|
A few minutes ago I interrupted work to take a phone call. Now I hasten to write this before I forget any aspect of that just completed conversation. Though I recorded our talk, as I informed the caller, I am rushing because I want to accurately capture, if possible, the flow of the dynamics involved. The caller was an insurance agent in Braintree, Massachusetts.
After three minutes of talk (he was yelling) I sensed that the clown was telling me one lie after another. I would describe him as one of those clowns who deluded himself for so long that he no longer even realizes that he routinely dances around the truth.
Or, he could be pretending ignorance as if ignorance were an acceptable excuse. Like so many clowns in the financial services industry he is arrogant and has most likely never been challenged to be accurate. His clients are apparently not sophisticated, not very knowledgeable, not well read, not intellectual, and possible not well educated. Apparently this clown has gotten away with untruths, exaggerations, and misleading information, for so many years that he no longer is even concerned about being truthful. He has a "canned" or "stock" web site that looks identical to thousands of other web sites. He is a loud mouth (yelling during our first conversation). He also appears to be afraid of his wife, or reluctant to confront her, or unable to stand-up against her. He quickly blames her. And he uses his wife as an excuse when he feels the need to do so.
After the first three minutes, of less than honest talk about other subjects, our conversation went as follows:
Cato: Did you say your book is a bestseller?
Clown: Yes, my book is now a bestseller!
Cato: Who released your book?
Clown: It was published several years ago.
Cato: I mean, who was your publisher?
Clown: My book is out now. It's on the market now. In fact it is in the second edition already.
Cato: Who is your publisher?
Clown: I've received wonderful reviews? My book has been in print for over two years now.
Cato: Who reviewed your book?
Clown: Lots of people. Professional people who were qualified to evaluate it.
Cato: Who specifically reviewed your book? Can you give me a straight answer?
Clown: Of course! Lots of people reviewed my book.
Cato: Who were some of those people? Can you name them? Were they associated with any magazines, or newspapers, or book review syndicates?
Clown: There were so many and all at different sources, that naturally I can't remember all of them? But they were all highly qualified. I can look it up and call you back and tell you. No I will send that to you. Yes, that would be better. I'll send it.
Cato: Is your book a vanity book?
Clown. No! I am a noted author. I speak and lecture nationally to various professional groups.
Cato: Does that mean your book is not a vanity book?
Clown: My book is not a vanity book? The Boston Herald, The New York Times, Inc Magazine, the Patriot Ledger, and The Providence Journal have all published articles concerning me, or concerning my ideas.
Cato: Who published your book?
Clown: My book is copyrighted. To my knowledge not one single copy has been returned.
Cato: That's nice. But I'm asking you now; who is your book publisher?
Clown: And I told you my book is published. I am the founder and president of our company. I am giving you straight answers. I am used to getting to the point. I am being specific.
Cato: Is your book a vanity book?
Clown: No. My book is on Amazon.com.
Cato: Anything can be copyrighted. And Amazon will list any book, including vanity books. So will most any other Internet bookseller. Those two facts do not identify your publisher. Who is your book publisher?
Clown: Now don't go questioning my character. I've been in business here in Braintree since 1994 serving seniors. My wife handles all of our money and she does our firm's marketing. I work for some wonderful clients. I am just trying to raise my children. We are a family agency.
Cato: I noticed that Amazon.com indicates that your book has not sold very many copies at all. And the only reviews they show are phony reviews that you arranged to have posted there.
Clown: You must be confusing my book with some other book on Amazon.com. Lots of books have similar titles you know.
Cato: Some books have the same title. But is your book a vanity book! That is the question.
Clown: I have told you already that my book is not a vanity book. My book exposes a lot of the crap that agents and planners pull on their clients.
Cato: What has that go to do with revealing the identity of your book publisher? What is the name of the company that published your book?
Clown: And I keep telling you my book has a publisher. I sent you a copy. Didn't you read at least some of my book?
Cato: I looked at your book and noticed that no publisher was indicated. No address was noted anywhere. How could the publisher's name and address be omitted? This is very odd. How can such a book be properly listed, referenced, or filed anywhere! You did not even make-up a name like Peckerwood Publishing. Most vanity books list some imagined company as the book publisher. The first page in your book is your exaggerated and less-than-specific biographical sketch. This is just another phony bio sketch. The design of your covers is amateurish. And your incorrect spelling here and there suggest that a professional book publisher and editor and ghostwriter, were never involved. And, your lack of any 'name' endorsements makes me suspect that this is a vanity book. Plus your book's lack of continuity, and the many other amateur aspects of your book, all suggest to me that this is a vanity book. Who is your publisher? Your title is not a selling title. Your title is a 'so-what' title. A professional book publisher would never use a 'so-what' title." Again I ask, who is your publisher? Is this a vanity book?
