Originally posted by Marco
However I wouldn't close the doors to all seminars or comments made by people who earn a commision on what they recommend......Marco
Actually, Marco, very few people would earn a commission from recommending only!
The customer would have had to make the decision to 'buy' and that sale be settled, before an introducer would earn any commission at all!
We rely on other people's information, suggestions and recommendations all through life. When you go to the Dentist, and it is recommended that the molar be filled, how do you know the tooth is damaged, and the dentist is not just filling teeth to fill his/her bank account?
What about your accountant? When they recommend you put all your assets in a trust, which means you now have to pay audit fees, annual return fees, and more accounting fees to him/her, are they not profiting from their 'advice' to you?
When I had a retail business, everything crossing the counter 'made' a margin for the business, and thus for me, and I could either adopt a 'buy it if you want it' attitude, or I could help the customer select the best book, gift, jewellry etc for them. In five years I only experienced about five returns, so the customers must have really wanted that help to assist them in making the appropriate purchase.
Every interaction we have with a third party will involve some sort of self interest on their behalf. The baker must sell bread, the banker must sell investments, the mortgage broker must sell loans (aah! but are they selling loans to the customers or are they selling the customers to the lenders??), even the seminar presenters must sell bums on seats.
You, too, are serving self interest in seeking out the best advice for you. That advice may have no relevance to your brother or best friend, but may be the best and most advantageous advice you ever receive.
As you commented, the key word is 'rely'.
There are many people who want someone else to take responsibility for them, hence the guru of the moment being created out of very ordinary people.
There is an old saying
'No Man is your Enemy
No Man is your Friend
but Each Man is your Teacher'.
We must each seek our own truth, but in doing so must not begrudge that other people have had to pay to learn what we think they will teach us for free.
cheers
Kristine