurance brokers

Post by Levett » Thu Apr 24, 2014 6:58 pm

Some suggestions:

1. change your phone number.

2. don't pick up.

If friends or family volunteer advice, simply say "I'm happy where I'm at."

I, too, value my privacy. In person, a particular look will fend off the most aggressive offender. :twisted:

Lev

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Re: What to say to financial planners/insurance brokers

Post by Clever_Username » Thu Apr 24, 2014 11:23 pm

LowER wrote:Repeat after me: "I AM A BOGLEHEAD."
I think that would qualify as an obstacle for them to overcome. Don't tell them what your mind has been made up to.
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Re: What to say to financial planners/insurance brokers

Post by mephistophles » Fri Apr 25, 2014 1:09 am

Blivine,
I have been in insurance sales and management for over four decades. After one week in the business I made a decision to never do business with family or friends. It simply is not good for either party. Suggest you tell your sales relatives and friends the same. As for institutions where you do business, put them on your do-not call-list individually and keep a record of this. They may still mail or email you, so just have those go to spam and delete.
ole meph

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Re: What to say to financial planners/insurance brokers

Post by DualIncomeNoDebt » Fri Apr 25, 2014 1:19 am

Once you become a private banking client, or part of Fidelity's private client group, expect calls from them. I hate it, but I generally am polite to them. Haven't had as many from Vanguard, but your Flagship rep will telephone once in a while, or at least to introduce themselves.

I will also tell you, if you are a business owner or partner, and your business bank has a client group, they are the worst. These bankers can't wait to get their hands on your money, i.e. "assets under management." Pretty hard to avoid since most banks have these groups, and they know what you got since the cash is going in, and out, and being redirected from the business to individuals. Any of you with businesses will know what I'm talking about, bullseye on your back. They send out lots of invitations for a "day at the races," so-called "invitation-only" dinners, auctions, functions, and "exclusive" this-and-that. Vomit.

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Re: What to say to financial planners/insurance brokers

Post by Professor Emeritus » Fri Apr 25, 2014 2:01 am

nisiprius wrote:For me, the most comfortable words of rejection I can use are "Thank you, but I have made my decision." Avoid discussing any specifics whatsoever. I just repeat variations of the phrase. I may even say "You may be right, but my mind is made up." Be courteous. Be cordial. Lie through your teeth and thank them for their concern and for offering their help.

As always in "cross-examination daydreams"--I don't do it this anywhere near as well as I imagine it, but this is ideally the way such a conversation would go. Try to use the word "no" as often as possible.

"Wouldn't you at least like the opportunity to consider something new?"
"No thank you, for better or for worse my mind is made up."
"May I ask what you are planning to invest in?"
"No, thank you, I would prefer not to discuss that."
"If I could show you that I can make more money for you and reduce risk at the same time, would you at least be willing to listen to a short presentation?"
"No, I couldn't waste your time on that, knowing that I've already made my decision."
"But do you actually understand all the benefits of a grommetized reserve conventicle fluxed amenity with GLBT rider?"
"No, but I am not interested in it."
"Isn't that a little closed-minded of you?"
"Perhaps, but, no, I am not interested in learning about them."
"Do you really think you can do-it-yourself as well as you could do it with professional advice?"
"Maybe not, but, right or wrong, that is what I have decided to do."

etc. etc.

What you must NOT do is discuss specifics ("I plan to put 1/3 each in three Vanguard index funds"). If you allow him to define the rules of the game to be "You MUST accept my plan unless you can win an argument with me and convince me that your plan is better," under those rules you will always lose. Similarly, do not raise objections about cost, fees, etc. Just avoid specifics. The message you want to send--cordially and politely--is--"I am a closed-minded, pigheaded, stubborn fool who has made up his mind and will not change it no matter how wrong I am."
My question is always

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Re: What to say to financial planners/insurance brokers

Post by Hiker-Biker » Fri Apr 25, 2014 4:10 am

blevine wrote:I have no problem hanging up on cold call salesmen. But there are 2 problems I need to address when being "sold" on financial products:

1) Sales from my own bank/broker/fund - I don't like that people contact me based on accessing my account and assessing that I may be a good target to sell more expensive product. Every time I move cash in/out of my Etrade account, I get a call. Even Vanguard rep emailed me wanting to review my account to give unsolicited advice. I consider this an invasion of my privacy, how do I get them to stop ?

2) Sales efforts from personal relationships. Had enough of having to tell uncles, cousins, and others that no, i do not need whole life, or a managed account, don't want to explain why, but have to live with ongoing contact with these people, somehow unaffected by my desire to keep this private (and low cost). Some are personally offended by resistance to using their "services", others not so sure but this does seem to chill relationships, at least in my mind. Why is it that this is one of the few professions where they need to impose on everyone they know ? My friends & relatives who are lawyers don't ask to create a will for me !

What to do or say to stop the invasion of privacy ? Ideas ?
I see lots of good advice has already been given on how to say no. Face to face is more difficult but just say, "No I'm not interested because ... " as has been previously suggested.