(Author's Inserted Note: Often when I know a clown is lying in his teeth I give him a 'way out.' Frequently they will take the 'way out' but this hustler did not use the excuse I offered him.)
Cato: Do you know what a vanity book is?
Clown: Yes.
Cato: Who played the biggest role in getting your book out?
Clown: My wife did. But I wrote it. I wrote all of it.
Cato: Did your wife market your book?
Clown: Yes she did.
Cato: Is your wife still marketing your book?
Clown: Yes she does.
Cato: Does the publisher market your book also?
Clown: It's selling really well.
Cato: Who is your book publisher?
Clown: I don't think you, Mister Cato, are the right person for me to deal with. What kind of name is Cato anyway?
Cato: I don't believe your volume was legitimately published!
Clown: What are you saying Mister Cato? Are you the same Mister Cato who ran around with the Green Hornet? (laughter)
Cato: I'm saying that I think your title is a vanity book.
Clown: Well you are not the right person for us. Our firm could never work with someone like you Mister Katie-ooo.
Is your name really Cow-eo?
Cato: Is asking you to name your book publisher too much to ask? I'm only asking for a name. Some words?
Clown: Well, if you must know, I own the publishing company. Not that it is any of your business Mister Katieo.
Cato: What other titles have you published? And can you please be specific?
Clown: None yet but we are considering many.
Cato: What types of books does your book company specialize in?
Clown: I haven't decided that yet.
Cato: Then your book is a vanity book?
Clown: I don't know what you mean?
Cato: I mean you paid to have your book printed.
Clown: Well that is not against the law. That's no sin either.
Cato: That is not against the law and that is no sin, but self-subsidy does suggest that you could not find a legit publisher. A vanity book usually has no distribution and no promotion. A vanity book generally has no reviews of any significance. Your vanity book is in no in book clubs, catalogues, libraries, bookstores, or anywhere, unless you made arrangements for that. Most likely no book distributor represents your vanity book.
Clown: Well you can just go to hell.
Cato: You didn't even create a name for a book publisher and use a different address other than your address. Your book certainly looks like a vanity book and smells like a vanity book. I don't think you know much about producing a book.
Clown: As I said, you can go to hell.
Cato: Do you understand what a vanity book is?
Clown: I'm not going to waste my time trying to talk to you any more. You have obviously made up your mind against me!
Cato: Can you acknowledge that your book is a vanity book? Are you still going to pretend that a legitimate book publishing company published your book?
Clown: My wife is responsible for all the details about my book. I just did the writing. All of the writing!
Cato: You have been dancing around the truth by telling me evasive lies.
Clown: You bastard! I'm gonna sue you!
Cato: If thinking you are a clown means that I am a bastard, then I am, that because I certainly think you are a financial clown.
Clown: Well you can call me what you like. My wife is in charge of my book. She said my book is not a vanity book.
She knows what she is doing. We have a family agency here.
You are a bastard and I am taking you to court.
(Author's Inserted Note: This is where the caller hung-up on me. I never heard from this clown again. He had called me as a follow-up to promote his vanity book. All that I wanted was for him to tell me the truth. I feel sorry for this clown's clients. Each of his clients deserve better.)
Seven Shocking Questions The
Financial Industry Must Confront?
Shocking Question # 1
Will The Practice of "Pulling A
"Neurinsky" Ever Be Stopped?
Research has long shown us that what people find most annoying and most objectionable about salesmen is the proven fact that so many sales people play 'fast and loose' with the truth. Disliked sales people routinely 'dance around the truth.' Clowns in any sales endeavor modify the truth to fit their situation at the moment. This means they lie! They are liars!
The consumer knows the reputation of used car salesmen, or new car salesmen, or funeral home sales people, and many others who sell products or services. But no other sales person has the near sacred responsibility of anyone in a fiduciary capacity. None of these causes the lasting effects a financial professional may cause. The fiduciary is generally responsible for much larger amounts of the consumer's money than is any other type of sales person. Yet most agents, planners, and other financial professionals deserve reputations similar to that of the used car salesman. They deserve the same reputation because typical agents or planners "dance around the truth" when they feel this will help them make sales.
In the financial industry the term "Neurinsky" - named after the famous dancer of the 1940's - refers to "dancing around the facts, accuracy, complete disclosure, the truth, or even reality." For example, an agent might say to another agent, "I pulled a Neurgeon to get that client."
Shocking Question # 2
Are Agents And Planners
Merely Sales Men And Women?
Critics of financial planning say clowns prove that so many insurance agents and financial planners are merely salesmen! But all agents and planners are not clowns. A small minority, 20% (or less) are honest, competent, accountable and accurate. They are not salesmen first and last. They are dedicated to their client's best interest. They are not hustlers. They would quickly acknowledge that a vanity book is a vanity book and they would not pretend otherwise. They may be a minority but they do exist.
