Tan Kin Lian's Blog: How RMs are taught to sell financial products

Friday, November 21, 2008

How RMs are taught to sell financial products

Dear Kin Lian,

I read you blog with interest everyday and after hearing about this fiasco with the minibonds. I am glad that I had left the banking sector many years ago. I have no interests in any of the minibonds. Things may have changed now, but I would like to relate my experience as a RM in a local bank then.

I personally feel that banks should try not to sell so many different types of financial products to the mass market.

This should be done by the broking housings as they are more equiped to do so. Anyway back to my experience.

During the haydays when units trust were just being introduced to the markets, I remember Aberdeen Global Tech Fund was trading about 1.90+ many banks were scrambling to earn commission given by the fund houses. (There was an upfront sales charge of 5%, how much given to the bank, I am not sure.) Banks were flushed with Fixed Deposits and management was very short sighted. why? Because it was a liability for the bank to hold fixed deposits.

As bank sales staff, we were like attending fund launches almost every week. The product manager would come in, talk a little about the fund and give us sales target. Also started to say what customers are suited. With sales target, what does it mean? It means you need to milk you customers. We were given customers details especially those that were going to expire and also made to stay after work to make calls to them to `recommend' them this product.

Well, as sales people, we can't argue right. We were employed to do sales. How we achieve it is not they problem, just sell and be rewarded with commissions. But at the same time, we were named Financial Planner. What about this?

I remember that there was this time that the bank was selling `capital protected' funds. Of course we knew that Capital Protected is a marketing gimmick. Your capital is protected less certain charges.

Anyway, I was in mass market sales. There was a bank staff that managed to persuade a customer to place SGD 2.5 milllion in the fund.(Guess what, the fund total size was 50 mil) Any financial planner would know that is not the way. It would be best to diversify to Cash account, Fixed Deposits, Equity funds, etc). We were like shocked when we heard this.

One more point to add, usually bank sales staff have a limited time to do sales and they are taught to close the seal in the shortest time possible. (We were actually taught to close a `long term saving plan' in 15 minutes.(which is actually an insurance plan) I am not against this, but wouldn't it be better to take some more time to explain to customer if she/he actually needs this?

Let me say again, this happened many years ago. I don't know whether is it the same. If you are saying that banks had introduced the FNA (Financial Needs Analysis) signed by the customer, let me ask you one thing, WAS IT DONE PROPERLY? Do you think the aunties and uncles who do not speak English know what this document is about? I can tell you they just sign the document based on the trust of the bank or the sales staff.

This is all I have to say. Thank god I left that industry.

LW

48 comments:

Anonymous said...: You are truly brave , LW.

Would you like to be call to the witness stand?

WTF; November 21, 2008 3:13 PM
Anonymous said...: These kind of stuffs are practice even in insurance companies. Basically the same.; November 21, 2008 3:43 PM
Concerned said...: Hope there will be more honest, brave and clear conscience Relationship Managers who will come out and tell their side of the story. All these while, the banks have been milking their customers and with MAS support.; November 21, 2008 3:46 PM
G C said...: The writer has confirm my suspicious that RM was rewarded with sales commission on the sale of structured products. The FIs should also correspondingly rewarded by the main distributors of the products, as common sense will tell you, other wise how the FIs going to absorbed all the overhead costs. This will lead to uncheck promotions and the professional ethic will be comprised along the way to push sales.

This was how whenever a bank customers who go to renew or just want to do FD placement was recommended with this so call better and superior products.

Now please be fair to the investors. If so one approach you and that some one is the RM who represent the FIs, you will put your trust on them just like any other day. Now you was told into believing that you are offer an investment opportunity that is better in turn of return to FDs. One will easily believe in what the RM will have to say with out looking into more detail.

I always believe that the sale of financial products that need one to understand what was written PROPESTUS are not suitable to be market over the counter to the masses.

I always believe that FINANCIAL PROSPECTUS are meant for financial analyst to understand and not for individual regardless they are educated or other wise.

Please remember that PROPESTUS contain lot of financial data even not easy to be understood by an accountant who is not trained in the FINANIAL ANAYSIS, not to mentioned those common investors who, with due, respect, FD is the only investments mode.

How on earth then RMs approach those wish to place FD was introduced with such an alternative? TIME to think and investigate.

