I perceived a need for genuine wealth management advice. I found that most of the wealth management professionals I dealt with spent their time pushing products on which they earned high margins, but which didn't solve the clientÆs problems or fulfil the clientÆs needs. I found that churning was high at the clientÆs cost.
With respect to insurance products specifically, many wealthy people did not even have a basic understanding of pure term insurance the cheapest and best form of insurance but were sold high cost endowment or money back type plans because advisers earned much more on these products. New fund offerings from mutual funds were more aggressively marketed...
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