If you believe much of the marketing spiel, it seems that in this life you have to become successful by becoming a celebrity. This isn’t necessarily famous, but well known within your specified field. Some call this personal branding and it’s the regular diet of entrepreneurial and self-improvement books and courses. I read a piece yesterday that resonated with me and debunked a lot of this twaddle.
It’s all Pants
What is certainly the case, is that many people will regard the opinions of others as evidence of credibility. “Celebrities” can certainly give added impetus to sales of products. Think David Beckham and underpants. It works, though I’m not sure who is kidding who when considering this particular example. I saw a video clip of a game show in which Gordon Ramsay posed a forfeit question to James Cordon “which of your endorsements have you never used?”. Forfeit taken, the money is presumably too good to forfeit with the truth.
Many people buy or are certainly helped to buy based on the reviews or recommendations of others. That’s basically Trip Advisors entire business model, and of course most online retailers seek reviews, constantly. Hands up, we also ask clients to provide testimonials, which is much the same thing… we simply don’t shape or lead them (so they are honest).
Big Noise, Big Bucks, Big Blindspot
When it comes to investing, celebrities are now to be found endorsing all sorts of financial products that they have no real understanding of. Remember the adverts releases for the failing Equitable Life and Buzz Aldrin was promoting them in 1998? Or Anthony Hopkins promoting Big Bank Barclays, these days a task left to Simon Cowell.
Crypto – never expect good things in the Crypt
The world of financial products has become ever more complex with the rise of cryptocurrency. That specific field is full of corruption and fraud. One might say, its a bit of a jungle our there. The regulator has reported a tripling of reported fraud in cryptocurrency and foreign currency, each “investor” losing an average of £14,600. In my opinion, this will only get worse. Much worse. As more people seek easy returns to prop up the dismal interest from cash, the temptation is to try something that appears to have done well. Having a celebrity endorsement will, sadly for many, end in tears. Money talks and it walks, there are multitudes of people that will attempt to part you from yours, which is why part of my role is to act as guardian or bouncer on the door to your financial planning.
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email firstname.lastname@example.org
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