How a LinkedIn message inspired this financial Public Service Announcement
Ditch the earn-more, spend-more trap
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A pre-holiday message made me pause.
Just as I was packing for holiday, a pension adviser slid into my DMs.
The LinkedIn message received.
Because I'm always interested in discussing the merits of corporate pensions, I eagerly replied: "Sounds interesting!"
But unfortunately, he must have recognised me from the dartboard in their office. He blocked me on LinkedIn and left me hanging. (Hence he is now just 'LinkedIn Member')
This got me thinking about the dozens of similar messages I receive every month. So I saved this one to show you exactly what to watch for.
Red flag #1: Mass marketing disguised as personal connection
"A lot of professionals from employers like yours"
This tells me he sent the same message to everyone who's left a major tech company recently. We've all done mass outreach, so I don't really mind. But it means hundreds of people received this exact message. They also actively advertise on LinkedIn. And that deserves extra scrutiny.
Red flag #2: They highlight a real problem (to sell you the wrong solution)
"Sitting in default funds... often we can move them into higher growth options"
He's absolutely right about default funds. They're often conservative and unsuitable for younger investors. I spend time on this in every coaching conversation.
But here's what he won't tell you: you can achieve exactly the same result by switching investment funds within your existing pension. Takes 30 seconds online, costs nothing in fees, and you keep all the tax benefits.
My Salesforce pension outperformed the default option by 2.5x simply by switching funds within the same scheme.
Red flag #3: The "free" call that costs you thousands
"Happy to run a quick check - free call, no pressure."
I'm not a betting man, but I'd wager that "free" check plays out exactly like this:
"Look how your conservative pension has only grown by X% in recent years. See how much more it could have been in the S&P 500? Why don't you transfer your money to us and we'll invest it properly for you."
What he definitely won't mention:
You can switch funds yourself in 30 seconds
His solution will cost 10-20x more in fees
He'll get a fat commission if you transfer your money
You'll be worse off in retirement because the high fees will eat away at your returns
The golden rule of financial advice
Follow the money.
If you're not paying for advice, you're not the customer. You're the product being sold.
In this case, the real beneficiaries are the adviser, his company, and the pension provider paying him for recommendations.
This is exactly why I started coaching
To help people like you avoid these traps and build real, lasting freedom.
Here’s the good news: your existing pension already holds the key.
After coaching more than 250 professionals, I've learnt one thing: it's never about financial products.
Unless you're starting your own business, you rarely need savings plans, PRSAs, or insurance products. What you need are financial skills to understand exactly what to do to achieve financial freedom.
The Irish corporate pension is actually the greatest investment vehicle in Ireland for most people. You just need to know how to use it properly.
Ready to learn how to maximise your existing pension and build real financial freedom?
Make sure you subscribe to this newsletter to be the first to know when workshops and coaching become available!
That is it for this week. I have a gruelling 26km on the schedule for this morning. Wish me luck!
To your financial freedom,
Sjoerd
P.S. Many tech companies offer Education Reimbursements.
I have cracked for most of them how to use these. If you're interested in having your employer pay for financial freedom coaching, send me a reply to this email.
