Editor’s note: This article was first published in January 2011. Its statement that Santander was the third-largest bank in the world reflects rankings of that time and depends on the measure used, such as assets or market capitalisation.
A while ago we wrote about the pros and cons of becoming a bank’s collaborating agent (an independent agent who brings in and serves clients on a bank’s behalf). Comments about this way of working have since started coming in on that article, with current Banco Santander collaborating agents saying they feel deceived.
Of course, we never recommended this kind of arrangement, in which only one party benefits, the bank, and the only likely and imminent loser is the agent. But now everything is coming to light as offices start to close and the bank takes over the clients the agent brought in. Because of the type of contract, the agent owns nothing of that client portfolio: the clients belong to the bank. In short, the agent is left with nothing, and quite possibly in debt, having never turned a profit.
That said, from what I’ve been reading in the comments, everyone is complaining and everyone wants to do something, but in the end, sadly, nobody will do anything, because there is no unity among the agents themselves and they don’t see each other as colleagues.
Many years ago I was offered the chance to become a bank’s collaborating agent. I even met with them at their headquarters to hear their proposal. If you’re hard-working, trusting and passionate about having your own business, you may well fall into this trap, given the way the business is sold to you. It’s a business where, once you walk out of the meeting, no matter how much you think about it, you can never see where the profit from the arrangement is supposed to come from.
The thing is, I’m sure the agents have been “screwed”, and I could have been one of them. So it hurts to see that, had I been the one deceived, nobody would have backed the cause with me and nobody would have done anything about something that may well be ours.
Banco Santander didn’t lie to get you to become an agent, but it certainly left out a lot of truths, and it has probably tied things up very tightly in the contract so that no agent can file a claim or seek compensation.
Now, a bank is a huge institution, and Santander in particular is the third-largest bank in the world. But remember that a bank isn’t made by the banker; it’s made by the customers who deposit their money and watch the bank grow rich at their expense.
One agent on their own can’t do anything, but I’m sure 100 agents together can make a lot of noise, and in the end noise puts things back where they belong.
So, with all due respect to the agents: you should talk less and find the guts to demand what’s yours, everything you fought for while barely making any money and that has now been taken from you. I’m tired of the big swallowing the small, knowing that 1,000 small players are stronger than one big one. You know you have my support, and believe me, when the time comes, it could be significant support. But first, make it clear whether you really want to fight for your interests.
Featured image: Estoymuybueno, CC BY-SA 2.5, via Wikimedia Commons.
