In the financial services industry, it is very common to see the blind leading the blind. No offence to the visually handicapped; I am referring to people without adequate financial knowledge providing financial advice to equally clueless individuals.
It is very common for managers in the industry to have very little to no professional qualifications in the field financial advisory. They are still qualified to be managers because of good sales records. Indeed, most of them do have stellar sales records and are more than capable of producing good salespeople.
Consequently, their agents do not learn proper financial advisory knowledge but are very good at sales techniques like how to prospect for new clients, and how to use skills like neurolinguistic programming (NLP) and closing techniques to bring in sales. They in turn provide “financial advice” to the average laypersons who do not have adequate financial knowledge to defend themselves......