<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Oct 5, 2008
YOUR LETTERS
</TR><!-- headline one : start --><TR>Unhappy with hard-sell tactics
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->I refer to last Sunday's feature on financial advisers. Relationship managers (RMs) are no different from any other commission agents. They appear to work on a hit-and-run basis, capitalising on the ignorance of those who do not understand their products.
I have had many experiences with them. Every time I go to POSBank to do some transactions, I will be referred to an RM who will try to convince me that my money is not earning much interest in the savings account and that I should transfer it to some special fund or insurance scheme.
At every meeting, there is no attempt to assess whether I can afford to take the risk. The RMs are worse than insurance agents and use hard-sell tactics to close the deal. They do not even ask if my stated occupation, which ultimately affects my earning power, has changed.
My experiences have been bad, especially with RMs attached to POSBank branches.
It appears as if they do not have a basic salary and are wholly dependent on commissions to survive. Even my car sales consultant is not as aggressive as these RMs.
Another point to note is that POSBank RMs do not last long. A couple of months after the first meeting, they are no longer around. I just spoke to one last week and she confirmed that the turnover rate is very high.
In fact, she does not know any of the RMs who sold me their products earlier, with the exception of one who sold me the most recent product.
Anyway, she has also left the organisation. So, in the last five years, I have dealt with no fewer than six RMs. Jimmy Toh
YOUR LETTERS
</TR><!-- headline one : start --><TR>Unhappy with hard-sell tactics
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->I refer to last Sunday's feature on financial advisers. Relationship managers (RMs) are no different from any other commission agents. They appear to work on a hit-and-run basis, capitalising on the ignorance of those who do not understand their products.
I have had many experiences with them. Every time I go to POSBank to do some transactions, I will be referred to an RM who will try to convince me that my money is not earning much interest in the savings account and that I should transfer it to some special fund or insurance scheme.
At every meeting, there is no attempt to assess whether I can afford to take the risk. The RMs are worse than insurance agents and use hard-sell tactics to close the deal. They do not even ask if my stated occupation, which ultimately affects my earning power, has changed.
My experiences have been bad, especially with RMs attached to POSBank branches.
It appears as if they do not have a basic salary and are wholly dependent on commissions to survive. Even my car sales consultant is not as aggressive as these RMs.
Another point to note is that POSBank RMs do not last long. A couple of months after the first meeting, they are no longer around. I just spoke to one last week and she confirmed that the turnover rate is very high.
In fact, she does not know any of the RMs who sold me their products earlier, with the exception of one who sold me the most recent product.
Anyway, she has also left the organisation. So, in the last five years, I have dealt with no fewer than six RMs. Jimmy Toh
