February 11, 2010

Ready for Round 2?

I'm back everyone! - I took a little vacation from my blog for a while.  But now I'm resuming my research and writing to challenge the usual "norms", or traditional rules of personal finance, investments, and government fiscal policy.

The economy needs to recover jobs lost during the "great recession" that occured late 2008 to present.  Just about every industry lost jobs- especially the banking & financial services industry.  However, with the economy finding some stability, the banking & financial services industry is now starting to rehire professionals with no regard for the mistakes they made in contributing to the worse financial meltdown since the 1930s.

If you take a look at the job postings on Monster, Careerbuilder, or whatever - you can see the qualifications and requirements for these type of banking positions.  Below is a posting on Careerbuilder.com highlighting the strange requirements for a "Financial Advisor" at Bank of America (one of the many mega-banks that were bailed out by us taxpayers):

Essential Duties and Responsibilities:
  • Performance Hurdles: A Financial Advisor Trainee must acquire clients through personalized marketing techniques to meet minimum performance hurdles.
  • Must possess 3 or more years of sales experience with a proven record of exceeding goals.  Outbound sales experiences required.  Possess excellent communication skills, both written and verbal.  Proven relationship building and business partnering skills.

Is there a bank out there that wants to do the right thing for individuals, just because it's the right thing to do?  Without all of the commissions, sales goals, marketing techniques, and hassles that create an environment where employees compete with their coworkers for that next sale and large bonus?  Banking & financial services firms should instead create an environment where people can go to get the best financial advice for their wealth.  Unfortunately, not every bank has your best interest at heart...most likely they are concerned about their bottom line and bonuses.

The banks are gearing up for round 2...your money, retirement funds, and other assets have already lost round 1 and it's up to you to protect yourself from being pushed further from retirement.  How can you win the next fight?  Invest in other vehicles besides your 401(K)ill plan, invest in property, land, and pay off a large amount of your debt...if not all of it.  Get your wealth up and take your debt down.

Bank of America - Bad for America (video)


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