Can anyone enlighten me so that I can set my mind in peace.
Example 1:
Bought $10k unit trust from the banker and he promised to charge me $350 for the sales charge and when received the confirmation notice from the bank, it was indeed $350 sales charge.
Calc:
$10,000 x 5% = $500 (sales charge before discount)
Discount (1.5%) = $150 ($10,000 x 1.5%)
= $350 (sales charge after discount)
Example2:
Bought $12k unit trust from another banker and he promised to charge me $320 for the sales charge but when received the confirmation notice from the bank, the sales charge was $384.
Calc:
$12,000 x 5% = $600 (sales charge before discount)
Discount (1.8%) = $216 ($12,000 x 1.8%)
= $384 (sales charge after discount)
Is that how the bank calculates the sales charge? If that's the case, the banker shouldn't tell the customer that the sales charge is $320 only, very misleading for new investors.