The argument that FREE market is the best. Minimum regulation will not work. The common investors have to be protected.

G C THam; November 21, 2008 3:53 PM
Anonymous said...: Thanks LW for sharing the truth. Am glad to see such a brave RM who speak up your mind.

Greatly appreciate it.; November 21, 2008 4:38 PM
Anonymous said...: Dear LW,

Thanks for sharing the thruth things to us. Am glad to see such a brave RM who speak up your mind loudy.

Greatly appreciate it.; November 21, 2008 4:40 PM
Anonymous said...: Just to be fair, even our well educated and talented TC along with their team of financial specialists also couldn't uncover the hidden risks of these credit-linked notes, how to expect any ordinary investors able to do it. Does MAS thinks that anyone that knows English would be able understand everything? What are all those lawyers, doctors, bankers for, no need anymore as most younger Singaporean know English (or actually Singlish).
Lastly, FREE market doesn't mean no regulation. It will be wasting Taxpayer's money if MAS isn't doing their job and resulting in huge losses to the citizens.

Misled Investor; November 21, 2008 4:45 PM
Anonymous said...: May I advise LW to publish this article to the Strait Time? So that more people can read it.
Not everyone know how to surf the blog.; November 21, 2008 5:34 PM
Anonymous said...: Hi Mr.Tan, just to share with you. I posted a comment in the post 65 but there is no reply to an answer which I think is pretty straightforward.

Lam Pin Min’s Reply to blackfeline:

Make no mistake about it. I am not saying that there is no mis-selling by the banks. If we look at the profile of some of the “investors”, there will definitely be some who will fall into the vulnerable group. For those who are finacially savvy, surely there would have studied the product, make an intelligent decision based on the ratings of the financial entities, made a risk analysis and then decided to invest.

Similarly, when we invest in a property, you can either make or lose money. When the world economy is booming, property prices surges and everyone thinks of making a quick profit from it. The decision to invest was based on the circmstance at that point in time.

By Jackeline
Dear Dr.Lam,

I am disturbed by your observation. You mentioned that judging from the profile of the investors, they should know what they are investing and the risk of the products. May I enquire, when Dr.Teo Ho Pin or other ‘professionals’ with doctoral qualifications from the town councils invest, did they invest with the knowledge that they would lose the entire amount and yet they still proceed with the risky investment? Is it appropriate to make such a risky investment using public funds? I think this is a dangerous approach in managing public fund. If not, I think there is gross negligence in investing using public funds. Is it worth the risk for 5% per year? I heard that the hougang MP managed to get 6% return without losing money.

What I am disturbed is that our ministers whom we voted do not bother to apolgise and do not think they are wrong. Ministers called the poor investers who lost their life-long saving greedy. Can we say that of our ministers who invested in these risky products? I am just disappointed that the party I voted the last election is not remorseful and has lost touch with the ground. Its the sense of betrayal, especially when you read Hong Kong ministers have done the right thing to investigate the banks for wrongdoing yet our govt is not doing much. Can you imagine the frustration when people have lost their life-saving yet it is taking so long for the govt to assist them. I believe there is mis-selling for the majority.

Please think for a second, who would want to lose their hard-earned saving for a mere 5% if not for misrepresentation. For your information, I am not an investor. However, I sympathise with the ‘unwitting’ investors. Sir, we Singaporeans are known for being Kiasu and Kiasi. Who would want to lose saving they have accumulated for the last 10 or 20 years. At least have a heart, saying Singaporeans are greedy for the mere 5% is very sad.

Alright, I hope this current batch of minsters will do well and do the right thing. Perhaps ministers with millions of dollars salary per year think losing $50,000.00 is peanut, but to most citizens, it just make their blood boiled especially when the national bank betrayed their trust.

In this saga, only Mr.Tan Kin Lian is fighting the cause for most distressed investors, who without someone to look up to, might resort to the most unthinkable thing. Instead, I think we should commend him for demonstrating what Integrity is about. Doing the right thing despite unknown risk. I have great respect for him who dare to stand up to do the right thing. If the govt were to punish him, my faith in Singapore would extinguish.

