My more financially savvy friends told me that among the stuff that really messed them off the most, it is when their parents go to their local bank branches.
My friends have a lot more control over their finances.
But they cannot just upload their better understanding of financial products and the financial world into their parent’s (siblings & relatives as well!) brains.
When their parents go into a bank to carry out some simple banking needs, they would come home with an endowment plan, structured product or a few unit-trust funds.
I have been proposition products in this way in the past, most recently 2 months ago at a UOB bank branch.
The danger about this to parents is that:
These are not simple no-risk financial assets. They carry a certain level of risk. Parent’s risk expectation may be wildly different from what is communicatedNot much needs analysis...
