The English Language is said to have more words than any other Western language. Unfortunately, the vocabulary of most people is limited.
Occasionally, I read where financial people have a difficult time explaining concepts to clients. Perhaps we use the wrong words. After all, words can be confusing. After 40+ years I still have a challenge explaining certain concepts to clients.
A thing we should all remember is patience and creating clarity is important in any dealing. In today’s world, most people gain what substitutes for wisdom from 30 second sound bites. These sound bites are often read by attractive people from a teleprompter on television. Often the reader does not even get the words correct. Often the sound bites were written for someone with a preordained agenda and by the time the 30 second sound bite gets to the listener, confusion sets in.
The listener has more than a dozen concerns to deal with at that moment. Does the listener really hear what was said? Was what was said actual fact or was it opinion?
As I talk to our staff about serving our clients I encourage patience, clarity, under promise and over deliver, and ask the client to verify he or she understands what was said.
Words matter and if your financial person uses words or concepts you do not understand, ask for clarity. Be certain you understand before the meeting ends.
I hope this suggestion gives you something to think about as you meet with your advisors whether they are financial or in any other service areas.