Every profession has its own jargon. It's often similar to a foreign language. It allows one professional to recognize another while having a conversation. In social circles, the wealthy talk about travel and vacations. In business circles, lawyers talk about ... legal stuff. The financial services community has its own jargon concerning investing. This is ideal when advisors are attending a conference and a speaker wants to communicate a concept to the audience. Problems develop when financial advisors use industry jargon when explaining investing to prospects and other members of the general public. What sort of problems?
Advisors use jargon because it communicates a concept in only a few words. Wouldn't it be great if advisors could restate the concept in simple English, using familiar examples and common sense? Now imagine yourself in a situation where you introduce an expression we consider jargon. You tell the client, "I realize you probably understand this concept already, but I am going to take a moment to add some clarity…" One such situation is when you must explain your services to a prospect or new client. They do not attend advisor conferences or read The Wall Street Journal every day. Let's walk through some terms that might be clear to you but not to them. You need to explain how you can help them in language they can understand.
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