Two people looking at the same thing, will see different things, even when they stand side-by-side. When they stand on opposite sides of a table, they see totally different things!
Yesterday I went to donate platelets. Before I can do that, I have to complete a number of forms to ensure that my blood is safe. One of the questions is: “Are you booked for an operation within the next six weeks?” I said to the attendant that I am seeing a knee-doctor in two weeks time and that he may very well want to operate. How will that affect the procedure. In other words, if I donate today, would I have to wait 6 weeks before I can have the procedure.
She answered, all that you do, is inform us that you have had the procedure when we call you again to donate platelets.
You see the difference: I am standing on my side of the table, completing forms and I want to know about how donating platelets are going to affect MY life. She is standing on the other side of the table and is only interested in how my actions are going to affect her business. Incidentally, I never got an answer, because I visited a Malaria area during my holiday and therefore my blood is at risk!
I am NOT getting at the Blood Transfusion Service! I am trying to make a point.
When we sit opposite the bank manager, the stockbroker, the estate agent, the financial advisor, the bond originator, we are sitting on opposite sides of the table. We see different things, we are interested in different things, we have different experiences of this thing or activity that currently bring us together. (You see money to buy a car, the opposite party sees commission to make ends meet at the end of the month.)
I have a list of things that is important for people to know and adhere to regarding short term insurance that I give to clients. Simply because to me it is so common, that I don’t think about it. And I forget that it is not common for my client! I work with short term insurance every day. My client only really deals with it when they claim. And that is when my knowledge of every day stuff could hurt them.
There isn’t and easy way to solve this problem, accept thinking about what you are doing, trying to identify the risks and asking about it. And insisting on an answer. Never settle for a vague answer, insist on a proper answer that explains everything in such a way that YOU understand it. After all, if I want your money, I must be willing to spend the time with you. And if somebody cannot or will not explain in such a manner that you understand, walk away. Find somebody else that will take the time to listen and explain.
Financial institutions are sales driven. They will try to spend the minimum time with you to get maximum revenues – they are running a business. And in many (most) cases, they will only give you enough info to get you to sign and whatever the law requires. It is excellent sales tactics and I understand why it works. And that is why so many fights get to the point where a client says: “you never told me.” “But you never asked! I told you all that is important and that I have to, I thought you understood what we are dealing with.” Obviously no sales person can share all they know with every client.
Therefore it is up to you to ensure that you are informed and understand. Never give up this right.