5 important points shared by Mr Michael Lee, Cornerstone Planner
1. Cheating
Definition of cheating refers to an act which is dishonest or unfair in order to gain an advantage. Example: in order for one sales person to meet his/her sales target, he/she will fake his/her applicant pay slips. It will make her annual pay looks as though it has met the minimum requirement set by the bank.
2. Misrepresentation
Misrepresentation is a false statement of fact made by one party to another party, which has the effect of inducing that party into the contract. Mr Michael Lee explained that there are three different types of misrepresentation.
- Fraudulent Misrepresentation
It occurs when one makes representation with intent to deceive and with the knowledge that it is false. It can also be made recklessly without regard whether it is true or false.
- Negligent Misrepresentation
It occurs when the maker carelessly makes a representation while having no reasonable basis to believe it to be true.
- Innocent Misrepresentation
It occurs when the maker had reasonable grounds for believing that his or her false statement was true
3. Misselling
An unethical behavior where a salesperson will mislead his/her prospect about the product/services. The salesperson may leave out certain information about the product/service which will affect the prospect's decision greatly in favor of the salesperson.
4. High-Pressure Selling
It is another term for describing hard selling. It is an aggressive behavior made by a salesperson to convince a prospect to buy the product/service. The salesperson will not consider the needs or ability of the prospect if he/she is able to pay for the superior product/service or is in need for the product.
2. Unlicensed
A salesperson is unauthorized or restricted to have the ability and competency to provide product/services to their prospect.
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