#QuestionYourAgent – Ask them point-blank – ‘What’s in it for you?’ #MakingFinanceFun #NoMisselling
We have started the Fun & Finance series with an aim to make finance more fun and relatable via short 1 min stories by using fables or interaction with customers etc. We will try our best to help you learn something new in finance via these short stories.
As the 2nd day comes to an end, here is an alluring fable to lift your moods. And to entice money matter through this short story.
In a forest far far away, a fox fell into a well. After a while, a thirsty goat comes by and asked if the water was good. Hastily, the fox replied ‘the finest in the country; come on jump in’.
The Goat without a second thought jumps in the well. With lightning swiftness, the fox steps on the goat’s horns and climbs out of the well.
The goat begged for help but the fox was already on his way, without being bothered about the goat.
Policy selling websites and bank employees might not be foxes but in their eyes, you are definitely the goat. And as soon as they smell your thirst, they pounce.
Look before you leap.
Like any other business, banks, insurers, fund managers, and their agents are in this business to make money. As they charge commissions and not flat fees, it is in their interest to only present those products or policies where they make money. They mis-sell products for their interests.
Ask them point-blank – ‘What’s in it for you?’. If you feel the slightest of hesitation, go through them as a hot knife goes through butter.
Look out for yourself before you leap forward. Reassure all the features and question the seller until they clear your questions. Remember, there are no silly questions, only silly answers. Stand against mis-selling.