Consumers blame the insurance agent for not giving them the full facts about the life insurance policy sold to them. They believed that the agent deliberately hid the facts from them, as they wanted to earn a high commission for selling the policy.
Some agents told me that they were new in the field, and were not aware about the poor surrender values or the risk of investing in some funds. Their trainers did not tell them the full facts. Otherwise, they would not have sold the policies to their family members and friends.
The same challenge applies to marketing staff of banks who sold the structured products to their customers and family members. They were not aware of the risks of the structured products, which were complicated. These risks were not adequately covered and explained to them during their training.
If you have been an agent or marketing staff, and have encountered this problem of not being properly trained on the products, and you are willing to share your experience on a confidential basis, send an email to kinlian@gmail.com.
The agents are looking for commission and the banks are looking for suckers. So, the banks pay the agents high commission to lure in the suckers.
ReplyDeleteIn my opinion banks should not sell structured products, these products are con-man products. I suspect these products are concocted when banks' very high net worth customers need protections for their investments, other small customers of banks are used as counter parties for these protections.
These products only appear when markets (Gold, stocks, bonds..) are at their peak. This is the time when those very high net worth customers start looking for protections for their investmnets.
Please correct me if I am wrong and please explain.