Sharing: experience with RMs

[akwl88]

why not called salesman?

it is what they do only

ownself give ownself fancy titles but no value add

 

[JJughead]

Poor RM ettiquette

I had a RM with SCB ion branch. When I called to change her, guess what. I received a calll from her immediately after and she refused to be changed. Fml

Reason for changing was because I faced some issues with SCB china when I was overseas and called her for help, but she was not very helpful and informed me that she's on leave and that's it!

That wasn't helpful at all!

 

[xxxjhxxx]

Maybe some RMs can enlighten us.. say at the most basic tier of privileged banking whereby u are assigned a RM (50k aum), what does the RM expect from the client? The client cant be buying a savings plan/ investment / insurance every other day right?

 

[joshua182]

Morals be damned, just need to look at their incentive structure, i.e. how do they make money off you.

If they are tied agents, write off. If they earn by commission on products, write off. If they earn as % of the AUM you give them, write off.

Truly independent RMs should only be charging you by the hour for the investment plan they draw up for you. And then maybe commission on top of any outperformance on absolute returns of the investment recommendations they give you. Meaning, for e.g. the portfolio they give you must beat STI returns for the year. But if STI is -5%, they cannot consider -3% as beating the index. They only get something if you got positive returns.

But I don't think there are any ones operating like this out there cos it's too tough a standard. Frankly though, that's the only fiduciary standard I would consider acceptable.

you from australia?

sg is still by comms, not by hr. which is best, i dunno, perhaps the hourly one.

but for now sg rms paid comms, means it is in their personal interest to sell you anything..

dun like, feel savvy, dont buy. i learned that being sour no use one. ppl will still buy. ppl are easy to motivate. a few tricks off dale carnagie and most rms are good to go. such is life!

 

[joshua182]

Maybe some RMs can enlighten us.. say at the most basic tier of privileged banking whereby u are assigned a RM (50k aum), what does the RM expect from the client? The client cant be buying a savings plan/ investment / insurance every other day right?

rich people have rich spouses. rich relatives. rich people have friends. rich people become even richer over time.

 

[wahkao3]

invested a few times but mostly "lost" money right away sometimes i wonder...the banks have almost unlimited resources for investing, trading...why cant they just ensure at least their customers do not lose money right away so that its not a once bitten twice shy thingie?

its precisely because customer lose money to their sales charge, that's why they have these unlimited resoures. hahaha

u want to invest, buy their shares, not their products......

 

[cscs3]

Financial advisor is insurance agent la. We talking about relationship manager la

Or a more easy word to understand is salesman.

 

[cscs3]

rich people have rich spouses. rich relatives. rich people have friends. rich people become even richer over time.

For one very simple reason. They use money to make more money. For us, we spend our money that's why cannot get rich.

 

[cybercom8]

its precisely because customer lose money to their sales charge, that's why they have these unlimited resoures. hahaha

u want to invest, buy their shares, not their products......

already invested heavily in other shares...just wanted to try those exotic products

i am sure they have many other customers where they have made money for them even after taking their comms, else they would close down by now. its just i have not met those rms who can deliver what they promised. again i am not looking at market beating gains etc...just don't lose my money

maybe its just my luck or i kept getting those "vases"

 

[cybercom8]

For one very simple reason. They use money to make more money. For us, we spend our money that's why cannot get rich.

meaning they delay their gratification till they are rich? or they continue to be ngeow after they are rich?

i know of some folks who spend money as they made them and still became "rich"

 

[dkgamer]

i wonder how many people actually track their portfolio diligently to see if they actually even are on par with the index.

 

[wahkao3]

i wonder how many people actually track their portfolio diligently to see if they actually even are on par with the index.

memmemememe!!!!


