If you are in the finance business, today you have to talk about two very important things:
Financial Literacy and Financial Inclusion.
What you do is not so important! I have heard of an organisation where a person in a grievance cell also has targets! When the customer comes complaining, REPLACE the product, and make sure he/she does not go to the regulator!
SIP is a word which I thought everybody understood – but the financial services industry’s ability to reinvent itself is amazing. So daily SIPs, weekly SIPs, were introduced.
Then SIP in direct stocks was introduced – so a ‘why do you want to pay fund management fees’ …then a lot of nonsensical shares were given as a ‘portfolio’. Now the mantra is ‘averaging’ on a share – so that you keep buying more and more as the price falls.
Then of course they introduced ‘Safe Investment Plans’ – a ULIP which kept your family safe – even if you did your money will not be safe….because of the charges!
So if there is a fight between people who are teaching vs. people who are selling – the chances are that the people who are ‘educating’ or ‘teaching’ stand no chance in hell. I think the budget of the ‘teachers’ vs. ad budget of the sales guy is 1: 50 billion….comments welcome!!
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