Note: I noticed he updated his blog but did not publish my comment.; November 21, 2008 5:57 PM
Anonymous said...: Just want to share my sentiment. I feel that it is sad that Singapore once most profitable national bank like DBS has now reached such a pathetic state of losing profits and retrenching 900 people. This bank was merged with the People bank, POSB yet it deliver such poor results. I think this is what happen if you have a broad of directors or staff who are not proficient in the financial products. I wonder how they get their positions. I think DBS has a lack of talent. If you read OCBC CEO, they said that they understand that these structured products are not suitable for the mass, thus they did not sell to the mass.

I don't understand why DBS continued to market structure products in 2007 and even early 2008 when there are clear signs of dangers after the sub-prime crisis. Even Mr.Tan Kin Lian has warned us in 2007 not to buy structured products. Apparently, I am shocked at DBS lack of analysis skills in interpreting investment products. Now our DBS bank is shunned by our very own people, Singaporean. Even Singapoeans now don't trust our national bank and feel disgusted by their swift retrechment execise has been slow in returning the witless investors money.

Anyway is it possible to let POSB be independent from DBS. I dislike to think my money in POSB is linked with DBS, I am considering withdrawing my money and put in other bank.; November 21, 2008 6:34 PM
zhummmeng said...: Consumers should learn from the minibomb episode that as consumers your interest should be placed first by the RMs or the insurance agents.
The same rules apply to both.The rules require the insurance agents and the RMs to conduct a check up of the consumers, like a doctor, before prescribing a product. If it is not done, the product likely to be NOT Appropriate, either mis-selling or misrepresentation will result from the product pushing.
Therefore it is of interest to the consumers that their advisers conduct a need analysis to identify the product(solution).
Consumers cannot complain about mis-selling if they opt out of this.It is their fault for letting the insurance to commit malpractices. It is abetting the agents or RMs to commit a crime.
If agents tell you no need to check up you should disengage him or her.
MAS is a referee and must ensure all rules are observed and enforced.The current fiasco is due to non implementation and enforcement of those rules. MAS should always be blamed. The rules have been there in the last 7 years
but they lied gathering dust in the storeroom of MAS. MAS runs the risk of being accused of conflict of interest. Enforcement must be SEEN and NOT quietly monitoring behind the scene.It must be overt so that the FIs and the intermediaries cannot play play and do whatever they like.
In my opinion the RMs and the insurance agents are NOT QUALIFIED to dispense advice. They sell, push and hoodwink the consumers into buying toxic products. They must be retrained, take new exams and barred from advising areas they are not adequately trained like investment.The public must demand a high standard of advice from insurance agents and RMs and MAS to regulate it. MAS must ban product advice and make need based advisory compulsory if it wants to prevent another debacle and to see advisers practising as FINANCIAL DOCTORS.. There is no other better time than NOW. Like retrenchment, the unethical and unscrupulous ones must be eliminated.It is the best of times in the worst of times..; November 21, 2008 7:55 PM
adego said...: why dbs retrenched 900?

probably it is just illustrating this theory: Supply and Demand

once a upon a time... bankers make big money, it's easy to follow the money, many converted their career as bankers, and many would want to get a degree in banking and finance

as the stock market was strong, that attracts many to come in, and getting crowded...,

the rest of the story, most of u knows... bear stearns, freddie, fannie, aig, lehman...

any demand for investment products? from sales staff to product manufacturers, back end support, admin... no consumer is feeding them, how to sustain the headcount, when there is not enough sales?; November 21, 2008 9:46 PM
Anonymous said...: when pple put blind trust in a bank just because supposedly, it's the 'people's bank', i hate to say it but i still can't help saying it serves them right.

i have seen many deals lost from other banks to the 'people's bank' just because of this branding.

Even for home loans. If a similar package is being offered by all banks, DBS usually gets the deal because it's supposedly the 'people's bank.'

