The Rich Don’t Deserve To Get Conned

Written By: Tiang Chuan on June 9, 2010 No Comment

There has been push for the Mass Affluent and High-Networth-Individuals (HNWI) market by many financial institutions. This is a logically move looking from the business volume and margin angle. However, this trend does not necessarily benefit the mass affluent or the HNWIs.

When it comes to the mass market, 1 or 2 wrong advice could spell financial disaster for the consumer. Generally, they do not posses the financial ability to get too many products or in high amounts. It’s a totally different story for the HNWI market. Possessing the financial muscle to obtain a great variety of products in much more substantial amounts, they are the lucrative targets.

Bad advice, even out right con jobs, are prevalent in the HNWI markets. Taking advantage of the regulations and making the clients sign all sorts of disclaimers, many financial institutions protect themselves legally. They make themselves seem legally right, but are they morally right?

A bigger capacity for making financial mistakes do not make it a right to take advantage of them. HNWIs , just like everyone, have the right to proper advice.

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Tags: Ethics, Mis-selling