Short YouTube transcript excerpt of Ndubuisi 'Andy' Egwim discussing why going to your bank for financial advice is limited — he compares banks to a pasty shop that will only offer what they sell, may not suggest better options elsewhere, and may not recognise clients’ broader needs.
The way I look at it and the way I describe it is that going to your bank is a bit like going to pasty shop. So I, I train in Cornwall, so we like our Cornish pasta.
Yeah, I like this. I like where it's going.
If you're a pasty shop and you want a salad, I'm probably going to think, well, but it's a pasta, not balanced diet. Why would you just want to eat a salad? And while the banks might not nudge you in that direction, they might not be, and they will. They will actually tell you that they cannot advise you on other products. They are not obliged to tell you that you're going to get a better gauge or a better offer outside, but they can only give you the past, which they have. But you want a salad, we might not even know you need a salad.
I think that's. That's bang on. And I think that's where ultimately any, any advisor that you see within the bank, they are, they are just giving it as a there you go, take it or leave it, and as it's one of the biggest financial commitments you'll ever make in your entire life.
