MoneyLife has a story about how HSBC Bank took singer Suchitra Krishnamoorthy for a ride over a five year period by promising an extravagant assured return of 24%. Here’s the link
Suchitra is quoted as saying that
it is a warning to other vulnerable targets—small investors like me should not get conned by aggressive MBA’s in suits who are preying on their customers like sharks in the big bad ocean. All the while getting richer and richer while making us small gold fish go bust.”
While such stories of Relationship Managers/ Bankers of being Bhayankar Bankers is true, one can’t just play on the blame game.
What about looking within? It’s your money and why can’t you spend some time understanding a few concepts about money. And it’s not really difficult. Don’t let the jargons and complex language scare you. And now you have the internet and finding the right information is no longer difficult.
So how do you protect yourself from such bhayankar Bankers and Financial Advisors? Choose from the following:
- Be Alert & Vigilant
- Do due diligence about the advisor
- Do due diligence about the product
- Attend a RupeeCamp
I hope you notice that the last option, even though is a self promotion, is the most actionable and effective.
In any case, it’s good to be back. How have you been? And do share how you protect yourself from unscrupulous advisors. Thanks