Most of the RMs who were previously from DBS find it hard adjusting when they hop over to another bank. Why? because at the 'people's bank', walk ins are continuous and gullible clients, even educated ones, including foreigners take whatever they say as 'the truth'. Many times, i have heard about how ex-DBS rms regret leaving, complaining and kicking themselves for giving up the 'easy money'; November 21, 2008 10:05 PM
Anonymous said...: A lot Financial Planner knows little what they are selling and how it works and thus providing misleading information. They will give example that the money is invested by fund manager in 20 different companies and if each company provide dividen of 1% than in total you will have 20% returns per year.; November 21, 2008 10:18 PM
Unknown said...: to frightened sgporean,

Yr illustration is funny...
invest into 20companies and each company pays 1% dividend, u get 20%???

can u tell us which rm from which bank, and was selling what product?; November 21, 2008 11:40 PM
Anonymous said...: LOL. I also quit for that reason. My OCBC ex-colleagues are earning 10k/mth and they lied through their teeth. They are mean I tell you.."kill without bloodshed". And even dump my name card into the cupboard everytime I put on the table. Selfish and self-centered.Only cared for fame and money. That's why I leave. Can't stand the pretentious nature of them.I can earn 10k/mth and lied.But I figured out that is downright despicable and I rather be a swindler or a prostitute.I got principles thus I left.They are happy I left bec once I caught them lying and reported to my manager but she scolded me kpoh.As a result,all my ex-colleagues hated me even more.I cried everyday at night and figured out that being good is hard in the banking industry.must be ruthless.; November 22, 2008 12:02 AM
Unknown said...: there is a cultural revolution in this blog

all rms and insurance agents are sinners and ought to be banished

but funny thing is, the investment bankers like henry paulson who structured all these toxics and sold to the world, are spared from this. these pple received obscene paycheck during good times, and mostly got to be axe during this downturn.

zm, pls remember this group of suckers, pls, when u write against the ins agents and rms, pls also remember these atomic bomb scientist. without them, we don't have minibomb; November 22, 2008 12:07 AM
Anonymous said...: Today it seems conscience is missing. I wonder where has it gone to. From insurance agents to RMs and salespeople these people's objective is to squeeze as much out of the customers. Make multi sales. This is their motto.Conscience or ethics can throw away. How to qualify for mdrt, cot or tot if you let conceince stand in your way? That seems to the thinking of insurance salesmen and women. That is why I despise these people. They qualify for mdrt at the expense of their customers. They are unethical and unscrupulous bunch of agents. The 'T' stands for thieves. They should be redefined as MDRThief, COThief and TOThief and that is what they are.The diiference is big thief or small thief.

Disgusted; November 22, 2008 1:04 AM
Anonymous said...: Reading in this Blog articles, looks like all RM, Insurance Agents and Sales Reps, related to Financial Institutions/Banks are like Legalised LOAN SHARK runners!
As I came across in a US magazine that Banks are legalised LOAN SHARK themselves.......paying peanuts on savings/FDs and lending at exorbitant Interest rates!; November 22, 2008 2:59 AM
Anonymous said...: My RM from Hong Leong Finance even gave me the prospectus after I purchased the minibonds series 5. So basically, they did not perform their duties to inform the investors properly, especially for such complex derivatives such as the minibonds. I don't think the RM themselves understand what they are selling. Does anyone know whether Hong Leong has started to compensate the investors ??; November 22, 2008 3:34 AM
Anonymous said...: for those poor fellow no more money left for court case.

Report to POLIS. $5/=?

This is pure cheating case.; November 22, 2008 5:13 AM
Anonymous said...: Noawaday, Bank are all out to cheat. eg, A 92 years old lady want to close her 8.8 millions account with Oi C Bei C bank get into trouble with law case for her request, as the 'Concern' bank said her mental condition unfit to manage the huge amount.Why this surface during withdrawal time and not during deposit time. This is her money, up to her to manage or damage. If bank has perform their due diligency, all other investors/depositor will not suffer in this minibond saga. Did Bank in mental fit to manage people money in this good eg? All bank don't have such amount to let her close her account there?.

What a concern Bank?....more likely to play cheat...she is 92 years old, how long can she play with time with the bank.....at last she gone, her money also gone as no one know....except Oi Si Bei Si know...?!? Sad...

