4 February 2011

Bank Advisers degraded - Study

A study published in Germany states that advisers working for banks have very little ability to perform their fiduciary duties vis-a-vis their clients. They have been degraded to be pure salesmen (or women), every second client contact is expected to lead to a 'sale' and meetings with clients should not last longer than thirty minutes. We can only hope that not all financial institutions adhere to the same school of management but would advise investors to be careful in their contact with financial advisers and take independent advice before entrusting their savings to any provider of asset management services.