Natwest Moneysense

Kavanne

Inactive wrote: »

Perhaps the Directors of your parent company RBS, should attend these " moneysense " appointments, it seems they have been scammed for 300 million US Dollars in the latest American " pyramid " scandal.;)

Sorry we are a bit underqualified to advise them on that. Moneysense advisors can only talk about personal finances.

Richard019

I don't see why people think they'll need to be sold to by these people (or by follow on calls) for Natwest to make a profit out of it.

A supermarket offers beer at 3 cases for £20. They don't make a profit out of that but it draws the customer in. Once the customer is there and has the beer in their trolley they decide to get a few other things whilst they're there, in the process buying overpriced products and generating the shop a profit.

A bank offers free, impartial financial advice. They don't make a profit out of this, but it draws the potential customer in. Once the person is there and they've had their meeting and decided to open a savings account rather than go down the road to another bank they just go to the 'sales' assistant there and ask about opening one of their accounts, which in most cases aren't the best on the market and will generate the bank a profit. Add in the "ooh they were really nice, they didn't try and sell me anything, I'll go back there" sentiment and it's potentially a massive winner for them.

It's not sales they're relying on, it's the general laziness/naivety of the population.

EDIT: I'm not criticising the bank for that cynical approach. If the customer is better off because of it and the bank also benefits then what's the problem. Yes they could benefit more elsewhere, but then those other banks aren't the ones paying the staff that are helping them.

dragonsoup

Barbie81 wrote: »

Hiya well i work for NatWest and have got the job in my branch as MoneySense adviser.

So how many hours training have you had for your new role?

Extant

Inactive wrote: »

Right, thanks for that, but surely these are just sales people, surely they will find it hard to change their habits.

Yeah, too right. I know that when I stopped selling, I just spent all my time trying to find targets to meet and products to sell in the rest of my life.

Indeed, I would often find myself thinking "damn, if only I can eat three more apples this week, then my apple incentive multiplier will kick in..."

Sometimes I would wake up in a cold sweat and immediately rush out and try to sell insurances policies to people on the streets of London at 2am.

Inactive

dragonsoup wrote: »

So how many hours training have you had for your new role?

About the same amount as HSBC, Santander and RBS have in buying in to Hedge Funds, I suspect.:D

opinions4u

Isn't the advert possibly the most annoying ever?

"Have you considered switching your gas and electricity? No? Well you should".

Patronising mare!


Is it a good idea? Yes.

Is there anything in it for the bank? Of course there is. Customers in the branch getting debt counselling on their Nat West loans = more likely to pay those loans = less losses for the bank. Not to mention referral opportunities to others in the branch.

"Oh, so you think I could save money by remortgaging?" ... "yes, I do" .... "can you sort it out for me?" ... "no, but you could see our mortgage expert in the corner who's had nowt to do for 6 months, or sort it out yourself by spending hours walking up and down the high street, which would you prefer?".

Not selling is it.

It's referring

oxenryd

opinions4u wrote: »

Isn't the advert possibly the most annoying ever?

"Have you considered switching your gas and electricity? No? Well you should".

Patronising mare!

:rotfl: :rotfl: :rotfl: :rotfl:

First time I saw that advert, I remember looking at my mates and going "Yeah right" just laughing. Mind you, I don't like the "I'm your bank, I'm your best mate attitude" and I don't mean Natwest specifically.

But seems like people are thinking this is a good idea so why not, if it helps.

Can't remember who posted the "8000 hours means 1 day training each" post, well spotted!

456789

Lokolo wrote: »

Now, I suspect many of you are thinking that they will try to flog you something (Inactive...), however, they have stated that they will not be trying to sell you anything in their suggestions.

Why you should not count on 'impartial' advice from NatWest

However, an investigation by Times Money has discovered that the bank's claim that the advice is completely impartial and not linked to selling NatWest products does not stack up. In a number of branches visited by Times Money reporters, the MoneySense advice reverted to little more than a sales pitch for NatWest products. Trained MoneySense advisers used the sessions to promote NatWest savings accounts, loans and mortgages, blurring the distinction between what was impartial advice and a hard sell of its latest deals. In other cases, the customer was quickly passed on to tied advisers not bound by the MoneySense promise of impartiality.

BASFORDLAD

i knew it!

jen_a_c

I'm not at all surprised!