News
Learning to Speak ‘Wall Street’
- Details
- Published on Friday, 11 April 2014 00:00
- Written by Bob Miller
Did you know Rosetta Stone (the company that sells learn-a-language software) may offer training in new language called “investment 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 client 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 willingness 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 planning), attorneys (estate planning, legal representation), insurance agents (financial protection for loved ones, investment guarantees, income strategies), bankers/lenders (access to capital, credit strategies, etc.), and we recently provided access to an expert qualified in helping people maximize 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 themselves 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 communicates 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.
