An elderly bank officer told me. He spent a few years as a wealth manager of a bank. He knew the risks of the financial products and were careful in explaining the risks to his clients.
These same products were given to young bank officers to sell to their clients. The young officers did not understand the products but they were bold in recommending them to their clients. They were driven by the commission that comes with the sales and were keen to meet the sales targets.
Why are these young people allowed to play with fire? We need a better way of regulating the sale of financial products. Surely, risky and complex products cannot be allowed to be sold by inexperienced people?
Imagine someone who takes a 3 week course in medicine who is then allowed to prescribe drugs!
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12/20 - 12/27
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- Playing with fire
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- Ask about the charges
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- The Fed's regulatory errors
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- Need for savings and liquidity
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