================================
i teach u all ah... the best way is the keep track of your portfolio on an excel sheet like an accountant

Every transaction you have a new entry.
Receive dividend, 1 new line.
Put in money to bank, 1 new line




With this format, you can upload into a software called fund manager. They will do all the calculation and plot equity curve

'

The link to download this software is here
https://www.fundmanagersoftware.com/

 

[xxxjhxxx]

back to TS topic on sharing experience with RM. Mine is a very very bad experience (made me lose $)

RM from SCB few years back. Here goes the story:

First of all, i went to him knowing exactly what i want (since a fren has done it with another RM), told him the type of product i am interested in. First bad experience - account opening took 3-4 weeks when he promised maximum of 2 weeks.

nvm.. next i wanted to transfer in some securities A, B and C to use as collateral for loan. he verified the securities and said ok. After i transferred in, he said A cannot be used as collateral. i was like wtf.

And so i sold it off.. guess what.. i happen to know that the bank actually allowed my securities to be used as loan. At this point, i wrote an email to the branch manager to complain but as usual, nothing came out of it.

Worst still.. before the loan was processed, he happily told me that if i need to sell off my securities, i can do so even if it is being used as a collateral.

No surprises for guessing what happened next.. i couldnt sell off when i need to. And when i managed to sell off i made a huge loss. Total loss was opportunity cost from the delays + monetary loss. i thought of complaining but did not in the end coz i got no hard proof of what the RM said to me

i am still with SCB, only for the some of the products they offer. And because of this bad experience, i am never buying anything from my current or future SCB RM (this RM which i am talking abt has since left SCB).

This experience also made me more skeptical of whatever promises they say. Now, when i buy products or whatever and the RM promise certain things, i will email them to confirm. (serve as a record in case anything goes wrong)

 

[Laneige]

new ones wana meet u. meet also waste each other time so i never meet them one

then havent meet already 2 quit liao
v sian on always follow up then quit liao

 

[Bigoya]

I had a RM with SCB ion branch. When I called to change her, guess what. I received a calll from her immediately after and she refused to be changed. Fml

Reason for changing was because I faced some issues with SCB china when I was overseas and called her for help, but she was not very helpful and informed me that she's on leave and that's it!

And there's nothing you could do about it at all??

 

[Bigoya]

my experiences with rms rather lukewarm...most are just eye candy selling the same unit trusts, structured products etc. and some are not even eye candy

invested a few times but mostly "lost" money right away sometimes i wonder...the banks have almost unlimited resources for investing, trading...why cant they just ensure at least their customers do not lose money right away so that its not a once bitten twice shy thingie?

they give all those ang pows, free cake, free limo rides etc also won't make me invest again if they kept recommending me products that lose money right away and that is after they assured me they will look after the investments since i told them i have no time to monitor these "investments"

They sell u insurance plans like ILP issit?
If yes, you can forget about making money short term. Long term also cannot guarantee.
RMs albeit not insurance agents, their sole purpose is to get sales, sales and sales! No time to manage your portfolio.

 

[cscs3]

They sell u insurance plans like ILP issit?
If yes, you can forget about making money short term. Long term also cannot guarantee.
RMs albeit not insurance agents, their sole purpose is to get sales, sales and sales! No time to manage your portfolio.

That's right. Once you signed. Their job end. Never believe any promised as their job also short term. Either they make good result and move on or cannot make quota and finally quit.

For insurance product. If you must have one. I guess best way is go insurance company directly. Hardly able to find those RM is good in it as they are not full time. Also my advice is not to look at those non protected column. That's MAS requirement. Company hardly make it anywhere near it now a day.

 

[cscs3]

Financial advisor is insurance agent la. We talking about relationship manager la

Guess no one to blame here. High return always come with high risk. Otherwise everyone can do their own investment. Don't a RM.

 

[wahkao3]

Guess no one to blame here. High return always come with high risk. Otherwise everyone can do their own investment. Don't a RM.

i beg to differ.
i believe there are low risk high reward opportunities out there. the problem is you need to work hard, do your own research to find those free lunch. that's how investing is truely done.

in investment, you only invest into low risk high return opportunities. It stupid to invest into high risk high return. or low risk low return, or worse, high risk low return.

just sitting there, relying on hot tips will not work

 

[Yachtmaster]

so far the RMs and currency specialists I encountered are pretty ok but I believe this kind of thing is solely up to each individual that it has nothing to do with the institutions they represent