I was accompanying my grandma to the bank to open a new fixed deposit account. She wanted to open a new joint account with me so that I can handle the money on her behalf.
A service staff approached us while we were waiting. She sat us down and checked that my grandma had 3 accounts with the bank. Since all were mainly savings and fixed deposit accounts, she advised her to start an unit trust investment plan under my name, as my grandma was too old to qualify. Hello? My grandma was 81 years old and the service staff had the decency to circumvent the regulation and risk-profiling just to earn commission? There are too many black sheeps in the financial industry.
I clarified that the money was not for me and my grandma only wanted to keep it in fixed deposit, If only she had listened to us first, we could have avoided all these unnecessary conversations. I sensed that the staff is very scripted to their sales process and they do not even seek to understand the clients’ needs. To a person who only has a hammer, every problem looks like a nail. The highest paying commission is not always the solution for everyone. Not everyone wants to beat inflation. No, not for my grandma.
What were your experience with bank staff? Good or bad?
[Free Ebook] How should you invest your first $20,000?
We asked 14 Singapore finance bloggers to share what they would do if they could go back in time and invest their first $20,000. They can no longer rewind time, but you can learn from their experience and hopefully start with a better footing.