NatWest in 'MoneySense' shocker...

Inactive

ldavies wrote: »

who committed murder? did I miss something? lol:p

:rotfl:

Inactive

ldavies wrote: »

Inactive, we must stop meeting like this lol:eek:

Indeed.. :blushing:

Myrmidon_J

dunstonh wrote: »

...

Back in my banking days I was involved in a new role that was meant to have no sales pressure or incentives attached to it. That was the line from head office and regional office. However, at branch levels, the management there put pressure on.

I think that's true. But I also think that 'head office' know exactly what's going on, and indeed, encourage it - after all, the company benefits in the long run. (And the executives meet targets and receive bonuses, etc.)

Not that they'd admit as much in their marketing drive(l)...

chesky369 wrote:

I was actually rather surprised when I first saw the ad that they were allowed to even give the impression that they would give impartial advice - but given the track record of our financial service authorities, I suppose I shouldn't have been; they let banks get away with murder.

I couldn't agree more. It is ludicrous that IFAs are regulated so harshly, and penalised in terms of fees (to various 'professional' and 'regulatory' bodies), when the banks are responsible for so much financial turmoil!

"Light touch" regulation - of banks - has demonstrably failed.

Going back to the original point, though: has no-one yet had a positive encounter with 'MoneySense'?

climbgirl

I must say, my first thought when I saw the "service" advertised on TV was to go in and have some fun with them

I'd really like to see them find some cutbacks in a budget that has been honed and re-honed by a dedicated MSE-er.

dunstonh

I still cant get over the fact that they only have 8 hours training.

If you need serious help then a bank clerk with 8 hours training isnt going to do you any good.

Blah99

Slightly different view from me. I have a Natwest private banking account, which gives me instant access to my account manager and a financial advisor (2 different people). It's a personal relationship too, I go and see them every now and then and they have a proper understanding of my financials and requirements. These guys do actually seem to know their stuff, and the financial guy has made good recommendations to me. He's clearly had some proper training, which the great unwashed don't get.

They're obviously tied to Natwest and I take that into account, but I really don't have any issues with them.

atypical

ebyard wrote: »

It's obvious to anyone that any business would never pay staff to do something that doesn't generate income in some way.

I was following this line of thought too but found it hard to believe NatWest would spend so much on a marketing campaign if the only way they thought they would recoup this money is by being deceitful; proclaiming they offer impartial advice to lure the customer in only to hard-sell their own product. Not least because NatWest would be aware of the PR repercussions if it came to light.

I think they see the money making potential out of MoneySense not in the direct selling of their own products but by instilling loyalty. It's not hard to imagine Mrs. Blogs never leaving NatWest because Louise at NatWest was so graciously helpful.

A customer kept even for only a year because of it would be worth the ~£7 (?) spent on wages surely. Plus there's the positive philanthropical image it gives for those who are naive enough to think it pure concern and charity on NatWest’s part.

Myrmidon_J

dunstonh wrote:

I still cant get over the fact that they only have 8 hours training.

If you need serious help then a bank clerk with 8 hours training isnt going to do you any good.

What really grinds my gears (!!) is that NatWest is allowed to describe the 'advice' offered by said clerks as, well, advice! I work for an IFA as a paraplanner (though I hate that word), have a year's experience and three years in the industry - and yet I am not legally permitted to give advice.

I know I have a long way to go in terms of my own knowledge - and I don't begrudge having to sit exams. But I bet I could offer better 'advice' than 95% of the bank clerks!

Blah99 wrote:

... I have a Natwest private banking account, which gives me instant access to my account manager and a financial advisor (2 different people). It's a personal relationship too, I go and see them every now and then and they have a proper understanding of my financials and requirements.

I have no problem with this at all. The people you see are evidently professionals and understand the nature of their line of work.

However, I would feel rather cheesed off if I was (effectively) paying for this service to be offered by untrained 'MoneySense' advisers, which I take it your chaps aren't!

willo65

ebyard wrote: »

Even as a loyal NatWest customer, I find this concept very stupid. It's obvious to anyone that any business would never pay staff to do something that doesn't generate income in some way. NW are trying to pull the wool but it's not going to work on most people, I would hope!

Whenever I go into my branch to pay a cheque in, they always say "oh, have you had an account review recently? We can save you money, you know" to which I once said "ok, let's see you save me money" so I had a chat with someone, and their solution to save me money was to get me to open an Advantage Gold account for £15 a month. Hmmm!!

I just said, err no thanks, stop trying to sell me stuff. Bye.

Ed :-)

well that would make you an arrogant fool. If you are not prepared to listen to all the benefits then how do you know it wouldn't have saved you money? Just because they tried to give you an example of what you could save by having the account doesn't mean they would have tried to sell it to you if it wasn't suitable for you. Also I think you'll find that Natwest can Gurantee to save you money (providing you have home insurance with another provider at the moment) :mad: All you need to do is listen and not think you always no best, which obviously you don't know the best way to save time would be to post the cheque or drop in the quick deposit. looks like you have more time and money free than most.

willo65

purch wrote: »

One of the 'muppets' was trying to talk to me in my branch the other day.

From what I could tell, my 11 yo has a far greater grasp of Finance than she appeared to have !!!!

I think she was probably speaking english, if you don't understand then thats your problem :rolleyes: