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The greatest con job called “Wealth Management”

October 6, 2011

I was sitting with my “Wealth Manager” from one of the foreign banks (name with held for the fear of losing all my wealth) when my wicked friend dropped in for a cup of coffee.

He waited for me to finish my 45 minute discussion – who doesn’t want to spend some extra time with a fresh pretty face – wherein I was told why I should not remain invested in certain mutual funds and why it was great time for investment in gold. Since I was working on that day more from the heart rather than the little brains that I have, I ended up signing a few forms which was to result in investments in the recommendations of the pretty face.

Once the girl left, my wicked friend looked at me the way you look at just failed seventh standard student. I initially brushed it off as pure jealousy – because the pretty face had not given him her attention.

However, my joy of forty five minutes came crashing down once my friend started pointing out a few of his “common sense” observations which he had picked up during my conversation with the pretty face.

I realized I was advised by a just passed out MBA from a management school whose only objective was to make sure that the bank earned a fee for shifting my investment from one mutual fund scheme to another. In fifteen minutes I was conned twice – first time to move my funds from equity investment to gold and then from fixed income to equity investment ! I called up another friend who was also “serviced” by the same bank and got a shock of my life to hear that he was persuaded to move from “gold’ to fixed income by another pretty face just a few days back.

I now had to choose – do I stick to my promise that I had made to the pretty face or take my wicked friend’s advice. The downside of going with my friend is not seeing the fresh face again.

Reluctantly I decided to love my wealth more.

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5 Comments
  1. hahhhaaaahha…Now this friend I think I know?

    • Yes. You guessed it right

  2. Wicked Friend permalink

    Me thinks you have to call the person back for more “wealth management” sessions..maybe go thorough a list of potential customers..

    • This is why Wicked friend cannot become a “Brahmarishi”. He is prone to succumb to the charms of the apsara. He wishes to have this apsara referred to him for his own “wealth management” session!

  3. Happy reader permalink

    The good looking con agents hired to identify preys and fool them!!
    maybe you can keep asking for more clarifications/options sessions and in the end deny any change!! tit-for-tat.

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