Associates Wanting 'Free' Advice
I'd be interested in understanding how you deal with people wanting 'free' advice as it is becoming increasingly common and frankly I am fed up with it.
It is mostly around taking pension benefits. People from my hobby groups, friends of friends etc, as soon as they find out what I do (Chartered Financial Planner) they want to pick my brains over taking money from their pensions.
Latest example is that I went to the salon to have my hair done. My hairdresser, who I have been going to for years, told me that her Father is looking to retire later this year and had some questions about his pension. Next thing I know he turned up at the salon! Initially it was just generic questions, how much TFC can I take and is this annually or in total etc. No advice, just information. However he then asked if I would look at his paperwork. I took a cursory glance, explained the difference between his pensions (he had DB and DC) and that was that. However my hairdresser has now messaged me asking if I will meet with her Father for a coffee as he wants to know how much he should take etc. Essentially advice. I am finding this scenario happens a lot (at least monthly) and whilst I am happy to provide generic information, it never stops at that despite me explaining that I cannot provide advice and why. Unfortunately I am a people pleaser so saying no doesn't come easy.
The company I work for have a minimum entry point of £500k and the vast majority of these people only have small pensions so I cannot take them on as clients as charge a fee, provide a report.
I'd be interested in hearing how others deal with this.
TIA
Comments
Firstly don't tell people what you do. I don't tell people what I do. I say "I'm a technical consultant in financial services, which is even more boring than it sounds." Then I ask them a question and it never gets mentioned again!
You are maybe beyond that in some circles, and if you have people who do know, you need a short and sweet practised script and somewhere to refer them. If that isn't working, then you need to go deeper into your comment about being a people pleaser as you may just be signalling to people that you will help them even if you're saying you can't.
Never tell anyone what you actually do. It's a bit of a conversation killer anyway.
Does you firm have any commercial arrangements with other providers which could potentially satisfy the sub £500k point? If so, that could be one option.
As I am now a paraplanner I can just say I am not authorised to give advice (doesn't stop people asking for "information") but when I was advising, I used to say that I was not authorised to provide anyone with information unless I have provided them with a Terms of Business and, to do that, I had to carry out a full financial factfind which consists of about 200 questions and takes about 1.5 hours to complete......a complete fabrication but it stopped them in their tracks. Never had anyone take me up on it