I was referred to a family member of an old client the other day. He wanted me to call his uncle because he thought he was doing a stupid deal and might be getting stupid advice. I called him and asked my usual questions to get the details. Basically he did not know too much about the deal, and was trusting the people that brought him to it and the people they were working with. As the conversation progressed, I began to see holes in the transaction that might be detrimental and offered both legal and parental advice. He did not want to hear what I had to say and kept telling me the rate that was offered to him and if I could beat it. I gave him more advice and he replied with if I could give him a lower rate, he would give me the deal. I explained that it is not all about rate it is about structuring the deal properly getting the best advice and service.He must assume that he will get the best rate.He did not want to hear it.

This is how the conversation went:

ME: I cannot give you an exact rate but am comfortable with giving you a range.

UNCLE: But I was offered 6.25%

ME: Nobody should give you an exact rate without seeing the information and I am also giving you insight on how to structure the deal so it will work best for you.

UNCLE: if I can buy a 2 pound lobster for $9.50 than why would I buy the same 2 pound lobster from you for $10.00?

ME: My lobster comes with corn on the cob, coleslaw and fries.

UNCLE: why would I want to spend more for the same lobster?

ME: Mine comes with all the fixings!

UNCLE: What is your rate?

He didn’t get it.The moral of the story is:It is not the rate it is the service.Why can’t he get it?He is blinded by the thought of saving 20 bucks but will wind up paying way more in the long run.

Are you that guy? I like the sides that come with the lobster.

– Dale Siegel