They have been very clear about what they do. They are there to make money for the big boys, not you. Yet so many people are dumping their life savings into bank account, investment accounts, mutual funds, bonds, stocks, etc. and they are doing so based on someone else’s guidance. Have they really stopped and thought for a second? Of course not.
Do you think those who manage your money are doing so with the best of intentions? Or are they concerned about their job, the company, and making sure their family is taken care of?
(This applies to bankers but also to analysts and advisors)
People who have savings have been reluctant to keep their cash under their mattress, so they deposit it in the bank. While in the bank, the returns have not kept up with inflation. The bankers will offer their clients a way to make some profit off of that money that’s just sitting there. There’s just one problem: They don’t give a damn about you.
Earnings Wizardry – WSJ
Canada’s big banks admit they overcharged customers — what went wrong? | CBC News
‘Sell to them or you will lose your job’: Call centre employees for big banks reveal upsell pressures | CBC News
Credit union employees say high-pressure sales targets turn ‘members’ into ‘marks’ | CBC News