Sunday, May 6, 2012
As I have previously discussed, a court convicted Glenn Neasham of felony theft because he sold an 83 year old woman a high commission annuity. This case can tell us about how we view our relationship with businesses. Most importantly, it reflects our opinions about the businesses that we feel we can trust in society.
Consumers generally are less trusting of businesses that conduct transactional work than those that deal with people and develop relationships with their consumers. To illustrate, a consumer is more likely to trust a local restaurant than they are a chain restaurant. Consumers also feel that businesses that conduct in high cost, high risk, and complex purchases are less dependable. As a result, customers are more likely to scrutinize transactions that involve costly items or are difficult to re-sell. Furthermore, customers are less likely to trust transactions during which the total value of the object being sold is transferred to the purchaser, such as when a consumer purchases an automobile. Annuities, such as the one sold by Glenn Neasham, fit all of these criteria; therefore, it should not come as a surprise that the public scrutinized his actions severely.
See Charles Green The Glenn Neasham Story: A 30,000 Foot Perspective, ProducersWeb, Apr. 24, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.