Have your Clients’ Fallen Victim? FCAC Reviewing Big 5 Banks’ Business Practices.
As a Financial Advisor you have no doubt been inundated lately with headlines featuring Big 5 Bank Employees speaking out about feeling pressured to up-sell, trick and even lie to customers to meet sales targets. With one employee cited as saying his Manager told him to attach high interest rates on mortgages and lines of credit and to not tell clients those interest rates are negotiable.
With countless claims of this type of business practice coming to light, the Financial Consumer Agency of Canada (FCAC) has announced that its next review of business practices in the federally regulated financial sector will begin next month.
As Financial Professionals how can we protect clients from falling victim to the more is more mentality? How can we safe guard them against the predatory behaviour described by this teller: “It’s not what’s important to our clients anymore,” she said. “The bank wants more and more money. And it’s leading everyone into debt.”
Certified Cash Flow Specialists™ (CCS™) know the answer to this question. Their clients are safely wrapped in the warm embrace of their Behavioural Cash Flow Plan™, largely unaffected by recent headlines.
If you would like to learn more about Behavioural Cash Flow Planning™ and how to earn your Certified Cash Flow Planning™ (CCS™) Designation book your Consultation today. Like minded CCS™ financial professionals help safeguard their clients and themselves everyday against external market factors by laying a foundation routed in Behavioural Cash Flow Planning™.