Page 65 - The Peorian, Vol 3 Issue 2

D id you know Rosetta
Stone (the company that
sells learn-a-language
software) may offer training in
new language called “invest-
ment speak?” Esta declaración es
completamente falsa, pero es una
idea buena, ¿no?
That last sentence means
nothing to you unless you know
Spanish. In the world of finance
we sometimes speak a different
language — English words and
phrases that unless one knows
their definitions can render a cli-
ent lost after just one statement. It
often takes a trusted “interpreter”
to convert those words into
“cents.” (Get it?)
We own a book called “Wall
Street Words.” It is similar to a
dictionary with page after page
defining “investment speak,”
enough to fill a book! Obviously,
we need to do our best to assure
the things we say are being
understood. This is an art, not a
science, and requires a willing-
ness to take as much time as the
client needs to understand and
make informed decisions.
IS@BB advisors believe in
using experts in related fields
who speak other languages as
well. That includes CPA’s (tax
return preparation and plan-
ning), attorneys (estate planning,
legal representation), insurance
agents (financial protection for
loved ones, investment guaran-
tees, income strategies), bankers/
lenders (access to capital, credit
strategies, etc.), and we recently
provided access to an expert
qualified in helping people maxi-
mize their social security benefits.
If you or someone you know is
within a few years of being able
to turn on that income we highly
recommend educating them-
selves before a decision is made.
It’s irrevocable after a year and
many people end up regretting
the decision they made, so be
sure you understand the social
security program before turning
on that income stream.
But I digress.
It is a great benefit to employ
an advisor who skillfully com-
municates unfamiliar language
into words that make sense to
people. One such expert I know
explains it this way: “You have
to put the hay down where the
goats can eat it.” You never know
when you’re going to hear words
of wisdom like that!
Seriously, though, what
good is it if you have the hay
(knowledge, expertise), but don’t
communicate that knowledge
in a language that allows the
client – you! — to use it to your
advantage? Advisors, doctors and
professionals at all levels should
remain ever-mindful of just how
important it is to speak English
when talking to us, at least until
that new Rosetta Stone software
comes out.
LEARNING TO SPEAK
‘WALL STREET’
By Bob Miller
Investments
Bob Miller is a Peoria financial advisor with LPL Financial Services and president of investment strategies at Better
Banks..