J,yat; November 22, 2008 8:37 AM
Anonymous said...: but bottomline is, at the end of the day, insult & criticise as you may, you people still need us banks and bankers. hahaha.; November 22, 2008 9:19 AM
Anonymous said...: 9.19am, not until they are cleaned up of unscrupulous bankers and RMs.; November 22, 2008 10:35 AM
Anonymous said...: Hmm, I tell u, don't put so much money in bank. Buy property to invest and collect rental money. The money get is higher than the miserly interest banks give.; November 22, 2008 12:09 PM
Anonymous said...: I am Baba and they call me OCBC...Orang China Bukan China!
I go to UOB and they say to me U Owe Bank?
I go to DBS and they say good service with many RM around!
But luckily I say only park money for daily Transition! Make sure that MONEY is ENOUGH.... IF MONEY NO ENOUGH or Fall BELOW $500/- KENA swiped off $2 PER MONTH BASIS and they call POSB...People's Bank!!!
I go STANCHART ...they say Big Strong and friendly!
But whatever it is, I admire them for their profitability & choice of Banking..........Good Luck to Investors as we retirees shouldn't be greedy!; November 22, 2008 1:49 PM
Anonymous said...: Now I understand why old and very old people always want to update their Bank Account Book!
The question of TRUST at the back of their mind, leave me NOT to comment!
But imagine, in their golden yrs. they are proud and loyal servant of the Banks and we wish them SAFE passage of whatever Monies in the Bank. Banks could be custodian of Monies as their core business!
Do away with RM as they are NOT heard in the old days!; November 22, 2008 1:57 PM
Anonymous said...: Basically, everything that happend in the last 10 years or so points to a breakdown in the value system. People just want to get rich and it doesnt matter if it is against their conscience. Any grad can tell you that money to be made is in the finance and banking sectors and that explains why courses in these disciplines in our universities esp SMU are so popular. I only pray that when they go into the workforce, they also have a soul.; November 22, 2008 3:51 PM
Anonymous said...: Imagine a situation where products can be purchased off the shelves.
Consumers use their knowledge and expertise and judgment to make decision. Then an intermediary is introduced between the products and consumers it can be a boon or bane because the intermediary can induce , influence the decision, good or bad.
What is your conclusion?
of course if in between you have a COMPETENT AND HONEST intermediary the decision will lead to a fair outcome.On the other hand it is also true.
Therefore it is important that insurance agents and RMs must be HONEST, QUALIFIED AND COMPETENT otherwise the outcome can be awry.

Jay; November 22, 2008 7:55 PM
Anonymous said...: wa then the 92 yr old lady gt into law case??she's so old,how to get lawyers to fight for her?I really pity her..at her age, she cant even get her money,worse still she is the HOT target of many unscrupulous salespeople or greedy relatives or even strangers who can do anything for money.banks are too much la!!! Even old people want to take their hardearned money.the 92 yr old lady is so poor thing already still wan bully her.sigh! what is this?I beginning to dislike spore bec of the degrading human charac..those greedy bankers..esp in Oei Si Bei Si.(used to work there,tell u its damn cruel..The way my ex-colleagues lie thru their teeth and get away scotfree..one china ex-colleague commented,"is yr lky beg me come here to work..."

