I could, however, argue that quite the opposite was evident. For any person involved in the financial planning industry within one of the big four banks over the last 10 years will be totally conversant with the cavalier manner to which senior management treated their staff and their customers.
This was certainly not the 'inadvertent' results of remuneration arrangements as suggested by Mr. Maxsted, but rather part of a concerted and deliberate effort to use every resource available aimed at maximising fund inflows.
There would be many of you out there, who has worked in these toxic environments and can recall those ' you have to be on the same page or you need to share the vision, etc, that would be regurgitated by indoctrinated management when your FUM targets failed to be reached. And of course, followed by the usual threat of 'being managed out' or whatever the phrase for getting rid of you was at the time.
And no better way to demonstrate the high-pressure sales culture of the banks than an exchange from the Royal Commisiion. Whilst his witness statement, one of the banks head of advice of advice, come up with all the 'right answers' about clients coming first and their staff is their biggest resource. The real textbook answers. That was until counsel assisting, Rowena Orr, suddenly broke from her line of questioning and asked if the witness would describe themselves as a salesperson? Shock and indignation across the face of the witness." Absolutely not" was his immediate reply, followed by another textbook speech about financial planning actually being the exact opposite. Somewhat convincing, that is until Ms. Orr interjected with the following. "I took the liberty this morning of accessing your LinkedIn profile, and you actually describe yourself on there as an expert salesperson!
The look on this witness was absolutely fantastic, and after the usual 'umms and ahs' and long swigs of water, his only response was, I didn't know I had better check.
Anyone from the big banks will now the word salesperson only became toxic at the commencement of the Royal Commission. Up until then, being rated as good at selling was the greatest of all compliments. Remember the league ladders and leaderboards, and conferences for the high achievers.
Mr. Maxsted you need to take responsibility and stop putting a spin onto some very serious topics. You need to look up the meaning of the word fiduciary duty.
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