Many people had bought a bad financial product from an agent or adviser whom they know and trusted. They learned later that this was a bad decision.

The adviser might have acted honestly but gave the wrong advice, due to being naive. The advisers desperately needed a job, e.g. they have just graduated. They were taught about the positive aspects of the financial product (e.g. life insurance policy or structured product) but did not know about the negative aspects (i.e. the high charges and high risk). They honestly sold the financial product to their friends and family members thinking that they are giving good advice.

When they learned later about the negative aspects, they felt quite bad about letting down the people who trusted them and left the business quietly.

Their agency managers knew the full picture, but exploited the ignorance of the newcomers. Some advisers or ...