NatWest in 'MoneySense' shocker...

willo65

dunstonh wrote: »

All they get is 8 hours training. You cannot train anything useful in just 8 hours.

Well it's common sense so if you need more than 8 hours training then you should probably go back to school.

cooldude28

You could say the same about the Tesco clubcard, sure they get info on average spendings.. but in my opinion they are showing their helpful side, it is all to do with a psycological approach to a business which I think is really clever.

willo65

And just to point out if anyone read the end of the article Natwest did send a response.

Inactive

willo65 wrote: »

. 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:.

But they are not allowed to promote NatWest Products, or so the story has it.;)

sons_2

willo65 wrote: »

And just to point out if anyone read the end of the article Natwest did send a response.

I'm going to guess you work for Natwest.

Myrmidon_J

willo65 wrote:

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?

Should people also "listen to all the benefits" of buying a lemon from a used car salesman? Fortunately, most people aren't that stupid and can spot a rip-off a mile away...

Well it's common sense so if you need more than 8 hours training then you should probably go back to school.

So: the soon-to-be-nationalised RBS, having recently suffered the worst corporate loss in British history, is imparting 'common sense' to its bank employees?

Financial advice is a hideously complex process and anyone who thinks it can be sufficiently mastered in eight hours is frankly living on another planet.

sons wrote:

I'm going to guess you work for Natwest.

That was my hunch... Damn, I thought I was the only super-sleuth on this site!

willo65

Inactive wrote: »

But they are not allowed to promote NatWest Products, or so the story has it.;)

think the person referring to this didn't mention anything about moneysense advisor, just a normal review....so natwest products is all they would have discussed

willo65

Myrmidon_J wrote: »

Should people also "listen to all the benefits" of buying a lemon from a used car salesman? Fortunately, most people aren't that stupid and can spot a rip-off a mile away...

So: the soon-to-be-nationalised RBS, having recently suffered the worst corporate loss in British history, is imparting 'common sense' to its bank employees?

Financial advice is a hideously complex process and anyone who thinks it can be sufficiently mastered in eight hours is frankly living on another planet.



That was my hunch... Damn, I thought I was the only super-sleuth on this site!

As the bank has being running moneysense in schools for a long time now I'm pretty sure it's not complex, They're not going to advise you on investments etc. just point out the obvious to most but obviously not to the ones in financial difficulty. it doesn't take a genius to work out that when you have no money and you are getting charges for bouncing d/d then cancel d/d and pay using debit card when you do have funds available. Or you are paying for a packaged account and mobile phone insurance/Green flag as well - Why? its included in what your paying - etc etc. it is common sense really

Inactive

willo65 wrote: »

think the person referring to this didn't mention anything about moneysense advisor, just a normal review....so natwest products is all they would have discussed

Well silly me, I thought that the thread was headed with " Moneysense ".:rolleyes:

unhealthyman

The fact that 60% of the advisors (from a not particularly robust sample of 5) provided free and impartial advice suggests that this is a case of poor training or implementation on a branch level rather than an "evil scheme" by head office.

Clearly, this is supposed to be a scheme which promotes loyalty and positive brand values by being helpful - an attempt to mend the bad image that banks have got recently. It is a shame that it has backfired for them from their poor training.

And it is not attempting to say it is investment advice or anything - they are offering advice on budgeting and stuff like that. Somewhat like this site is so focused on. It's not supposed to be investment advice.