—and say, “Oh, you're an advisor.” With that, working at a bank carries a certain level of cachet, as opposed to somebody who has the educational and institutional knowledge of actually providing investment advice.
I know all of the people on the bank side, and I don't want to pick on the banks, because as a politician I'm very much called a company man from time to time and I drink the Kool-Aid just as everybody else does, but I want to say this. From a customer perspective, a very objective perspective, if you're walking into a bank and somebody at the tell is giving you investment advice...and the only point here is that they look at your financial profile on their screen and say, “You should speak to X, have you ever thought of doing y?”
I humbly suggest it is not within their expertise to suggest that to a customer, because they don't know that customer's financial profile to that extent, and they shouldn't be making that type of recommendation. That's one man's opinion.
I'll defer to the Chair and I think my time is up.