I hope you are not looking for the ‘mea culpa’ message of Raju…of Satyam…this is different!
I recently met the MD of a financial services company – obviously I am not naming him/her. It also does not matter whether it is a brokerage house, mutual fund, life insurance company, bank or a distribution house. So I will continue to call it a financial services company.
He said “I have a funny situation. I meet distributors (whom I pay only on results) who tell me “In this market selling equity or any product is difficult”. Then my local manager (whom I pay Rs. 12 lakhs) tells me “In this market selling equity or any product is difficult”. Then my regional managr (whom I pay Rs. 20 lakhs) tells me “In….difficult”. Then my national level manager (whom I pay Rs. 40 lakhs) comes and tells me “In this market….difficult”.
I know another MD who is struggling with his projections – and trying to make financial sense out of being a producer and distributor in mutual funds, general insurance, life insurance, brokerage business, etc. He has very co-operative shareholders who are willing to pump money into the company provided it makes business sense. Like I said, he is struggling – he is finding it difficult to tell a lie!
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