You are at a mall or exhibition when someone ask you to enter a lucky draw or contest to win some insignificant prize. To enter you need to fill up a form. Be careful if they ask too many personal details such a birthday, ID number, etc. besides your name and address. Size up the company? Is it a reputable company - do you want to trust your personal details to these companies. Remember when we call up the bank and they want to verify our identity? They ask for our full name, ID number, birthday, address and phone number to confirm our identity. Do we want some unknown company to get hold of these details?
To err on the side of caution, skip these contests/draws.
I was recommended to register at a website for a free marketing magazine subscription. The site asked for too many personal details. I backed out and did not register.
28 July 2009
How One Relationship Manager Sells
I brought my mum to sign up for a money market fund at the local bank. The young fresh out of school Relationship Manager (RM) welcomed us and started introducing the flavour of the month, a structured product. I told her that my mum is 80+ and I do not think her recommended product is suitable for her. She finally agreed to sign her up for the money market fund.
After filling up the forms, she got her supervisor to be the witness that we are fully aware of the risks, etc. of the structured product she initially pushed (this is to protect the bank). I first explained to my mum that this is the supervisor of the RM and it will be the first and last time my mum will see him. He was embarrassed. He then thanked her for investing in the structured product. I corrected him that she bought a market money market fund not the structured product they were trying to push!
The regulator talked about the bank’s proper selling process! But in the trenches its another process especially when their boss is pressing them on sales target of specific products. They roll their eyes when you want to place a fixed deposit cause the time spent could have been on a more rewarding client. They sell first then do profiling later as a formality!
After filling up the forms, she got her supervisor to be the witness that we are fully aware of the risks, etc. of the structured product she initially pushed (this is to protect the bank). I first explained to my mum that this is the supervisor of the RM and it will be the first and last time my mum will see him. He was embarrassed. He then thanked her for investing in the structured product. I corrected him that she bought a market money market fund not the structured product they were trying to push!
The regulator talked about the bank’s proper selling process! But in the trenches its another process especially when their boss is pressing them on sales target of specific products. They roll their eyes when you want to place a fixed deposit cause the time spent could have been on a more rewarding client. They sell first then do profiling later as a formality!
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