I read an article recently which said that the KYC ("Know Your Client") and the questionaires that come with it are designed to coerce the client into parting with their money. But, wouldn't it be worse if there weren't any guidelines from the banks and regulators as to what can be sold to whom?
Or perhaps, the time is ripe to review the assumptions in the Financial Planning templates. Are inflation and growth projections still valid? How can anyone predict the future? There are thousands of people who have lost their monies despite all efforts to plan and build their nest eggs for their retirement. Can this be mitigated?
Send me your views. You can either leave a comment on my blog site or email me at dynportfolio@gmail.com
We definitely need a proper financial planning methodology otherwise more investors and individuals may be at risk. The current methodologies are there to protect the investor and should not be used as a sales tool!!!
ReplyDeleteHere in Australia we have similar issues. You need to have a consistent process of gathering information so you can give your clients appropriate advice. You do need to explain to the client why you're asking the questions and why they're relevant.
ReplyDeleteThere are thousands of people who have lost their monies despite all efforts to plan and build their nest eggs for their retirement.
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