The dirty secrets of financial planners

[Timmy]

Mainstream media starts to catch up with what many on ASF have been saying for a looooong time.

The dirty secrets of financial planners

 

[Sean K]

I didn't know Joe was a FP.

Dirty little secret #2

Some banks' financial planners are ranked in "league tables'' based on who sells the most. This little secret blows away any thoughts that Joe Blow planner is a disinterested adviser.

 

[Krusty the Klown]

No real secrets there, just for the journo who wrote it. I was a bit disappointed !!!! That thread title really got my attention!!!

I had to laugh at Secret #4 though, he spoke to 2 planners!!!!! Out of about 20,000 here in Australia - very comprehensive survey.

 

[Krusty the Klown]

Actually, when you read it, the article is talking about planners who work for institutions.

The fact is everybody that works for a bank has sales targets. I spent some time as a teller with a major bank and had to sell credit cards, new account $$$$, referrals to lenders, wealth advisers, who all had their own targets.

It was not my role to count money - it was to sell.

When you think about it, lenders are no different to planners, in that they have to sell so much product, whether it is in the best interest of the customer or not........