Big Bank Financial Advisors
This commercial makes me laugh every time I see it and I’m happy someone else does too. I used to be a customer at this bank and many years ago I met with one of their “advisors”. All this person did was ask me how much I had to put into savings each month and then they set up a RRSP automatic withdrawal. There was no advice, no plan, no analysis of my financial situation or goals and no explanation of what I was investing and how a RRSP worked. The big banks typically only offer financial planning for their “High Net Worth Clients”. If you are not one then you get to see the advisor that is really only a sales person, they can only sell their bank products and will try and convince you it’s the best to make the sale because they need to meet their sales quota.
Now they are advertising that because of their “Second Opinion” this fireman was able to retire. In my opinion it with their service fees, high priced mortgage life insurance and “high interest tax free savings account” he probably could have had more money to enjoy his retirement with. But hey I don’t have millions of dollars to spend on advertising to convince everyone my second opinion.
Sneaky Marketing: Stealing the Credit
When you watch the video below, it may seem very familiar. It’s a spoof of a commercial a certain bank has been running, featuring a firefighter who’s celebrating his last day of work.
What is absolutely hilarious about this is that it is highly unlikely that this bank’s advice had much to do with this happy, soon-to-be-retired firefighter. In fact, as a firefighter, being unable to retire after that many years would mean you really messed up financially. You see, career firefighters have great pensions. This guy isn’t dancing a jig because of anyone’s second opinion; he would have retired happily in any case.
I’m not saying the bank can’t offer value. I just find it ironic that they choose to imply they should get the credit for something his defined benefit pension most likely did.
oney Finder Newsletter and used with the permission of the author Stephanie
..”“Article taken from The Money Finder Newsletter and used with the permission of the author Stephanie Holmes Winton. Originally published March 7th 2013
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