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Popular culture reveres youth. Music, film and entertainment tell that story. How many TV commercials promote products to make you look younger? The financial services profession is one of the few where grey hair can be an advantage. Investing is an activity where experience has value. If markets are cyclical the experienced advisor “has seen this movie before” and has ideas what might happen next. Age can bring disadvantages too.
Most of us have a relative or friend who seems to live in the past. They find cable TV stations showing reruns of popular 1980’s TV series. They dress like their favorite characters without realizing it. They are always quoting lines from those TV series. I confess Hart to Hart (1979-1984) was a favorite. Jonathan Hart, “a self-made millionaire” was always well dressed.
This isn’t a problem at Thanksgiving or when having Friday night drinks with friends, but it can become an issue when that person is your primary source of financial advice. If your advisor is proud because they don’t have a computer at home or refused to learn about new products the firm has introduced, that can be a red flag. The younger client feels they need an advisor who has both feet planted in the 21st century.
Expressions you use can sometimes sent signals that lead to warning bells. Let us look at ten expressions sending the message “I am stuck in the past.”
1. This is a Kodak moment. This is an expression I heard from the announcer over the loudspeaker at a polo match recently. The horses and riders thundered by, close to the spectators! It was an opportunity to take a great picture.
Why not: Back in the mid 20th century, Kodak was a leading film manufacturer with brand recognition. Paul Simon recorded the song Kodachrome in 1973. When you bought film for your 35mm camera, it was likely made by Kodak in 12, 24 or 36 exposure rolls. in the early 2000’s digital photography became the dominant player. Kodak stopped making film cameras for consumers and was phasing out film in rolls in the 2000’s. (1)
2. Stereo. Vinyl records have been around for a long time. They were played on turntables that usually had one speaker. The concept of music coming from two speakers became mainstream around 1978 and was called stereo. The new technology became so popular, your home entertainment system was called your “stereo.” Someone might say “turn down the stereo” when they wanted you to lower the volume of the music you were enjoying.
Why not: Vinyl records were replaced by Compact Discs in the 1980’s. Digital music became popular in the 200’s. Apple brought out the iPlayer in 2001. The technology has advanced considerable since “stereo” was popular.
3. Flip Side. Years ago, records were 78 rpm, later replaced by lighter 33 rpm albums called LPs for “Long Playing.” You could also buy smaller records with a single song on each side. These were called 45’s. The famous song you wanted to hear was the primary reason you bought this smaller record. The second song was on the “flip side.”
Why not: The 45’s were declining in popularity in the 1980’s. Technology has moved on. Today’s fan of “mid-mod” culture might know jukeboxes often played 45’s, but no one else would remember. They would not know what a flip side was.
4. Taping something. Technology allows us to watch TV programs on demand. Put another way, if you don’t have the time to watch it now, you have options to watch it later. Smart TVs have a feature allowing you to schedule future recordings. Video Cassette Recorders (VCR) were popular in the 1980’s and 1990’s. Because they recorded onto removeable cartridges called VCR tapes, when you wanted to record a program, you were “taping” it.
Why not: This technology became obsolete around 2003. Technology gave us different ways of recording or recalling programs.
5. Seeing something in your rear-view mirror. This is a great expression meaning to get past something. “I will be happy to see 2024 in my rear view mirror” would mean you are looking forward to 2025. This refers to the internal mirror that has been in cars and trucks almost forever. Backup cameras arrived in the 2000’s and became standard in 2018. I am continually amazed we will get to a point when a child will ask their parent or grandparent: “You mean there was a time when cars did not have backup cameras?”
Why not: While still important, the rear view mirror is used much less often today. Some younger people might not connect it was your primary way to see what was behind you.
6. Sneakers. If you grew up in the 1960’s or 1970’s, the lace up athletic shoes you wore for sports, exercise or leisure were called sneakers. In the UK, they use the expression trainers. In the 1980’s, athletic footwear brands like Nike and Adidas became popular. This type of footwear became expensive. They are often referred to by their brand name.
Why not: Sneakers are what people “used” to wear before athletic footwear moved upmarket.
7. Dial. Rotary phones were popular into the 1960’s, then digital phone technology arrived. Smartphones have largely replaced landline phones. Most people make calls using a keypad.
Why not: The expression “dial” meant you were entering one number at a time in a circular motion on a rotary telephone. Today, people might speak the name of the person they want to call. Alexa or Siri does the rest. They might tap the name on their contact list. They might tap the number on a keypad. They are not dialing on a rotary phone.
8. Semi-formal. If you attended college in the 1970’s, your school likely had dress up events. At my school, the expression “semi formal” was often used. Today, formal dress still means a tuxedo for men and gowns for women. Semi formal would be what we might consider business dress today. You are more dressed up than your everyday clothing, but not required to wear a tuxedo.
Why not: Business dress has taken the place of the expression “semi formal.” It is easier to understand.
9. Ground Zero. This is an expression left over from the Cold War. It indicated the different target locations where nuclear missiles would be aimed in the event of nuclear war. In more recent years it has been associated with 9/11 and the attack on the World Trade Center.
Why not: There is never a positive aspect associated with the expression Ground Zero. It always applies to destruction. An advisor might think they are using the expression to indicate the center of activity, perhaps the center hall at an industry convention where all the major speeches are presented. The listener would need to get past the negative aspects of the expression before they could consider any positive point you were making.
10. Get country names right. Someone is going on a river cruise. It starts in Prague. You mention you know it is Czechoslovakia, but have not been there. You come across as out of touch because the country divided into two countries in 1992. Prague is in the Czech Republic. The other country is Slovakia. (Personally, I get Slovakia and Slovenia confused.)
Why not: They wonder “YOU are going to advise me on international investing?” Sticking with the former country’s name implies you have not kept up with political events that happened over 30 years ago! It implies world events might not matter to you.
When people reach a certain age, there are expressions they use unconsciously. When talking with clients and prospects, it is important to be aware of what you are saying and the impression it conveys.