Here's a link to an interesting 3/10/2014 WSJ article on how to say no more effectively and how to keep your boundaries. The article appears to be written to women based upon my reading; however, the advice is good for anyone. http://online.wsj.com/news/articles/SB1 ... 3572107898

Another thing, the privacy agreements allow certain businesses to contact you even if you complete the privacy form - it's in the fine print and it will be difficult to get the law changed. I would take the time to fill them out since it does limit most of the calls.

Telephone Contacts:

A solution that I employ is this. It depends upon how much communication you do by telephone - you do not say whether it is by phone only or whether you get e-mail solicitations. Obtain an unlisted number, use caller ID, and an answering machine. That is all you have to do. I do not answer a call unless I recognize the number AND I am expecting an important phone call from that person. All other calls are answered by my answering machine which I also screen if I'm around. If it is important, the caller will leave a message and I can pick up the phone if I want to talk. If you want, you could compose a greeting that states your preferences, "no solicitations" or something like that. This should save you time and you can choose to delete messages when you choose to listen to them.

If you really want more privacy, get two "phone" lines so you can give out a number for business contacts and one for personal. Nowadays, internet phone calling (Voice of Internet Protocol or VOIP), is very inexpensive; however, it can be technically challenging to set up yourself. The big advantage is using VOIP for your primary phone number gives you an unlisted phone number in effect. VOIP numbers, unless something has changed, are not provided to firms that compile phone numbers to sell on lists or publish in phone directories. If you do read the fine print on whether a VOIP provider publishes its phone numbers.

I use a combination of two VOIP providers - one free one (e.g. Google Voice) for giving out my contact numbers to the businesses that "require" a phone number to set up an account. The paid VOIP provider is used as my primary "landline" and provides my "actual number" that I give out to my employer and friends. This is probably overkill but the technology is available so I use it. The advantage of using VOIP is you can select numbers to route automatically to voice mail or select a message like "this line is busy." Also, you can select a different caller ID number (different than your actual number) that appears on other people's caller ID. That way, if you call a toll free number, you can prevent the business from seeing your actual number.

Hope this helps! I get very few unwanted phone calls using this technique.

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Re: What to say to financial planners/insurance brokers

Post by TN_INVEST » Fri Apr 25, 2014 8:25 am

We get folks that pound pavement and knock on doors at our office all the time trying to talk with us about copiers, business supplies, employee benefits, etc. You can borrow this line for the local folks that call you (bankers, insurance folks, cousins, co-workers, Vanguard agents, etc.)

"I prefer to work with local folks that have business relationships with me. You use soap, don't ya? Have you ever heard of Amway?" :D

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Re: What to say to financial planners/insurance brokers

Post by Rodc » Fri Apr 25, 2014 9:55 am

pjstack wrote:Someone told me long ago that a good salesman has an answer for everything except "NO".
I have found this to be true.
Just say "no". Repeat as necessary. No explanations, excuses, etc. Just "no".
Especially no explanations, unless you really want to prolong the agony.
This.

Do not engage.

You can be polite and say you just don't mix business with friends and family, but do not try to justify it. Just keep repeating.

If they decide to act offended there really is nothing to do, this is just another of their tactics to get their hands in your wallet.
"No I'm not interested because ... "
FWIW: I suggest this in not what you want to do. Never say "because". It just gives them an avenue to argue why you are wrong. No because or why, just NO. You can add some politeness, like "Thank you, but no." I add some politeness for the first couple of no, but if they press I drop the politeness.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

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beyou
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Re: What to say to financial planners/insurance brokers

Post by beyou » Fri Apr 25, 2014 12:11 pm

mephistophles wrote:Blivine,
I have been in insurance sales and management for over four decades. After one week in the business I made a decision to never do business with family or friends. It simply is not good for either party. Suggest you tell your sales relatives and friends the same. As for institutions where you do business, put them on your do-not call-list individually and keep a record of this. They may still mail or email you, so just have those go to spam and delete.
ole meph
I wish more of your colleagues understood the damage they do to their relationships, trying to exploit them financially.
I never mind helping people out in dire need, but I am not here to support everyone I meet.

Thanks for your comment.

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LowER
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Re: What to say to financial planners/insurance brokers

Post by LowER » Fri Apr 25, 2014 12:15 pm

Clever_Username wrote:
LowER wrote:Repeat after me: "I AM A BOGLEHEAD."
I think that would qualify as an obstacle for them to overcome. Don't tell them what your mind has been made up to.
Very clever. :happy

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beyou
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Re: What to say to financial planners/insurance brokers

Post by beyou » Fri Apr 25, 2014 12:21 pm

Thanks all for your suggestions in regards to friends/relatives soliciting me.

Being mostly an introvert, I am very good with numbers, easy to DIY for me,
less good at dealing with friends/relatives, especially with conflict involved.

