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High returns always come with high risk
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IN Wan Lixin’s “Don’t be fooled by wealth-management promises, or dreams of getting rich quick” (December 23), he mentioned “young wealth managers” who participate with square-dancing aunties each evening. These managers are not there just to exercise, but make friends and later show how much these aunties could make by buying into one of their get-rich schemes, promising higher interests than one can get in a bank deposit account.
They are there to indulge in what social psychologists call “impression management.” This involves trying to control or influence the aunties’ perception of their wealth-management products in ways that will enable them to sell these products. Generally, the first step is to hold an introductory session in a hotel, with a sumptuous meal after it. During the presentation, success stories are provided to show how these scenarios can be possible for buyers. Pressure-selling is then introduced on a one-on-one basis and with a limited time frame for one to act. The principle to bear in mind is: higher return = higher risks.
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