Author Topic: Have you given financial advice to a bank employee?  (Read 3683 times)

KMMK

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Have you given financial advice to a bank employee?
« on: February 05, 2015, 09:05:34 PM »
Today I was doing a simple transaction at one of the local banks that I go to because they have great customer service and decent GIC rates.
The employee was super nice but the questions she asked and the things I tried to explain - argh!

I tried to (briefly) explain index funds, passive investing, TD e-series etc.

I held back from actually telling her to read up on investment options, telling her to check out Canadian Couch Potato, or telling her my net worth, but I really wanted to. I guess if you're a bank employee maybe you're expected to just use and know their products, and I don't think she was a certified planner or anything, but still... Shouldn't you know about the competition at all?

In my dream career I want to be a money coach, so eventually I will start handing over business cards. Sadly, I'm not at that point yet.

So how do you deal with bank employees that might need some more education? Has anyone just started giving them advice? That'd be awesome - I'd love to hear about it.

I'm also at the age where employees are starting to often be younger than me, so that makes me want to give them tips even more.

Lyssa

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Re: Have you given financial advice to a bank employee?
« Reply #1 on: February 06, 2015, 07:55:40 AM »
No. Like the saying goes, you cannot make somebody understand something if his livelihood depends on him not understanding it.

If necessary I nod and smile my way through a salespitch, tell them that I'll think about it and give them a call if interested. Now that I think about it, their last attempt to sign me up for some rediculous product was more than two years ago. Perhaps they've filed me under 'hopeless' by now...
« Last Edit: February 06, 2015, 11:11:17 AM by Lyssa »

Gone Fishing

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Re: Have you given financial advice to a bank employee?
« Reply #2 on: February 06, 2015, 08:10:03 AM »
The branch level as about the lowest rung on the ladder in a bank.  They are used as a training ground for rookies or as a career for folks that typically can't move up any further.  That's not to say the people working there are not kind, hard working, or good at what they do, but they don't tend to be financial experts.     

JLee

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Re: Have you given financial advice to a bank employee?
« Reply #3 on: February 06, 2015, 10:13:43 AM »
Today I was doing a simple transaction at one of the local banks that I go to because they have great customer service and decent GIC rates.
The employee was super nice but the questions she asked and the things I tried to explain - argh!

I tried to (briefly) explain index funds, passive investing, TD e-series etc.

I held back from actually telling her to read up on investment options, telling her to check out Canadian Couch Potato, or telling her my net worth, but I really wanted to. I guess if you're a bank employee maybe you're expected to just use and know their products, and I don't think she was a certified planner or anything, but still... Shouldn't you know about the competition at all?

In my dream career I want to be a money coach, so eventually I will start handing over business cards. Sadly, I'm not at that point yet.

So how do you deal with bank employees that might need some more education? Has anyone just started giving them advice? That'd be awesome - I'd love to hear about it.

I'm also at the age where employees are starting to often be younger than me, so that makes me want to give them tips even more.
Expecting a transaction level bank employee to understand investing/etc would be like expecting a cashier at a supermarket to understand business planning. Just because they work there doesn't mean they understand the big picture. :)

slugline

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Re: Have you given financial advice to a bank employee?
« Reply #4 on: February 06, 2015, 10:41:43 AM »
I'm not surprised in the least. I also don't presume that the cashiers at my local grocery store are well-versed in meal planning and nutrition just because of where they work. :)

Dee18

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Re: Have you given financial advice to a bank employee?
« Reply #5 on: February 06, 2015, 01:49:36 PM »
No, but yesterday I told the Fidelity rep (with whom I was setting up a 403(b)at my employer) that he should check out Mr. money Mustache.

Gerard

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Re: Have you given financial advice to a bank employee?
« Reply #6 on: February 06, 2015, 04:17:16 PM »
I've had to explain how prepayment limits on mortgages work to the bank employee who was "helping" me make a change.

To be fair, it's not an obvious thing (each year, I can only increase my monthly payment by 25% of my original payment, not 25% of what I paid last year). Still, handling this was apparently the employee's sole task.
 

Bracken_Joy

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Re: Have you given financial advice to a bank employee?
« Reply #7 on: February 06, 2015, 04:18:55 PM »
No, but I have been in the situation where I had to explain some exercise physiology concepts to a personal trainer. That kind of feels like the same thing.

burly

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Re: Have you given financial advice to a bank employee?
« Reply #8 on: February 06, 2015, 04:48:19 PM »
The branch level as about the lowest rung on the ladder in a bank.  They are used as a training ground for rookies or as a career for folks that typically can't move up any further.  That's not to say the people working there are not kind, hard working, or good at what they do, but they don't tend to be financial experts.     

As a bank employee, and former branch employee, I concur with this... The retail employee turn over is very high... If someone is intelligent and excels, they are often promoted quickly and to a different division.