SMART MONEY: Overpromising and Underdelivering

By Brad Brain

It’s no secret. I can be quite unpleasant to deal with.

Right now, I am trying to get some stuff done in my personal life. It’s not going well, and I keep finding myself tearing a strip off of various people. Sometimes I do it politely. Sometimes I don’t.

Admittedly I could be more patient. Nonetheless, it really irritates me when people tell me they are going to do the job that they are being paid for, and then they don’t even bother to show up. Even further, it really, really irritates me when people will say anything, regardless of truthfulness, in order to get paid.

So why does my personal pain warrant a mention in a financial planning column?

Well, unfortunately, overpromising and underdelivering is a problematic issue in the financial world as well.

Typically overpromising and underdelivering comes in two forms: financial advisors overstating their abilities, and the assurance of favourable outcomes.

Folks, here’s the unfortunate truth about life. Just because someone says some words, that doesn’t mean those words are correct.

There are some advisors out there who will be quick to tell you what a great job they will do for you, and how the company that they represent is the best company in the world.