Once upon a time long long ago there was a village doctor. He examined you, made the medicines and you were all right. The air was clean, people worked hard, and died quite young.
Then it evolved…..to where we are today.
In the wealth ‘business’ we are still at the village doctor stage – you go to Goldman Sachs. They do financial planning for you. Ask you to invest in alpha, beta, omega…synthetic CDO, S&P rates them, then you buy the CDO. Unknown to you there is a vested interest for GS FOR THE SAME CD TO FAIL. So working at a cross purpose is not unheard of in the financial services world.
Now imagine in India you walk into a doctor’s clinic. He treats you and then says “I will not charge you a fee because the pharma company is paying me money to recommend their product”. WE may feel jiterry. Actually we should. However we accept this scenario in the financial services industry. If a consultant tells us…’I charge Rs. 10,000 for a first meeting’ there is a good chance that the meeting will not happen.
Do doctors get good money to recommend drugs? Well Indian scenario as usual is murky -foreign jaunts are considered too cheap anyway, laptops are passe, using the company guest house in Ooty or Shimla is too less….so what works? Hard cash?
well take a look at what happens in USA…note the names – they sound Indian :). Mera Bharat Mahan…
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