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Why would people turn down a free financial review

I work in the financial planning industry, and do FREE, No obligation check-ups? I get a lot of "no's" and do not understand why in this economy someone would not want an expert to look over everything for them.

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Asked by FinancialMomma at 5:11 PM on Nov. 19, 2010 in Money & Work

Level 5 (65 Credits)
Answers (21)
  • I would not want one free or otherwise, I have no need for such advice.

    Answer by older at 5:12 PM on Nov. 19, 2010

  • It's hard to trust anyone these days when it comes to finances. Too many scams and identity theft.

    Answer by Izsarejman at 5:13 PM on Nov. 19, 2010

  • To be honest, I would have said no, because I've found that even with the words "no obligation", there is usually *some* kind of caveat. There's no such thing as a free lunch, and when people want to offer you something, it's always because there's something in it for them.

    Either it is a pitch for their financial services (which I can't afford) or I'll be put on their contact list, from which it's nearly impossible to be removed, because it gets passed on to other places.

    Plus, with all the talk about identity theft these days, I don't blame people for being more wary of exactly where they spread their info around.

    Answer by geminilove at 5:14 PM on Nov. 19, 2010

  • Because nothing is truly ever "free", in my experience.... I agree with everything geminilove said.

    Answer by Anouck at 5:14 PM on Nov. 19, 2010

  • Wow, there are some cynical folks. :) My company doesn't sell products and we don't take SSN or DL info, etc. Being cautious is great, but you go to a professional for your car, hair, etc..but I appreciate the input.

    Comment by FinancialMomma (original poster) at 5:19 PM on Nov. 19, 2010

  • Because those "free" " no obligation" financial reviews usually come with some kind of hard sell sales pitch. I am so tired of being pressured to do or buy things that I'm not interested in. Rarely is it just offered, it's always a hard sell, and I don't feel like my decision is being respected.

    Last year we were invited to a Super Bowl Party at a friend of a friends. At the party the host tried to set up an appointment to "review our finances", my husband told him we weren't interested right now. The host called called us a few days later, said he would be in our area on Saturday, and would like to just drop by would 10am be good, or would 2pm be better.

    I can tell you right now that if we had wanted to do something....that was enough to keep us from doing it with him for sure.


    Answer by ohwrite at 5:19 PM on Nov. 19, 2010

  • So what does your company do, and who pays for your service??

    Answer by ohwrite at 5:21 PM on Nov. 19, 2010

  • The companies we work with pays us, Prudential, ING, Met life, etc. We provide financial planning for families and businesses. I just sat down for 1.5 hours with a woman who is unemployed showing her how to handle her debts and get back on the path she wanted.

    Comment by FinancialMomma (original poster) at 5:30 PM on Nov. 19, 2010

  • And how do Prudential, ING. Met Life, etc., profit from this? You actually never try to sell anything to the person you whose finances you are reviewing??

    Answer by ohwrite at 5:35 PM on Nov. 19, 2010

  • We can help people set up the tools for financial freedom. We do not have products and we do not sell or push products on anyone. If you have a newborn and while doing a financial review you say you want to set up a college savings plan, we help with that. If you just need advice, that is all you get.

    Comment by FinancialMomma (original poster) at 5:37 PM on Nov. 19, 2010

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