Today, my usually happy experience with TD Canada Trust was blasted out of the water, with a simple, innocent telemarketing call. The caller was eloquent, friendly, patient, and gave me his spiel. Given that they ARE my bank, they may well have been calling with something important, and he was honest sounding, I listened.
Now let's take a step back and set some context for today's conversation. Here are some of TODAY's headlines from the news outlets of the Western world:
Reuters: 2009 Sees Surge in First-Time Delinquent Income Taxpayers
Wall Street Journal: More Small Businesses Go to War with Big Banks
Bloomberg: U.S. Retail Sales Unexpectedly Drop as Jobs Evaporate
Time Magazine: Rising Risks in Muni Bonds Cause Investors to Worry
Washington Post: Strip Mall Landlords Hit by Soaring Vacancy Rates
NY Times: High End Hotels Forced Into Bankruptcy and Foreclosure
NY Times: Unemployment Rate Surging in Germany's Richest Region
Daily Mail: Record Numbers of Middle Class Desperate to Sell Homes
Financial Times: Economic Crisis Will Send UK Oil Production Plunging
Fortune Magazine: Citibank on FDIC's list of "Failures and Assisance"
Business Insider: Moody's Has Downgraded the Entire United States
UK Telegraph: Gold to Break $1,000 as People Sell Jewellery for Cash
Getting the picture? We've been so inundated with similar news that it has become the new normal. World financial collapse? Meh.
So now back to our caller. I am as risk adverse as just about anyone, but decided to take advantage of the substantial grants associated with RESPs, and put away some money for my kids' educational future. So this guy, with access to my accounts and information, is calling to tell me that they "have a new fund which is doing very well", and that I should "consider moving my investments" out of the relatively safe bonds that it is invested in. I ask: is this fund invested in stocks? He doesn't answer the question, merely says something about it being "very safe". I ask again: "Is there an equity component to the fund you are suggesting?" He replies, again not answering the question, "There are many funds available sir, I am referring to more than one." I ask him, "As a financial adviser and salesperson, do you think this is a good time to be investing in equities, considering the complete meltdown of the global financial system?" He doesn't answer. He then tells me again that the fund he is suggesting is "very safe, and is doing very well." I politely excuse myself.
I resist screaming, 'cause I don't want to wake up the kids.
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