The comment was in response to ‘Tellers to provide financial advice as bank downsizes’
, about NAB’s plan to train all its tellers to be able to provide a ‘lite’ version of financial advice, while employing qualified financial advisers across just 15% of its branches.
‘LITE ADVICE’ wrote:
“I’m confused? How is it actually possible to provide 'lite advice' for simple rollovers and simple protection needs? What are simple protection needs? What about finding out what the client actually requires providing advice in writing, comparing products, acting in the client’s best interest and working out a risk profile for their 'simple' rollover?
I was surprised recently when helping my 17 year old son set up a simple online bank account with the CBA that he wasn't required to do the 100 point test.
When he said it was so his part time work with KMart could be paid there, the pleasant teller asked him about his superannuation, stating that she can give him forms to complete and give to his employer because, to quote, ‘theirs is the best because he can view it online’ .
When I explained that I was a financial planner and I’m happy for his $72 per month SG to go to REST she stated, 'But then you should know that ours is the best'.
Is that simple lite advice?? That just simply horrifies me!”
*Comment was edited for spelling and grammar
Comment of the Week goes to a financial planner who shared his or her personal experience of bank tellers pushing products without having the proper knowledge to do so.