13 Phrases That Lead to 'Aha' Moments

2. “Are you the chicken or the pig?”

This is an old saying. Here is the difference between involvement and commitment. On a plate of ham and eggs, the chicken is involved, but the pig is committed.

There are people who sit on the fence and don’t make a decision.

3. “Free advice is biased advice.”

Many people expect financial planning advice to be free. Why? Because they see tools online offering advice with no cost to pay. Very often the advice is designed to create a need for the product they are selling. It’s like the saying, “All roads lead to Rome.”

4. “What’s the matter with kids today?”

“Kids” was a song from the 1960 Broadway musical “Bye Bye Birdie,” which was later made into a movie in 1963. Maybe you remember a few lines:

“Kids! I don’t know what’s wrong with these kids today. Kids! Who can understand anything they say. Kids! They a disobedient, disrespectful oafs! Noisy, crazy, dirty, lazy loafers! While we are on the subject, Kids! You can talk and talk until your face is blue! Kids! But they still just do what they want to do. Why can’t they be like we were, perfect in every way? What’s the matter with kids today?”

We might think attitudes about the younger generation having it easy are new. But they were singing about the same message 60 years ago.

5. “Free advice is worth what you paid for it.”

If you ask your barber for investment advice, they might give you some, but there is no accountability. If you complained you lost money they would say, “What do I know? I’m just a barber.”

You wouldn’t let your family doctor cut your hair. Why should you take investment advice from your barber?

6. “No one on his deathbed ever said, ‘I wish I had spent more time on my business.’”

This particular line was popularized by former U.S. Senator Paul Tsongas, but you’ve probably heard several iterations of it in your life. At the end of their lives, very few people regret not spending more time in the office.

People need to live balanced lives. They need to have fun, to spend time with their family instead of just focusing on work.

7. “I will handle your account personally.”

As a sole practitioner, you might think clients would prefer the team approach to advising. One of the problems with teaming is the initial approach might be made by the head of the team, but once on board, the client might discover their point of contact is a junior team member.

If the sole practitioner says they will be the point of contact, there is no risk of bait and switch.

8. “He spent too much, too fast for too long.”

I think this was a great line from a 1970s episode of “McMillan and Wife.” The expression was used to describe an older, wealthy guy who was actually in financial trouble.

This helps make the point about not wanting to outlive your assets.

9. “He puts his pants on one leg at a time, just like you.”

Many newer advisors are intimidated by superstar advisors in their offices. They think they are not as good as the veteran advisor. But the prospect does not know if you are a superstar. A coach presenting before an advisor audience once remarked: “When someone picks up a cold call and the advisor identifies himself, the prospect does not say, “Honey, come to the phone. We have finally been called by (name) from (firm). Did you know he is one of their top advisors and a member of the (recognition club)? We are so fortunate!”

When the prospect answers the phone, all advisors are equal in their eyes.

10. “It’s never too soon to buy life insurance.”

There are sayings making this point; it is better to have bought early and not needed it for years than to have put it off and died suddenly. The more important point may be that whole life insurance gradually becomes more expensive the longer you wait because you are getting older each year. The lowest rate you would pay would be at the earliest point you consider buying.

11. “Your doctor and your lawyer are two people you should never lie to. It could cost you your life.”

That line came from an old Perry Mason episode. The point is neither professional can give their best advice if they do not have all the facts expressed in a truthful manner. That is probably why both professions take confidentiality seriously. You can make the case why financial advisors should be on that list too.

12. “What do health insurance and hospital gowns have in common? You are a lot less covered than you think you are.”

I saw this on a greeting card at Chicago’s O’Hare Airport years ago. This makes the case that you should involve a professional so you are getting the level of coverage best suited to your situation.

13. “Life insurance is like a parachute. If it isn’t there the first time, chances are you won’t be needing it again.”

This is an industry-specific version of a quote attributed to Scott Adams. Life insurance brings peace of mind, but it also delivers a level of protection. Whole life insurance is also a vehicle that builds up cash value over time. The protection is an “absolute.” You either have it or you don’t.

You only die once.