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When shopping for financial products, be your own advocate

When shopping for financial products, be your own advocate

August 20, 2022

The results of mystery shoppers provided Canada’s banks with mixed messages, according to Investment Executive.

However, three out of every four shoppers had a positive experience.

But shoppers had a negative experience with inappropriate product recommendations, confusing and misleading disclosures, sales pressure, and a lack of knowledge of the employee.

Inappropriate product recommendations were experienced by one out of every three shoppers inquiring about a checking account. Almost half of the shoppers found inappropriate recommendations when inquiring about credit cards.

This research by the Financial Consumer Agency of Canada (FCAC) was released in May.

The FCAC said “bank workers need to be trained to make recommendations that meet consumer’s needs, without pressuring them to accept products they do not need or understand. Employee sales targets and incentives should not conflict with these objectives.”

The quality of service cannot just be judged by the personality of the person with whom you speak. It is all about the quality of the recommendations.

The part of the survey I found most interesting was the shoppers came away with a pleasant experience but as for the important aspects, there was much lacking in the quality of service.

It is important that everyone is their own personal advocate.

Peter Watson is registered with Aligned Capital Partners Inc. (ACPI) to provide investment advice. Investment products are provided by ACPI. ACPI is a member of the Investment Industry Regulatory Organization of Canada. The opinions expressed are those of the author and not necessarily those of ACPI. Only investment-related products and services are offered through Watson Securities of ACPI. Peter Watson provides wealth management services through Watson Investments. He can be reached at