In Lady Windermere’s Fan, Oscar Wilde had Lord Darlington quip that a cynic was ‘a man who knows the price of everything and the value of nothing.’ One could argue that this is especially true today, particularly with the introduction of the internet!
Now, like you, I don’t want to pay more than I have to but I recognised a long time ago that if you want quality, you generally have to pay a good price.
Now e-bay surfers or ‘key board warriors’ as my son puts it, may disagree. I recognise, when it comes to a specific product or commodity, it is easy to compare and contrast. You are also buying something tangible. When it comes to advice and especially when planning your future, then it is more difficult, unless a crisis or event dictates that this is necessary. Besides, there are always lots of people on hand to volunteer their advice!
So, why pay for Professional advice when you can get amateur advice for free?
Free advice is what many thought they were getting in the past. Well free in the sense they didn’t have to pay for it!!… Unfortunately, many found to their peril that there is no such thing as a free lunch! Endowments, pensions, etc. come to mind!
We see many people who unfortunately come to us with an eclectic mix of policies, to which they have no emotional connection. Their life has moved on but their financial sophistication hasn’t followed in tandem. To most people, their financial review consists of opening that bottom left hand draw in their desk, taking out the policy documents, shuffling them around and then realising they don’t understand them, just like last year…..and then guess what? Placing them back in the draw for another twelve months!!
Don’t think for one minute we are talking about Mr & Mrs Average here. No, this is most common amongst business owners, other professionals and senior management. They are so busy at their place of work they don’t have time to focus on themselves and their family’s future.
Then there is the prioritisation. They will place more emphasis on purchases, such as a car, which is a guaranteed way of losing money (in most cases) than on planning their future, which in most cases will save them money!!
It’s not just about the money of course, it is about how it makes you feel. The impact of a new car wanes quickly but the effect of planning lasts your whole lifetime!