I don't think one can get away without some tension, since you are either unwilling to listen
to someone who thinks they know better, or listen and do not agree with their "expertise".
Seems like a no win, and it's their loss either way. But for me to lessen my losses,
I will avoid the arguments and "just say no", without contradicting their advice or profession.
Or as they say on Seinfeld "It's me not you" :wink:

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Re: What to say to financial planners/insurance brokers

Post by mephistophles » Fri Apr 25, 2014 1:29 pm

blevine wrote:
mephistophles wrote:Blivine,
I have been in insurance sales and management for over four decades. After one week in the business I made a decision to never do business with family or friends. It simply is not good for either party. Suggest you tell your sales relatives and friends the same. As for institutions where you do business, put them on your do-not call-list individually and keep a record of this. They may still mail or email you, so just have those go to spam and delete.
ole meph
I wish more of your colleagues understood the damage they do to their relationships, trying to exploit them financially.
I never mind helping people out in dire need, but I am not here to support everyone I meet.

Thanks for your comment.
Thank you Blevine. I do not consider about 98% of insurance salesmen my colleagues. I am not proud of the industry and its practices.
ole meph

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Toons
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Re: What to say to financial planners/insurance brokers

Post by Toons » Fri Apr 25, 2014 2:35 pm

I never get "cold calls" ,haven't had a land line for years,no one ever calls my cell phone trying to push goods and services :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

ratesguy
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Re: What to say to financial planners/insurance brokers

Post by ratesguy » Fri Apr 25, 2014 3:35 pm

personal capital.com has been hounding me since I took their website for a spin. They have my iPhone number and I let it go to voicemail then choose block caller

SuperGrafx
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Re: What to say to financial planners/insurance brokers

Post by SuperGrafx » Fri Apr 25, 2014 4:19 pm

ratesguy wrote:personal capital.com has been hounding me since I took their website for a spin.
Same thing was happening to me. They were relentless in trying to speak with me...I was constantly receiving calls, voicemails and emails from them.
I was wondering if other folks were receiving the same sort of treatment, glad I wasn't alone.

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Re: What to say to financial planners/insurance brokers

Post by Rodc » Fri Apr 25, 2014 4:22 pm

blevine wrote:Thanks all for your suggestions in regards to friends/relatives soliciting me.

Being mostly an introvert, I am very good with numbers, easy to DIY for me,
less good at dealing with friends/relatives, especially with conflict involved.

I don't think one can get away without some tension, since you are either unwilling to listen
to someone who thinks they know better, or listen and do not agree with their "expertise".
Seems like a no win, and it's their loss either way. But for me to lessen my losses,
I will avoid the arguments and "just say no", without contradicting their advice or profession.
Or as they say on Seinfeld "It's me not you" :wink:
You are correct there is no way out without tension. It is awkward for most of us I suspect. It does gets easier with practice. Best of luck.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

patrick
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Re: What to say to financial planners/insurance brokers

Post by patrick » Fri Apr 25, 2014 6:36 pm

Tell them you don't have any money so they will move on to more profitable targets.

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Re: What to say to financial planners/insurance brokers

Post by beyou » Fri Apr 25, 2014 8:42 pm

mephistophles wrote:
blevine wrote:
mephistophles wrote:Blivine,
I have been in insurance sales and management for over four decades. After one week in the business I made a decision to never do business with family or friends. It simply is not good for either party. Suggest you tell your sales relatives and friends the same. As for institutions where you do business, put them on your do-not call-list individually and keep a record of this. They may still mail or email you, so just have those go to spam and delete.
ole meph
I wish more of your colleagues understood the damage they do to their relationships, trying to exploit them financially.
I never mind helping people out in dire need, but I am not here to support everyone I meet.

Thanks for your comment.
Thank you Blevine. I do not consider about 98% of insurance salesmen my colleagues. I am not proud of the industry and its practices.
ole meph
I can sympathize, work for an active fund manager, though not in sales so not much guilt there.

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beyou
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Re: What to say to financial planners/insurance brokers

Post by beyou » Fri Apr 25, 2014 8:44 pm

patrick wrote:Tell them you don't have any money so they will move on to more profitable targets.
My thread was about people who know me, not cold calls.
This wont work for me.

For cold calls, I tell them nothing, just do not answer the phone,
or if I do, have no issue hanging up !

TN_INVEST
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Re: What to say to financial planners/insurance brokers

Post by TN_INVEST » Mon Apr 28, 2014 11:20 am

blevine wrote:
patrick wrote:Tell them you don't have any money so they will move on to more profitable targets.
My thread was about people who know me, not cold calls.
This wont work for me.

For cold calls, I tell them nothing, just do not answer the phone,
or if I do, have no issue hanging up !

Just tell them you appreciate it, but you are happy where you are at. Keep repeating this and/or escalate it up just a tad ("I'm STILL happy where I'm at...OK?").

"It's not you, it's me. I'm not comfortable working with somebody that I know. I can't explain it, it's just the way I am."

If they keep pressing the issue, you are free to tell them to go jump in a lake. Heck, you might even bump it up and say...."You either don't listen very well, or completely ignore and don't care what I have to say. Either case leads me to believe that you are definitely somebody I would never want to work with."

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