We’re all familiar with the saying popularized by Alexander Pope’s poetry. We deploy the phrase when we’ve heard something on the news, or read a concept in a book, perhaps it’s a niche part of your industry, but not something that you specialize in.
Like the phrase suggests, when those who know little, peddling that “little” as though it is a thorough, well-researched intentional aspect of their professional practice, they are as insidious as a virus with the capacity to ruin a business.
Take heed as the phrase is a reminder, a warning, to go deep in your learning and understanding of a topic before engaging in professional advice. To accept the bare minimum is to put yourself, your situation, your business, in this case, at risk.
This is especially true in this day and age when all knowledge, it seems, is available at our fingertips—or so we assume. How do we then disseminate real from fake, the nuggets, from fool’s gold, the best advice for our situation?
The decline of the expert
What happens when the person you have spoken to, a neighbour, a peer, Google is not the expert, but “knows enough to be dangerous” on the topic? They skim the surface but appear confident. Overestimating their depth of topic often leads other to make risky, misinformed decisions. Too often this kind of shallow understanding is more harmful than total ignorance because it creates an illusion of competence, often resulting in severe errors or poor judgment.
Limited knowledge can lead to bad advice
In the world of insurance where misinformation can mean the difference between being covered or not, having the funds available when there is a death, disability, or a catastrophic event or NOT.
Who is accountable when you accept the misinformation?
It’s too late when the catastrophe happens and what had been sold as a “matched” plan with significant savings, ends up being a plan with limited coverage.
· Pharmacy is reduced by least costing alternatives, which limits the availability of drugs.
· Disability amounts are not grandfathered.
· Life insurance may include additional exclusions.
· Paramedical services may be limited by per visit maximums and combined coverage.
· Dental may include an outdated fee guide.
So, the plan saves money on the front end, only to lose significantly more in the coverage options.
Dangerous because the guidance isn’t accurate
Operating with a limited knowledge base and giving off the appearance of an expert, may cause the person on the other end of this “advise” disregarding the real professional. This may lead to mistakes, irrational actions, or misapplication of concepts.
A “generalists” knowledge can lead to regurgitating misinformation
As George Bernard Shaw noted, false knowledge is worse than ignorance because it’s hard to correct; the individual feels they already know the truth.
Which leads us to another popular phrase, BUYER BEWARE.
Let’s get back to surrounding ourselves with the actual experts.
Shall we have a conversation.
Reach out if you would like to explore your corporate benefit options, like:
· The “People First” Disconnect
· The KPI’s for ROI.
· Why owners should not be included on the group disability plan
· Using common language for benefits
Note: this was written without the aid of Artificial Intelligence (AI)
Disclaimer: Please note that the information provided, while authoritative, is not guaranteed for accuracy and legality. The site is read by a world-wide audience and employment, taxation, legal vary accordingly. Please seek legal, accounting and human resources counsel from qualified professionals to make certain your legal/accounting/compliance interpretation and decisions are correct for your location. This information is for guidance, ideas, and assistance.
