CASE STUDY: ANNUITY CROSS-SELL
I was asked to assist an 85 year old family member to set up a recurring payment from her pensioner's deeming account to her daily transaction account with another bank. I inquired with the Information Desk at a local branch and instead of being directed to a teller I was ushered into the office of the branch based financial planner.
She said “what your aunt needs is an annuity”.
Me: Why she would need this?
Planner: “so she has enough cash to live on.”
Me: “my aunt has no problem with cash flow. Her interest income is higher than her living expenses.”
Planner: “she could use the money to take a holiday or….
Me: “she has no need of extra cash She is not physically well enough to go on a holiday……”
Upon the third refusal of the purchase of the annuity the Planner just walked out of the room and I did not see her again. Oh well…. Back to the Information Desk
Me: “My aunt needs to set up a recurring payment from her deeming account”
Luckily they had run out of financial planners and I got the help I had originally asked for!