By Craig Erwin, Ph.D.
Photo by Clive Kim on Pexels.com
I called customer service at a large financial services firm. After answering my questions, the customer service rep began asking me a litany of questions, trying to learn more about my assets and investing habits. He tried to convince me to speak to an investment advisor (for a fee) for advice, warning me that I would need help preparing for the big, looming recession.
I wonder if they ask every client these questions. Also, does the customer service rep get a commission if I agree to pay for advice? And why is a customer service rep certain that there is a recession coming? Some sources claim that the threat of recession is past. Finally, does the customer service rep know that scaring people helps convince them to pay for advice?
I am not opposed to paying for advice if I need it and the price is right, but I refuse to be bullied or frightened into paying for advice.
Is there a big recession looming? It’s possible, but it’s always possible. No one knows for sure; that includes large financial services firms.
What will I change, as a result of this interaction? Nothing. I will keep saving aggressively and investing in a diversified investment portfolio that I intend to hold forever (or close to forever). Plus, a recession is not such a bad thing. It can help you get bargains as stock prices tumble.
Are you confident that you can manage your own investment portfolio? Do you know where to go for help?
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