I have just left the insurance industry and starting out on my 2nd leg of my journey in the financial industry in the banks. And I am about to find out that there is so much more learning in store.
I started my 2 months (2 months!?) training in the bank in 2002 with fire in my belly. I wanted to serve. I wanted to sell! But by the time the 2 months training was done the fire is dead. I was eventually seconded to an obscure branch with no banking support. Just 2 sales person sitting in a branch calling existing clients and serving walk in customers and I was introduced to the whole new world of structured products.
These products had capital protection or capital guarantee features (which the authorities has banned these names to be used in these products after the Lehman incident). This was served to us and customers on a placemat where we just put on our desk. Anybody who walks in to do anything we just introduce and see if they wanted.
I go to work every morning full of motivation but eventually get demotivated by my manager that ask me questions about my figures. It became so pressurising that having an interest in my clients is secondary. Sales first.
I forgot my advocacy in financial planning. I remembered one particular incident when a customer walked into the branch. She had fixed deposits and wanted to withdraw part of it. After passing the cheque of the amount she requested for, I asked her what she wanted to do with the rest of the money. She said: put back fixed deposit lor. Kaching! Sales opportunity! Attack! But you do realise the interest rate is very low right? We have this plan give you potentially 3% but you have to lock it in for 5 years. You using the money in the next 5 years? She said no. I explained the feature of the product to her and she said ok. Transaction done! Feeling happy that today got sale.
2 months passed and the same customer came into the branch and said she wanted to withdraw the money. WHAT?! Withdraw money? But mam you said you did not need the money for the next 5 years? Yes I did say but now need. But if you take money out now from the plan, you will lose money. Huh.. like that ah? Wait ah. Customer exit branch. Enter branch with husband. Oh no....
WHY YOU ASK MY WIFE PUT MONEY INTO SOMETHING LIKE THAT!!!!???? This is my money!! BLAH! BLAH! BLAH! BLAH!
From the corner of my eyes, I saw my manager slink into a corner and disappeared up the stairs into his office.
WTF?! Sales you want! When sh*t hits the ceiling you don't want any part of it. That day forth there was no more respect.
The husband gave me a piece of his mind and told me to take the money out of the plan even if its going to be a loss. Sheepishly, I said ok. He then stormed out of the branch after I let the wife signed some forms.
In the evening after the branch has closed and the transaction done, I decided it was only right that I should give the husband a call just to let him know the transaction has been done. I picked up my phone dialed his number knowing its going to be another trashing he is going to give me. I so wanted to hang up the call at the ring tone when.... hello? the husband answered. *Gulp!*
Sir? I am Tang. I just wanted to let you know I have done the transaction and you should be receiving your money in a few days time. I braced myself for the lashing when he said: Young man..., in the most calming voice. Next time when you want to do something like that please find out where the source of money is from. The money is mine. My wife is a housewife where got this kind of money? Anyway thanks for calling but don't do it again to somebody else.
I almost cried! My financial planning advocacy suddenly flowed back to me and I knew I cannot stay here any longer. I did not join the financial industry to be an errand boy! I did not join the financial industry so that I can be a cashier to complete transactions for my manager or the bank! I am a consultant! And I refuse to be pressurised into doing things that neither I nor my clients want.
I started to be more client focused but being client focused the sales process was longer. Sales is not immediate as we have to do a proper fact find, generate solutions that are suitable and fit my clients' needs. I studied and researched more into the world of investments, learnt about the concepts of investments, put money into the structured products that I suppose to advocate (never made money in them) and started to explore investments that did not have any capital protected element. But this was frowned upon as it did not generate figures as fast as the management wanted to see.
Manager set me down one day, Tang, upper management said that if you don't produce they have to ask you to leave. Ok, by the end of this month I got no sales, I resign. That shut him up.
Next morning my manager walked into the branch, Tang yesterday I talked to management and they say if you got no figure they can ask you leave anytime. Then tomorrow I give you my letter, I replied. Tang don't be so rash, they only saying...
Words are so cheap! But not for me, my letter was sitting on my manager's desk the next day. He did not know I was already in talks with a friend of mine who was working in another bank that was more family oriented.
Tang you want to reconsider? No...
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