Financial One-Stop-ShopsFebruary 6, 2019
Stop me, please!!August 3, 2020
There is a link to a great article by Noel Whittaker below, with a particular focus on property spruikers, but as he highlights the principles relate to any form of investment or strategy that is being spruiked. Like Noel, I’ve met plenty of victims of these spruikers and it is typically their unfortunate experience that prompted them to seek out truly independent advice.
The quick summary on things to look out for is that they contact you or bait advertising is used to spark your interest, they are a one stop shop and will arrange everything for you and they try to get you locked in
on the spot.
On the first point, be wary of anything you didn’t actually go looking for. If you didn’t think you needed it already, you probably still don’t.
Regarding the one stop shop approach there are two key things to be aware of. The first is that the more someone has to sell you, the more they will try to sell you. The second is that their strategy is to remove hurdles and delays in the sale process, under the guise of convenience and helping you. In theory it sounds great, but the real motivation is to make the sale and to sell you more.
On the last point, never ever agree to anything with significant financial implications on the spot. If you are being told this is a today only offer, walk away. You are highly likely to make a commitment you will regret.
If it is genuinely a good deal, they should have no problem with you going away to do your own research and come back to them. Spruikers don’t want you to do your own research because they know they’ll be found out.