Shocking Question # 3
Should America's Banking Industry Take
Over Insurance And Financial Planning
Because They Are More Honest?
Many responsible people and organizations advocate that the banking industry should "take over" insurance and financial planning because they would be far more honest and accurate - - and the many clowns in the industry would largely disappear! A case can be made for this line of thought. The clowns enable a very strong case to be made for this. I have never talked with one single Congressmen and Senators who did not believe this. But I do not support this recommendation.
Have you ever received a notice indicating that you have been approved in advance for a credit card when you know you have not been approved in advance? The banking industry is allowed to tell lies because over the years they have "bought" the laws that allow them to do this and more, much more, to consumers. Loren Dunton, the late founder of financial planning, said, "The banking industry has succeeded in getting legislation passed, until even their theft is now legal.
The banking industry is not proven to be more honest or even especially honest. Nor does the banking industry have a proven track record of protecting and 'serving" the best interest of consumers. The banking industry, and the mortgage loan industry, have a horrid history of excessively exploiting (fleecing) the consumer and paying-off politicians so they can continue to do more and more of this.
Shocking Question # 4
Are We Stuck With Still Another
Shocking Truth Forever!
This writer is left in the horrid position of desiring more accuracy and precise accountability to be required by regulatory agencies. But I don't know how regulatory agencies could actually enforce such a requirement.
How could they fairly do so? You are already flooded with dishonest biographical sketches; tons of self-published (vanity) books containing inaccuracies; radio and TV talk shows featuring excessive product and service hype; excessive false claims circulated over the Internet, incorrect information disseminated at seminars, plus much more. The industry, related associations, related magazines, and regulators have all done nothing about this for years and years. How can they even hope to "clean up" an industry where about 80% of the practitioners are clowns?
After all, collectively these clowns are involved with huge amounts of money? And (except for the regulators) all concerned are apparently most interested in getting their pieces of this money! I think the regulators are already often unfair to the small and independent operators while giving only a light 'slap on the wrist' to the industry giants. This is because, in our system, money is power and whoever has the most money can purchase the most 'wins' or laws.
The clowns do more damage than just annoy intelligent people. The clowns do not annoy uninformed or ignorant people. The clowns are causing even more regulation to be forthcoming. Thus the clowns will even further punish and harm the non-clown financial professionals. Clowns also harm the profession, as well as the consumers. I do not believe it is possible to make liars tell the truth and stop telling lies so they will make more sales.
Shocking Question # 5
Is Better Regulation The Answer?
I doubt if improved regulation would be an effective answer because regulators are dealing with highly skilled liars. Possibly the clowns greatest skill is his or her ability to lie and to pretend that he or she does not really understand the difference between a lie and the truth. Lying clowns can always simply blame their married partner (or anyone) if someone presses them for the actual truth on any points.
The many associations (over 100) that should be involved in mandating that members to be honest are busy with infighting, feuding with other associations, and striving to gain overall control, or busy trying to retain shrinking memberships. Membership is not necessary in any association. Anyone can proclaim himself a financial planner and 'go into practice.' Or anyone can create a new name for offering a planning and investing service.
Most financial sales people probably claim to be financial planners when it is convenient to do so.
Shocking Question # 6
Are All Agents And Planners Arrogant?
No, only a large number of the clowns are arrogant. The boastful and loudmouth personality that fits the "Hi-Lo-Lie" profile is arrogant. The "Hi-Lo-Lie" is the type most encountered in the profession today. The non-clown types are not pushy and obnoxious.
Cynics often assert that financial planning is the only industry in the world where everyone in the profession claims to be a noted this and a noted that but is usually only lying about how noted they are. However, not all planners or agents make false claims.
Shocking Question # 7
Must We Forever Endure The
Massive Lying That Now Prevails!
Research reveals that the most common trait that agents and planners have 'most in common' is the willingness to frequently tell lies as needed to expedite sales.
They say whatever untruth helps at the moment. This is also the number one reason salesmen are distrusted and disliked.
In our culture, society, and business world so far, all efforts to stop the 'playing fast and loose with the truth' by sales people have not been successful. Even many gurus and sales consultants advocate aggressively pushing, confusing the facts, misrepresenting the truth, or telling only half-truths, and doing or saying 'whatever it takes' to close a sale now.
By Forrest Wallace Cato
Forrest Wallace Cato, RFMA, RFC, CRR, CPC, has over 20-plus years of successful experience as a local, regional, and as a multi-national, media strategist and media advocate serving financial professionals. For financial advisors, he creates, establishes, and maintains, desired images, then promotes those advisors within target markets. This highly proven marketing communications effort leads to increased understanding (brought about by desired media exposures) and results in increased consumer acceptance!
|
|
