Broker Check

The Noise

| March 08, 2018
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We call it “the noise”.  If you’ve ever heard the expressions used by the financial gurus on the various media outlets, “You should ALWAYS use…”, or “You should NEVER use…,” our warning to you is be careful about religiously following those suggestions as being the right prescription for you.  We believe there’s no such thing as a bad investment or a bad financial product, but certainly there are investments and products that are often recommended for the wrong reasons, or for the wrong people.  For example, if you are retiring with a pension today you are in a dwindling minority of people who are benefiting from a defined benefit such as yours.  So, does it make sense to you that your approach to retirement planning should be no different than for the overwhelming majority of people who will basically rely on only their assets and their Social Security benefit to provide for their retirement?

One of the main reasons so many different kinds of financial products and investment options exist is most are only applicable or make sense for certain kinds of people who possess a certain financial goal, or a certain type of financial profile.  At Benson Financial Group, we refer to this profile as your “Financial Picture”, or your “FP”.  No one FP is exactly alike, and chances are your FP is very different from your parents, from your neighbor, and from your co-worker’s.  Because of the power of the media, generated mostly by the fact that information is so readily accessible these days with our ability to instantaneously find commentary on almost any topic we seek information about, we are bombarded by so much financial information that at times we are paralyzed by a myriad of mixed information, and what often seems to be conflicting advice.

Radio

Have you ever stopped to think that radio and television personalities are first and foremost in the entertainment business, and therefore in the money-making business as well? Have you ever stopped to think that this group of financial advice think-tankers often have not even spent a lot of time studying all the particulars of this industry, or may not even be licensed to provide individual advice? Have you ever stopped to think that if anyone takes a strong enough public stand about a debatable topic, while at the same time regularly making someone, or some THING, out to be the stupid enemy or the “bad-guy”, it’s pretty easy to create a following of people who will resonate with their message?  Have you ever stopped to think it’s our human nature to regularly gravitate towards people who will validate what we already believe or what we want to believe?   Please don’t ever lose sight of the fact that those in the entertainment business based on giving their strong opinions totally understand it is this very principle of our human nature that is at the heart of their ability to create a following and to establish a culture.  It’s time we begin thinking about our thinking!

All the more reason we feel so strongly about why we do what we do, and how we can bring the greatest value to helping people advance and protect their finances.  We may not always tell you what you want to hear, because “our why” is not about creating the most popular culture.  We are not afraid to recommend a non-traditional or often controversial (made controversial by who?) financial strategy if we think you have a financial goal and/or an FP that can be tremendously enhanced through its utilization.  EVERY Financial Picture is different, and each FP needs analyzed and guided in its own unique way.  Instead of “NEVER ever…”, or “Everyone should ALWAYS….”, in many cases it should be, “For most people this may not make sense, but for you to reach your financial goal you should consider….”.   This industry is not about a cookie-cutter recipe for success, buy many are doing their best to make it out to be.  We will admit, it’s a whole lot easier to approach things with a “one size fits all” message, but when you start to hear such a universal approach hopefully we’ve challenged you to think carefully about your thinking by asking yourself a very important question: What does such a universal approach also make it much easier for the speaker of the message to accomplish?  In most cases those who create “the noise” are all about creating the biggest audience, and there are certain replicable principles that have been proven to accomplish just that—create a large audience.  But are you just like everybody else? Or is it possible your financial profile is a little bit unique?

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