If you are a small CA, doctor, dentist….you tend to develop a nice cosy relationship with your clients. The General Practitioner (GP) was the doctor of first call. He decided whether you needed a specialist, and when at what stage. However with corporates taking over finance and health you see the following..
- Too much cost, too many layers and not enough value: Big offices, glass, aluminium, glamorous buildings, but no clue what they do. Look at these offices and you keep wondering beyond a ceo, a compliance person, a fund manager – what else does a wealth manager need?
- Too many products, all look like each other: 5000 mutual fund schemes. If a potential investor has to see this on a regulator information portal, he is unlikely to buy anything. Surely. Nothing.
- Products too complex, simplicity has been out lawed in 1990 perhaps? or was it later?
- Communication to the unit holder is lost. They try doing this through their sales employees
- Sales men are trained very less….this could be a ploy to help mis-selling.
- Unit linked plans are unlikely to meet insurance needs or investment needs
- Too much fund raising not enough fund management
- Too much sales not enough understanding
- Too much training not enough on fund management, wealth management or markets.
- Too much management, searching for leadership
- Too much ethics, audit, etc in form, nothing in spirit
- Too much law, not enough justice to the small unit holder
- Law of the Jungle: Might is Right
- Sales rewarded far far better than ethical sales
- Ethics not even considered in sales, how can it be rewarded?
- More about Managing, less about Relationship
- Fund coverage by media houses leaves a lot to be desired…very rarely rising above financial porn
- Old fund houses resting on past glory
- Obfuscation is the key word
- Financial literacy a pet peeve and a pet joke.
- Obviously many ‘bali ka bakras’ as always
- Regulators do not need to invest, they are protected by an indexed pension, OROP.
End of my peeve.
Now see how this is applicable to wealth, health, fitness, tourism, pharma, industries.
The consumer is confused, and one day he will run away.
Post Footer automatically generated by Add Post Footer Plugin for wordpress.