Relationships Matter
By Ric Perez •
I have been in the financial services market since I was a teenager. I was fortunate to get an early start at 15 when my father was in his local bank and ran into the bank president and friend, Mr. Beckman. Mr. Beckman was an exceptional human who recognized the potential and honesty in people. He had taken my dad under his wing as a young migrant worker from Texas who had moved to the area to work in the local farms for harvest. He helped my dad become financially wise and gave him his first car loan and then a home loan. Fast forward to when I was 15. It was at this run-in that Mr. Beckman asked about Angie and the kids. Summer was starting, and my dad was not shy. Do you know of any jobs for a 15-year-old? I started three days later after going to Kmart to buy a brown clip-on tie.
That’s when I learned that relationships matter. I saw it in my parents, how they conducted their business affairs, and things as simple as who you call when you need a plumber. My parents always had a connection, whether it was from people at church or the neighbor next door. Times were different back then, and relationships mattered.
The same truth remains as I approach 50 years of experience from that first bank job. Relationships matter.
I share this now as I have been in the factoring industry for the past 15 years, although I have always been in financial services, specializing in the legal sector. Recently, I was sent some referrals from a couple of my referrers in the industry. In the first case, I proceeded with the quote to the client, but I was surprised by the new client’s comment. The referring broker gave this client two names of factoring companies to contact. When the client said he could not believe the difference in treatment from his experience with me compared to my competitor, I decided I needed to share this with the referring broker. The other case is again where the broker gave out two names, but the annuitant signed with my competitor before he got my quote, and I got the client 15% more money by selling the same payment stream. When I told the broker about this, he said he learned his lesson and would only send his referrals to me from now on.
I understand that a broker may give a client more than one name to obtain a quote because many brokers want to avoid showing any favoritism or priority as they do this. I say BS. If I asked you who you use to service your car, would you give me two or three names from your Rolodex (sorry, I’m older)? No, you would give me the name of someone you trust. Would you do the same if I asked you for a trustworthy financial advisor? Again, no, you would refer me to someone you know is known for the quality of service and dependability.
When I called and thanked the broker for the referral, I told them that the client admitted to me that he was baffled as to why he was given more than one name. After his experience with me and my team, he felt he was with a company with his best interest at heart, which we do. We often tell potential clients that they should NOT sell their payments. We review their situation, try to make suggestions that may be better and cost less, and help them navigate their current financial problem. Some people think I am crazy when I talk them out of selling their annuity because that is how I and Strategic Capital make a living. But I also have to live with myself. I am proud of my national reputation as the guy to call first and proud to be part of an organization that places our customers first. Many brokers nationwide will only send a client to us because they have seen how we handle a client and trust us. I want to address that many brokers want to avoid being involved with a client trying to sell their annuity. Again, please GET INVOLVED, if only to direct your client to a company that will prioritize their needs. Many predators in my industry will not treat your client with the respect and dignity that our team delivers. These predators try to destroy months, sometimes years, of your work securing their settlement. When your client approaches you about wanting to sell, please send them to someone you trust to be your client’s advocate and guide them the right way.
Relationships matter, and you will feel better using a trusted source. Please call, email, or text me today if I can answer any of your questions and help you secure a trusting relationship.
Thank you.
