he most common statement I hear from many of my clients is that “they know nothing about finances”. As a fellow member of the finance industry I can assure you the average human being has much more knowledge about finances than they give themselves due credit for!

Imagine, It’s like going to the bowling alley with a bunch of your friends and averaging 100 points per game versus the bowling pro in the next lane serving up Serena Williams styled twists and serves scoring back-to-back Grand Slams. You may not be as seasoned or have practiced enough to be labeled a “pro”, per say, but you still have the basic knowledge to achieve your ultimate goal: that ultimate goal being the sensational feeling of beating your friends at a fun night of bowling… or for me, just making sure you complete all 10 rounds in the game without slipping and falling into the neighboring lane (coughs). 

For you my friend, I say “pick yourself up by the boot straps and give yourself more credit”! The reason you may feel you “know nothing about finances” or that “finances are too complicated” are for three very common reasons. 

The first reason you feel you don’t have enough knowledge about finances is because as soon as you hear the term “finances” it is usually followed by NOISE. That noise being dialogue around the stock market conditions or that next “get-rich-quick investment scheme” interjected by the media, or those articles that tell you some millennial was able to save all of their money in 30 days and now they’re set for life!

Noise is a huge factor and I have placed it as first before the other two for very good reasons. Humans constantly have to proactively cancel out noise whether it is sound, an unknown phenomenon, or a physical distraction. In either case, when too much noise is present, it can be difficult to receive the underlying meaning of the term finances.

The second reason you get that unsettling feeling about finances is because of the FINANCIAL JARGON that is used to describe the fundamentals of how finances actually work. Too often, financiers try and woo their clients with an overuse of financial jargon that clients (1) don’t understand and (2) don’t really care about. It is best to break down finances in the simplest of ways using layman terms or demonstrating shared knowledge through the use of metaphors. Now if you’re looking for a crash course on Financial Jargon then I suggest my friends over at American Financial Solutions, they published a Beginner’s Guide to Financial Jargon. For the rest of us looking to simplify our lives and get the most use out of our time then I suggest building relationships with financial practitioners such as myself who have learned that it’s best to just keep things simple!

I can recall making that mistake at the beginning of my career as a 19-year-old bank teller. I wanted so badly to demonstrate my expertise and skill-based knowledge to my clients and my colleagues. In an effort to show my value, my worth, I would overuse financial jargon to impress my client but would ultimately lose my client during the consultative process as they had no idea as to what I was saying. It’s through these experiences that I have learned to speak to my audience by first understanding how my audience wants to be spoken to. Then I can formulate my message and deliver it to them in the most effective manner.

The third and FINAL reason you feel you don’t have enough knowledge is because you my friend just DO NOT GIVE YOURSELF ENOUGH CREDIT. It has always been my belief that people know exactly what they want! They just feel like they have to have a $100,000 family inheritance with a college degree from Yale just to say they want to open a checking account! That couldn’t be furthest from the truth! 

I know firsthand how intimidating it can be to walk into a bank and see no one who looks like you or to be watching those grimacing eyes that look at you as if you’ve already robbed the bank; it can all be very uncomfortable to take in! However, a good banker knows the perception they give to their clients and will provide comfort and encouragement to the client so that they can express their given interests without feeling judged.

Noise, financial jargon, and lack of confidence are the three main reasons why you get the feeling you don’t know “anything” about finances. For the record, to say you “don’t know anything about finances” is really harsh and I always make the joke that you have to know a little something about finances because if you didn’t then you wouldn’t garner concern when you miss a payment on that loan or feel the need to check your bank account after you’ve gone over your limit (If we’re going to be honest with one another then I can truthfully say I am guilty of that as well, it’s life!). 

The way to restore confidence in your decision making skills is quite simple, cancel out the noise, demand simplicity, and have confidence to ask for what you want! For ways to build confidence, check out Forbes’ Top 10 Ways To Build Confidence!

When the doors of my financial center open there is no telling what is going to come walking through those doors – and that my friend is partially the thrill of my job!

I’m a firm believer in “simplicity is key”. It has been my experience working in the finance industry for over 10 years that answering questions with complicated bank jargon can create greater confusion and actually escalate to problem management.

My most memorable experience of this phenomenon occurring was when I was 21 years old having just started a new role as a Relationship Banker, you know those people that sit at the desks opposite the people handling the cash? Let’s take a walk down memory lane, shall we!

I was enthusiastic and excited to help my very first client! I was also just as nervous and terrified of making a mistake for fear that anything aside from a positive experience would warrant my immediate resignation. 

The first client comes in and they have a fee on their account. I think to myself, “Okay Martwann, remember your training! You got this!”

I reviewed the clients transactions first, because that’s what most bankers do, we try and understand how the client got to where they are. There’s an old saying in banking that goes a little something like this, “a client’s transaction history tells a story”. 

Bingo! I identified how the client received the overdraft charge! It was human error… a delay in transaction posting caused the client to believe they had more money in their account than they really had! So after I identified the issue I then started thinking of how to relay this to the client (activate sweat glands)!

Wanting to sound experienced, I crafted this awkward statement explaining the bank’s transaction posting policy and how they had misinterpreted the amount they had available int their account to spend – bad mistake!

Understandably, the client becomes upset wanting to have the fee refund. I explain that “such a request could not be completed due to human error” and that “nothing else could be done” – again, bad mistake!

The client looks me in my face and tells me “I am a disgrace” and “I should be ashamed of stealing money from people”.

The client left upset and in tears. At that moment I had felt that I could and should have done more for the client.

What this experience taught me was that I (1) had a lot to learn about problem management. (2) I also needed to find resources that could allow me to really make a difference in the lives of others.

Fast forward 10 years later and I’ve learned a lot since my first client experience. Ultimately, better resources came with working for a better bank! Take a look at the link below to see if your bank cuts the Forbes list of America’s Best and Worst Banks

Be yourself; Everyone else is already taken.

— Oscar Wilde.

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