I had zero training and had to learn on the go. "I have to go my manager daily and go through each customer that's scheduled for me and see how many 'units' I can get from that customer."
"I would say 90 per cent of my day is trying to hit targets," said a financial services representative at TD Bank. CBC is concealing their identities to protect their jobs. Many bank employees who've contacted Go Public say they act more like salespeople than anything else because of pressures from "high up" to hit revenue targets. In an email to Go Public, the Canadian Securities Administrators confirmed that it does not regulate most titles used by employees in the financial industry. The Ontario Securities Commission confirms that "adviser" is a legal term under securities law that describes a person or company that is registered to give advice about securities, whereas "advisor" is not. "They do that a great deal of the time if it makes them more commissions, or if their bank manager is telling them they need to sell more of the house-brand product." "Advisors can sell you the third, fourth, fifth or least beneficial product to you," Elford said. He says "advisor" is an unregulated title that anyone can use, whereas the title "adviser" - spelled with an "e" - can only be used if the employee has a fiduciary responsibility to the client. What's in a vowel?Ī common trick for misleading customers, according to Elford, is the banking industry's use of the term "financial advisor" - spelled with an "o." The stakes are high, says Elford, who points out that a two per cent management fee on mutual funds typically cuts an investor's retirement fund by about half over a 35-year period. "And never let them know that you are actually a commissioned salesperson and you don't have to honour that trust."
"The game today is to earn clients' trust," said Larry Elford, a former certified investment manager with RBC and lead researcher of the SIPA report. Larry Elford says thousands of bank employees across Canada are salespeople with fancy titles. Only about 4,000 of these registered financial professionals have a fiduciary duty, which is a legal obligation to act in the client's best interest. In an email to Go Public, RBC said its "internal review found that the portfolio was appropriate based on the risks and objectives the client communicated to us." Deceptive employee titlesĪ recent report by the Small Investor Protection Association found there are 121,000 people registered as financial professionals in Canada, and the vast majority are registered as dealing representatives - salespeople licensed to sell financial investments. All they are doing is selling what the bank wants them to sell." Turns out, the RBC vice-president was actually licensed as something called a "dealing representative" - a salesperson.
#Dupe away license professional
"How is it that you end up getting a return of this kind over this period of time, when this is to be managed by a professional and we pay such high fees?" All they are doing is selling what the bank wants them to sell.
0 kommentar(er)
