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Empower Wealth Blog post by Empower Wealth

Banks Pigeon Hole Their Customers

From my years working in the advertising industry, our Bank clients have always tried to draw a picture of who their target market client is.  You’d be surprised to know that it generally meant that many people were ‘Pigeon Holed’ into the same group and that there wasn’t enough distinctive information that could tell people apart.

Have a look at the ads the banks have and the pictures they use in their investment materials. You generally see middle aged men in nice suits working corporate jobs with a couple of young kids.  Yet from what I’ve seen, since moving into the property investment area, the savvy investors do not always fit this criteria.

I see many more working class people and families who may not be on the ‘big bucks’, but they have realised the potential for earning more and setting up their finance structures properly to build wealth. These are the types of people I’m working with more and more at Empower Wealth every day. They have realised their wages are not going to accelerate their wealth outcomes and their Super cannot be relied upon, given recent performances of their returns.

It’s true what they say about higher incomes usually getting swallowed up into high end discretionary spending today with little being invested for tomorrow’s future.

Even when I went to my local branch last week, there was a raft of different customers in the queue, and I wouldn’t be able to hazard a guess as to what type of client they would be, let alone try and pigeon hole any of my clients either.  What I’m trying to allude to here is that the banks don’t always have the right picture of who you are, let alone understand what your potential needs are. Too often they adopt a quick mental picture of you and your needs and try to sell you a ‘systemised’ solution, basically a “one policy for that type of customer” mentality that may not be right for you, especially given they only have very limited and basic knowledge when it comes to property investment and finance.

Having a person who can shop around the lenders and help you negotiate the best structures and products not only can help you save money, it can give you the confidence that there is someone who has a personal interest in your circumstances, someone who understands your needs because they themselves have been through exactly what you are going through.

Sometimes it might be as simple as finding the right structure with your current bank. Sometimes it might mean helping you find the bank that will do the best for you, but one thing’s for sure, we’ll treat you as an individual and our services will be a selection of choices, not a “this is best for you” because that is what I have been trained to sell to clients like you.  No one likes being pigeon holed or grouped based on limited information known about them, that’s why we treat every customer as individuals with customised solutions.

 

Categories: Mortgage Broking

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