Blog by Adrian Elliott
Would you visit you Doctor and say the following?
Patient: “Doctor I don’t feel well, please make me feel better”
Doctor: “What are your symptoms?”
Patient: “I’m afraid I can’t tell you that.”
Doctor: “May I ask why?”
Patient: “I am not prepared to disclose any of my personal details to you.”
Doctor: “OK??…………!!! ”
What would your Doctor Say?
Recently the same scenario happened to myself (‘No, I wasn’t giving any Medical advice before you start getting concerned!’).
A perspective client called and wanted us to provide advice. Prior to any appointment we send our clients a ‘welcome pack’ with a covering letter confirming their appointment. Within the welcome pack we include a fact find and we kindly ask our clients to complete this prior to their introduction meeting and give a rationale why this is important.
The new clients I was due to meet, prior to their appointment rang to inform us that they found the fact find intrusive and they would not be completing it.
When I met the clients, they asked me for advice on investing a lump sum of money.
When we ask them for details about themselves they weren’t prepared to disclose anything as they did not believe that this was relevant.
Now with the best will in the world, I am not a magician ….. There are some many factors that need to be considered;
- Tax circumstances – income tax / inheritance tax to name but 2 !
- Used allowances for the tax year?
- Risk they are willing to take
- Their capacity to loss
- Do they have any debts?
So many things that need to be answered and facts revealed
The doctor would never prescribe any tablets or drugs without all the information and a full examination and nor would I be willing to give professional advice without knowing all the facts – it’s dangerous for your wealth !
Take a look at our past blog ‘The trouble with facts is that there are so many of them!’
Certified Financial Planner