sigh,is spore really a SAFE place to stay when I am old?will e bank take my cpf people next time and say i mentally unsound?i dunno.god, pls help.; November 22, 2008 8:47 PM
Anonymous said...: Beng said:
The best is AH LONG BUSINESS, they don't employ RM but they only send warnings like O$P$.......
Now Banks are in a Fixed as how to explain about MIS-SELLING!!!They owe an explanation to their clients But some Banks already start to chop off their staff mabe mostly RM by now....that explains action being taken!; November 22, 2008 9:01 PM
Anonymous said...: I am an RM at a foreign Bank. I would not disagree with the fact that we are commission based. I would not disagree that there are RMs who are unscrupulous. I also would not disagree that some of the local bank RMs lack the necessary knowledge to give advice. What i disagree is to damn every Relationship Manager. I for one and proud to say that i have done everything above board and with my conscience clear. I have met targets, i have gotten commission. Have i been taken to task for miselling. Absolutely not. Just with every industry, you require salesfolks. You require people to generate revenue. Be it the hawker, be it a hairstylist or whatever it is, you are selling either a service or a product. You can run away from it. Where we are right now, the industry deserves to be reprimanded that is not questioned. But i do hope many of you would realise, there are agents, relationship managers who do worry, who do care, who treat your money as theirs. I for one worry for my client's money more then they seem too. We are in a position of trust. The trust is lost, we have to regain it. But there are decent,good men and women who do care for their clients. Stereotyping all rms as deceitful,redundant just shows how narrow minded we are as a people. I have read and followed Mr Tan's blog with interest, while i dont agree with everything he says, it instills in me a greater desire to always place my client's interest above all, and yet still make a good living. Its a fine line, but if u tread it rightly,honourably, you will be rewarded both from a monetary perspective and more so from a satisfaction to know you have a authentic relationship with your client. Not all Rms are scum. At the very least, i go into the office head held high but with a tremble in my heart. Why? Not because im afraid of getting sued. Because i treat my client's money as his own, and i worry for him during this turbulent time. Thank you Mr Tan. No matter what you think bout RM, agents. I have been inspired to greater heights. God bless.; November 22, 2008 10:22 PM
zhummmeng said...: We are not saying that there are no good RMs or good insurance agents.
A good and honest RM or a good insurance agent has the interest of the client at heart. Having this is not enough. You must also be competent and qualified in your advisory.Combining both only you can be an awesome adviser.Lacking either one and you say you care for the client is dishonesty. There are many, many insurance agents and RMs who have either one.The despicable ones are the dishonest and the always sincerely wrong are the honest ones without the competence. In both scenarios the outcome is disastrous.
There is no two ways about it. A good RM or a good insurance agent MUST have both.
I have often hear from insurance agents that they are sincere and caring. I think they are the most dangerous if they not competent because they cause more damages than the dishonest agents.
To claim you are sincere but not competent you are also dishonest.
Mis-selling and misrepresentation are caused by both. Can't differentiate them.; November 22, 2008 11:08 PM
Anonymous said...: Many Frontline Sales whether in Insurance/Housing/RM or Consultants or whatever you name them....BOTTOMLINE is make Big FATCOMMISSION$$$ so how do they care about you??? ask yourself genuinely?..Once the deal is closed, everything is in Black & White and they move on. At the end of the month or yr......they will see their annual commissions etc....some even as RoundTable Champions with so many categories and all boils down to be blood suckers!....I've seen all these so called Agents/Consultants/RM etc...
disappear during RECESSION and they keep on rotating jobs involved in Sales but with a different environment too.
I was also given a free FINANCIAL HEALTH CHECK by a well known Insurance company and bottomline, they want to trap me into upgrading/switching or re-investing with their other ILP products!.........so you see during boom times you get to see plenty of such Sales people and I bet you now, they are all lying low perhaps taking a Holiday or waiting to be chopped Off!
NO thanks to meeting such people!; November 23, 2008 8:02 AM
Anonymous said...: Oldman Joe said:
I'm 61 and have witnessed many turmoils and experience job cuts/loss due to companies being acquired via merger and aquisition!
My ploicie with 2 local Insurance was switched to being bought by 2 foreign companies.....so ask your self how safe is safe? During bad times, I've also seen Agents switching jobs or being axed so if you think that your Insurance have an interest in you, can he keep his job and take care of you yrs. down the road?.....I bet with you they will also disappear. I've see Insurance agents switching to Housing,Land-Banking,Bank RM,MLM Health -Wellness etc..and vice-versa all rotating to chase for the mighty $$$ so how can you say that these money-minded people have an interest in you (sorry to say that they only have interest in your $$$) think about it???; November 23, 2008 8:16 AM
