Sell Me This Pen

Leonardo di Caprio as Jordan Belfort in the Wolf of Wall Street

In 2013, I interviewed for an investment advisor position with a Canadian bank. It was at the Hillside Mall, and it was the worst job interview I’ve ever had. About ten minutes in, one of the two hiring managers asked me about my sales process. I told her that giving investment advice isn’t about making a sale, and that if your advice is sound it won’t come off as a sales pitch.

She laughed, told me I was full of it, and then said: “OK. If you’re so good at this, sell me this pen.”

The Wolf of Wall Street hadn't come out yet, so I couldn’t use Jon Bernthal's pen pitch (you can look it up).

My attempts at selling the pen were like those of a politician trying to be honest. There wasn’t a chance I was going to make the sale. After stumbling and stuttering a few times, I looked at her and said, “I can’t sell you this pen. It’s a piece of s***.”

The interview ended a minute later. I rushed out of there, and as soon as I got home, I logged into Gmail, emailed both hiring managers, and said: “I don’t think the position is right for me.” You can’t break up with me if I break up with you first!

Thirteen years later, I stand by what I told that hiring manager. If the advice you’re providing is solid, then you’re not selling anything. You’re giving advice and the people sitting across from you can take it or leave it.

Now I haven’t always lived that philosophy. I’ve pitched stocks (“most of the Canadian banks have continuously paid their dividends since before Canada was a country”), bonds (“lock in this yield, rates won’t stay this high forever”), and fund managers (“his fund provided positive returns in two thousand freaking eight!”).

Stocks, bonds, mutual funds, and pens are all products. So are insurance policies, ETFs, and Financial Plans. But we shouldn’t sell products. We should provide an ongoing service called Financial Planning. The products are a part of the service.

We don’t care which tax filing software accountants use. We don’t care which word processor lawyers use. And we definitely don’t care which kind of scalpel surgeons use. We trust their professionalism. And we trust that they'll use the tools they need to perform their service effectively.

Wealth management should be viewed the same way, but we're still out here trying to sell pens.

This post is for educational and illustrative purposes only. Any investments mentioned do not constitute a recommendation or solicitation to buy or sell any security. Past performance is not indicative of future results. Individual suitability varies. What works for one investor may not be appropriate for another. Please speak with your advisor before making any investment decisions. See additional disclosures at https://www.herlaarwm.com/vinces-blog