This is why clients shouldn’t try to be amateur financial mechanics

By Theodore S. Rusinoff, CFP

Sometimes a prospect’s lack of trust can delay the implementation or even identification of a plan. Often, the prospect broadcasts that lack of trust by acting as if they need to know and understand every little moving piece of every product, concept or design before moving forward on any of it.

To help people understand that they don’t need to know and understand everything, I ask them, “Do you handle all the oil changes and repairs on your car yourself?”

When they reply no, I tell them the following: “I don’t either. We both still drive the cars we own, but we don’t always know everything about how each part works. The main reason we own the car is to get us from point A to point B. We want to put the key in, turn it on and drive. We don’t have the time, the tools or the expertise to review every part of that engine or to understand how each part relates to every other part. My mechanic knows enough about those things to keep my car running for me so I have a safe, dependable vehicle.

Trusting the plan

“The insurance plan we are putting together is like that car. I am the person who knows how the parts of the plan work, but it would be impossible for me to explain every part of it to you. You need to trust that the plan is reliable and will get you from point A to point B. Along the way, we will work together, and you will become very familiar with key parts of the plan, just like you are very familiar with the features of the car you use regularly — like the steering wheel, gas pedal, radio, GPS, etc.

“But we will not require you to have a complete understanding of every component of the plan before we get started. If we did that, you would still be sitting in the dealer show room going over every part of your car before you allowed yourself a chance to even test drive it.

“You understand the need for a safe, reliable, capable vehicle to power your financial plan, and I understand the internal components of the plan. Ultimately, you will be familiar with the most important parts to make sure you have what you need and are in the driver’s seat.”

Rusinoff is a 10-year MDRT member from Stow, Ohio and the Vice President of the MDRT Foundation. See more ideas for your personal and professional life in Round the Table.