Sharing: experience with RMs

[macguire]

This is not a name and shame. But sharing of good and bad experience with any RMs.

 

[Majestic12]

Finding a morally decent RM really depends on your luck. Therefore one strategy is to keep changing until you come across one.

 

[wealth_farmer]

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.

Finding a morally decent RM really depends on your luck. Therefore one strategy is to keep changing until you come across one.

 

[macguire]

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!

Finding a morally decent RM really depends on your luck. Therefore one strategy is to keep changing until you come across one.

 

[Majestic12]

No such thing as cannot be changed. Give the gentle threat that if she isn't changed, you are inclined to change banks. Bring this up to the branch manager. Gently nudge him / her and enlighten her about how bad having a client leave the branch's portfolio will be for her KPI.

You should also take it easier - bankers are not your slaves. Helping you while she is on leave is a privilege, and not an entitlement for you.

If you can't amend your approach, I can assure you that you will always face the same issues with bankers.

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!

 

[Majestic12]

Your view looks obtuse. I guess you have to be satisfied with managing your wealth yourself.

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.

 

[Mecisteus]

You should also take it easier - bankers are not your slaves. Helping you while she is on leave is a privilege, and not an entitlement for you.

If you can't amend your approach, I can assure you that you will always face the same issues with bankers.

This is the typical Singaporean mindset.

 

[Sinkie]

Your view looks obtuse. I guess you have to be satisfied with managing your wealth yourself.

Yeah exactly, actually by default, a rm will be assigned to anyone if he or she deposit is above a certain limit.

Their jobs is not to just solely entertaining her client for nothing or running errand for him.

A relationship manager has also her kpi to look after too and by making a bank client happy and satisfied is not her main kpi, but to establish a good relationship so that you will buy a bank product from her or you can refer to her any potential client.

Therefore if one have no intention at all to buy any product at all, I suggest just upfront tell his or her rm la when they call to introduce etc.

The only time I contact them are usually when I need angpow from their banks. Rest of the time I don't even initiate any chat with her.

Occasionally she will inform me of any good fixed deposit deal too and that's abt it.

Just my 5c

 

[macguire]

I guess it's the way it was put across by her. I guess a better way could be to refer me to someone else

This is the typical Singaporean mindset.

 

[wealth_farmer]

Your view looks obtuse. I guess you have to be satisfied with managing your wealth yourself.

I'm not being obtuse, I'm just responding to the point of finding morally decent RMs. Incentives would be a better way to assess how much an RM can be on your side. They are paid to manage their relationships, and get you to believe that they are on your side, which they are assuredly not. I guess i went off on a little rant there, but it really winds me up that they try to act like a fiduciary when they are clearly not.

As for macguire's experience, yeah I think she could have done a better, warmer hand-off, like getting someone covering her on vacation to assist you. She'll learn.

 

[Mecisteus]

I guess it's the way it was put across by her. I guess a better way could be to refer me to someone else

You can take the proactive approach. Ask her if she has a colleague who can help you.

 

[Majestic12]

You can take the proactive approach. Ask her if she has a colleague who can help you.

Exactly. There are all kinds of clients.

 

[Majestic12]

Are you in business? I don't suppose you are. Neither are you in Financial Services I gather.

Sometimes you need to spend a bit of money to test people and see where their morals lie.

Anyway, most decent bankers will choose their clients as well. You don't have to worry about them coming for your business.

I'm not being obtuse, I'm just responding to the point of finding morally decent RMs. Incentives would be a better way to assess how much an RM can be on your side. They are paid to manage their relationships, and get you to believe that they are on your side, which they are assuredly not. I guess i went off on a little rant there, but it really winds me up that they try to act like a fiduciary when they are clearly not.

As for macguire's experience, yeah I think she could have done a better, warmer hand-off, like getting someone covering her on vacation to assist you. She'll learn.

 

[dkgamer]

Yeah apparently you all work for free.RM also need to eat.

 

[wahkao3]

My financial adviser asked me what is my risk appetite, I say I am low risk, but want high return

Yesterday I asked my financial adviser for good investment can make me huat big big, she asked me what is my risk appetite.

me: I am low risk taker
FA: Ok, I recommend you bond mutual fund the return is 2%
me: U siao ah! inflation already 5%. U only offer me 2%.
FA: Because your risk appetite is low risk, only mutual fund return 2% and very low risk.
me: I am looking for high return, low risk. Why you recommend me this kind of nonsense mid risk, low return product?
FA: In market no such thing as high return,low risk. High return will come with high risk
me: Then what for I need you? What is your value add? You are just going to get in the way and suck commissions. If I want high return high risk, I can easily find it everywhere. I can go MBS, even faster.
o

 

[Sinkie]

My financial adviser asked me what is my risk appetite, I say I am low risk, but want high return

Yesterday I asked my financial adviser for good investment can make me huat big big, she asked me what is my risk appetite.

me: I am low risk taker
FA: Ok, I recommend you bond mutual fund the return is 2%
me: U siao ah! inflation already 5%. U only offer me 2%.
FA: Because your risk appetite is low risk, only mutual fund return 2% and very low risk.
me: I am looking for high return, low risk. Why you recommend me this kind of nonsense mid risk, low return product?
FA: In market no such thing as high return,low risk. High return will come with high risk
me: Then what for I need you? What is your value add? You are just going to get in the way and suck commissions. If I want high return high risk, I can easily find it everywhere. I can go MBS, even faster.
o

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

 

[cybercom8]

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"

 

[windwaver]

Some RMs are nasty behind the scene, heard plenty of comments about clients .

 

[mSnooze]

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

RM is just a fancy name, they still sell the same products. Just that one sells from a bank setting, other sell from roadshow setting.

 

[cybercom8]

Some RMs are nasty behind the scene, heard plenty of comments about clients .

haha some are rms over here too