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Saturday, November 06, 2010
Financial behaviour
Even if he stands to make a buck at it, your average used-car salesman won't sell some working father a car with wobbly brakes, then buy life insurance policies on that customer and his kids.
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But this is done almost as a matter of routine in the financial services industry, where the attitude after the inevitable pileup would be that that family was dumb for getting into the car in the first place.
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Caveat emptor, dude!
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A simple little analogy of the way things are
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Being immoral is fine in financial services the only caveat being that you get away with it
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All of us use financial services at some time or another
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We are all therefore vulnerable to the small print in financial documents
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We also quickly become aware that there is precious little choice in certain areas
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Nothing much to do as the single individual has no real say
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Financial services are sometimes a mandatory purchase at others optional
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Whatever your situation read the small print
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Financial products are usually accompanied by copious notes
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Read them it might take some time but can save you a lot of heartburn later
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Even better go the Internet and find websites that have blogs and advice on the subject or product
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Today we are fortunate that those who have been ripped off can tell us of their experiences
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There are plenty of websites where people write about different companies and products
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Their experiences can save us the same misfortune
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Banks, brokers and insurance companies like to cloak themselves in an aura of respectability
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Recent events have shown them in their true colours
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Do not be deceived - they have one object in life
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Money
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Your money
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