There was a lot of noise a month ago about how Canadian bank employees have been pressured by upper management/company culture to sell products to customers, even if it wasn’t in their best interest. There were even other reports on how the employees would access customer’s accounts and add products without their knowledge in some cases! I was both outraged and not surprised at the same time; banks are not non-profit organizations and are out there to make a buck at YOUR expense.

Next time you’re at a bank, pay close attention to the person’s title.

If they spell it as Bank “Advisor” with an “O”, they are actually just a salesperson for the bank.

Only an “Adviser” spelled with an “E” have a legal obligation to act in a client’s best interest.

Keep that in mind in the future when getting financial advice on something ‘useful’ for your account from a (sales)person with frantic eyes, trembling hands and beads of sweat on their brow.

Advertisements