Reality Of Stock Market Advisory Firms
Is your money safe?
A few months ago in 2021, I joined a company as a sales executive. I felt good for like 3 days. What happened next is for you to read.
So, the company was a brokerage firm and it helped in opening a Demat account for people who want to invest or trade in the stock market.
At first, I felt okay there. Then I got to know what was happening there. Apart from opening an account, they were providing some stock market tips and they had a sales pitch that we all had to repeat like a parrot to persuade the customer.
No problem with that. I have done the worst, like doubting myself and trying to kill myself for I don’t know how many times. So it was okay for me (at that time).
I had to tell a customer to open their account with this company, you’ll be provided free tips and recommendations to earn profit. (I wasn’t confident of what I was trying to sell. And… I was right about that low belief and intuition.)
7_8 days after my joining I heard one of my seniors talking about how their customers are bearing losses because of the company’s tips.
I talked to them if it was normal. Do people ever make a profit here?
They answered, “it’s normal to have a loss in the share market, most of the people bear a loss more than they make a profit. That’s no big deal. Our work is to only make a sell.”
I said, “but what’s the point of the sale if that customer is not going to come back again because of the losses.”
My Senior said, “I don’t care, it is normal here. Focus on making a sale.”
By that time I wanted to resign as soon as I can. But I was confused if that was the right decision because I needed to earn.
One day I was talking to a potential customer and I got to know that he is in the Indian Army.
He said, “Madam, I don’t know about this stock market thing. I’ve heard about it and I want to start. But I can’t focus on it because I am in the Army and here’s a network issue also.”
I said, “it’s okay, we can find a way if you want to start. You can first open your Demat account with us and then I’ll assign a manager for you, he’ll take care of your investments too if you want.” (At this point, I felt bad because I knew what they — managers — do.)
After cutting the call I decided not to call the man again. I was suffocating inside and I wanted to go out of the office as soon as I can.
After a few hours, I was talking to a lady. She said, “Madam, I used to trade. I’ve lost all of my savings because of some company’s tips. Now I’m regretting it.”
That moment, I decided, I’m done here. Time to leave. The next day I came to the office, I said, “sir, I’m sorry but I won’t be able to continue this job after the month ends.” (I thought I needed to complete the month. I was not confident enough to tell him that your company sucks and I want to resign right now.)
He said, “why do you want to leave?”
“Because I think customers are losing money, sir. I can’t persuade them to buy something that I know is harmful to them”, I said.
I was shocked after what he said, “Manu, tell me how many people in your family are investing or trading in the stock market?”
I said, “there are many.”
He said, “have you ever seen anyone who has no money, investing or trading? Only those who have money invested in the market and it is normal for a loss to occur. The stock market is risky. They all know it. But they have money so they are investing. I’ll leave it to you. You can resign today if you want to. Why wait for the month-end.”
I said, “okay.” Then I resigned and came back home.
After working for 15 days, I left. I felt like a failure. How am I going to earn? Why did I do it? But then I realized, this is the best decision of my life.
Now I am thinking, is this okay to rob someone just because they have money? Is this okay to make a false promise just because someone is trusting you?
I don’t understand why people want to earn money in the most demon way possible. When they have better options. I mean, the so-called advisors can learn about the stock market and help people in making profits. Why not care about someone else’s money?
We don’t even know how much effort they have put to earn that penny.
The irony is, most of the time, people who have less money invest in the share market or buy lottery tickets. Because they want to be rich. And those companies just take the only penny they have, thinking, “they have a lot of money, I must make a profit out of it.”
There are a lot of companies like this but there are some good ones too. They know what they are doing and they know the stock market.
I just want you all to be aware of these types of companies. If you want to invest your hard-earned money in something, first learn about that platform. Take a course, gain some experience from little investments.
Most important is to be patient enough before you enter the stock market chaos. You will earn $20 today with sheer luck but you won’t earn tomorrow with the same tactic and you will lose $40. Only patient investors make fortunes in the stock market. Be careful and learn.
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