Who’s Really at Fault: Mis-Sellers or Our Own Stupidity?
Who’s Really at Fault: Mis-Sellers or Our Own Stupidity?
A few days ago, I met a 65-year-old retiree who shared a troubling story. He was sold a term insurance plan costing ₹5 lakh a year by his banker.
Think about it - does a retiree with no dependents really need a term plan? The answer is obvious: absolutely not. So why did this happen? Is it all about mis-selling, or are we unknowingly making bad decisions with our hard-earned money?
Unfortunately, this isn’t a rare case. Mis-selling is rampant, and it often comes from people we trust. But blaming the sellers won’t solve the problem. We need to ask ourselves: how can we protect our money and avoid becoming victims?
Why Does Mis-Selling Happen?
Mis-selling works because it plays on trust. It could be a banker you’ve known for years, an agent promising “guaranteed returns,” or even a friend in the business. They use complicated terms, create a sense of urgency, and push you to make decisions quickly.
The truth is, the people selling you these products often have targets to meet and commissions to earn. They’re not going to stop. So, it’s up to us to become more aware and cautious.
How to Protect Yourself?
You don’t need to be a financial expert to safeguard your money. Just take these simple steps:
- Pause and Think: Don’t rush into financial decisions. Take a moment to understand the implications.
- Ask Questions:
- What are you gaining by selling me this product?
- Does this align with my financial goals?
- How do you make money—through commissions or fees?
If the answers sound unclear or evasive, don’t proceed. Take the details of the policy or plan and....
- Consult a Financial Advisor: Whether it’s a policy, a pre-payment loan offer from your bank, or any other financial product, reach out to a trusted financial advisor. They’ll help you understand if it truly benefits you. At Infinity Wealth Advisor, we offer guidance for such queries without charging a fee, even if you’re not our client.
What Makes a Financial Advisor Different?
Not everyone offering financial products is an advisor. Many bankers and agents may call themselves advisors, but their income depends on commissions.
A true financial advisor works for you, not for a commission. They help you understand what’s best for your financial goals without pushing unnecessary products. They’re like navigators guiding you through the confusing world of finance.
“Even Virat Kohli needs a coach. Who are we to think we can handle everything alone?”
How Infinity Wealth Advisor Can Help?
At Infinity Wealth Advisor, we believe in putting people first. Here’s what sets us apart:
- Transparency: No hidden fees or commissions—just honest advice.
- Free Guidance: Got a question? We’ll help you, even if you’re not our client.
- Strong Values: We value relationships over profits. Helping people is at the core of what we do.
The Bigger Picture!
It’s easy to know the price of a chocolate bar, but understanding how it affects your health takes awareness. The same goes for financial products. Mis-selling isn’t going away anytime soon, but you can avoid it by staying informed and seeking the right guidance.
“Your hard-earned money deserves respect. Don’t let someone else gamble with it.”
Take control of your financial decisions. Ask questions. Consult experts. At Infinity Wealth Advisor, we’re here to help you navigate this journey with confidence.
Be the captain of your financial ship. Let us be your navigator.