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A Banker’s Advice Can Make a Difference
“There are two great temptations to avoid when making investments. The first is the excessive fear of failure, which can easily cause a person to become imprudently conservative. The second temptation to be a voided is the belief that one can become rich by multiplying a little money into a great fortune through investing.”
Richard C. Chewning, PhD, Editor
There are several reasons why people invest. However, a principle common to everyone is – “evaluate risk and return”. The guideline: the higher the rate of return, the higher the degree of risk.
A bank manager needs to be knowledgeable at any time about the on-going situations in the financial institutions including investments houses and their status (credibility) in the industry. By doing so, the interest of existing clients can be protected.
One day, it was reported that a couple sent notice that they intend to pre-terminate a big amount of their time deposit. Upon learning, the bank manager personally visited the couple to determine the reason for the pre-termination of their deposit and as to how do they want the withdrawal to be made (cash or manager’s check).
The bank manager learned that the couple was visited by an investment house representative and offered a very tempting interest rate for a short term investment. Since the couple is retirees, the bank manager asked if they can afford to take the risk because if something happened, it will be difficult to recover the money. The couple was cautioned that any investment paying a high rate of return should be viewed with skepticism.
After a serious talk, the couple decided not to pursue with the transaction. After a few months, news was heard that the investment house was ordered to close its operation.
The role of a bank manager is not only contained in selling the products but also providing quality service which include giving counsel to investors where to invest their money properly.
Tags: belief that, chewning, credibility, degree of risk, excessive fear, fear of failure, financial institutions, great fortune, interest rate, Investments, months news, phd, quality service, rate of return, richard c, short term investment, skepticism, temptation, temptations, time depositRelated posts
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