Read this article. It shows that wealth managers and financial advisers cannot be trusted.
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4 comments:
Have you all heard of the Salad Oil Scandal? American Express was hit for more than half a billion.
What is the Salad Oil scam?
The scammers fill up drums with 3/4 water and 1/4 oil to cheat the financiers.
Similarly insurance agents and so called financial consultants use the salad oil ruse to cheat consumers by giving 3/4 lies and 1/4 truths presentation. Do you agree? Isn't this cheating?How often do they use this on consumers? Have you ever heard insurance agents disclose the downsides of the products and other info that needed to be disclosed? So, only 1/4 truth, right? the rest is lies heaping upon lies.
If the agent tells you that Growth is like a fixed deposit and can give you guaranteed 4%, he or she is using the salad oil strategy.
The salad oil approach to sales is common among insurance agents.
Another one is the snake oil presentation when they push whole life products and endowment.
These agents are trained liars and crooks and peddle through their teeth.
Another is blatant churning by promoting a cashback to fund limited payment whole life.
A good adviser must comply with section 27 of the FAA. He must be honest and competent enough to comply to give advise on reasonable basis. He or she must not be a product pusher for the sake of high commission instead of your interest.
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