Anonymous said...: My sister was an ex-RM with several reputable banks (she had left the industry many years ago). Why she left the industry? I remember vividly she once told me that the people at the Banks are full of hypocrisy, always trying to out-smart each other in their sales targets, most had lack of conscience in their sales approach and management will compare the sales target of the RMs and embarrass those who did not make it.; November 23, 2008 1:50 PM
Anonymous said...: It is so rampant in the insurance industry. Ethics or conscience has no place . Money talks.; November 23, 2008 3:04 PM
Anonymous said...: When I was a child, I was told to keep the money in the bank as it was safe. The bank were being perceived a trustworthy. Look at how the banking industry has changed. They go for fee based services. They looked at ways to maximise their profit even to the extend at exposing their clients to excessive risk. The banks and many financial institution are no longer TRUSTWORTHY any more when this attribute used to be the most important for any banker.; November 23, 2008 3:11 PM
Sunshine Gal said...: As an ex RM ( i left the industry more than 4 years ago) i can confirm that this is indeed how bank sales were conducted. I've personally seen worse.
I've volunteered my help to Mr Tan should he need more information on how the sales process is like. My offer still stands.; November 23, 2008 6:05 PM
Anonymous said...: Me too..I am an ex-RM in Oei Si Bei Si..Like sunshine gal, I confirmed everything it is how bank sales are conducted.For now, Oei Si Bei Si wanted a low profile (so they pretend not to push sales-for a temporary moment til after the gullible eldery folks have forgotten abt the misselling incident..as you know old people have dementia easily) esp that 92 yr old woman..LOST HER 8.8MILLION..! Just bec that bank accused of her having unsound mind.Oh my GOD! Let's say I'm 92 yr old,have dementia,thus the 70 years I have slocked so much with tears & sweat on my brows..The money I so painfully earned..and saved..every penny of it..be washed out by Oei Si Bei SI just bec they are GREEDY..prob they tried to persuade that old woman to buy risky investment but she refused..so they want to use such a strategy..Maybe..they want to use the law case to drive her more MAD..then ultimately the 8.8MILLION will be in the hands of the bankers..even shared among 10 bankers, 0.8million is still very tempting..BUt I'll NEVER do such ACT to her..bec i'm still a HUMAN, not a ruthless dog(without any insinuation)..; November 23, 2008 9:33 PM
Anonymous said...: The agents from 'aunty lucy' are as ruthless. They sold revosave to aunties and uncles of 60 years old using their hard earned saving of lumpsum to pay yearly for 15 years.
Have you heard of $5000 monthly or $60K yearly for 15 years to earn 1.5% interest rate provided you pay for 15 years.If back out they take a big loss.How can greedy agents do that?; November 23, 2008 10:08 PM
Anonymous said...: You went to a fruit store and wanted to buy some apples. The store owner said Fuji apples are good and you decided to buy a few. Unknown to you, one of the apples you bought has rotten internally. Now, Who should you blame? The store owner that sell you the apples or the apple supplier that took the apples from China? Or maybe, the farmers who harvest the fruits? Let not play the blame game anymore. Nobody predicted the market ended in such a situation. Can you foresee a month ago that CITIBANK will face with liquidity problem? Not even GIC OR TH. Let along the poor RMs....; November 24, 2008 6:07 PM
Anonymous said...: 6.07PM,
who would you blame, the seller or the farmer? or u take it that u are suay?
Of course we all would go for the seller and it is up to the seller to take it up with whoever. There is a warranty, isn't there? DISCLOSURE ,DISCLOSURE AND ADVICE. THE WORD 'GOOD' IS ADVICE.
The buyer relied on the opinion of the seller.He was influenced and induced . The seller would misrepresented the rotten as good.; November 24, 2008 7:57 PM
Anonymous said...: haha..poor RMS?haha!!! I was in that industry before and we knew how risky it is.Rot internally?? pls la..when got problem,investors come complain what the greedy bankers say??"ITS IN BLACK AND WHITE". They are devils in disguise saying there's no risk in the products,but that's trouble, they say "u want to buy wan what,blame me?go die!"but they take the fat commission..as food owners,if people eat your food and DIE. you must answer one ok! Blame the food producers???THE BANKS ARe THE ONES WHO pACKAGED the PDts.PLEASE!YOU are not affected so you don't know. IF yr mum is cheated of ALL her money and yr WIfe is seXually Harrassed/raped..Will you say,"blame your wife for wandering out or wear sexy clothes or the Rapist"?Use 1/10 of your brain to think la.; November 25, 2008 3:06 PM
Anonymous said...: anyway there's no such things as apples rotten internally.If a bit is ok,but the investments is GONE-100%!!!!! so if the apple is alr rotten totally, and they know packaged in a box.say its fresh.haha..customers fault or bankers fault?

like PCK say,"use yr brain la..!"; November 25, 2008 3:08 PM
Anonymous said...: agents from the aunty lucy insurance is like taht, lah. pack rotten apples like revosave and vicolife together.Next year sure rotten when people cannot pay.,; November 25, 2008 7:08 PM
Anonymous said...: haha..is it like those investment linked plans OCBC been selling as 8 year plans..but its actually 30 yr plans....; November 26, 2008 10:26 PM
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Friday, November 21, 2008

How RMs are taught to sell financial products

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