I am guessing the other part of the story is that the bank employee also told him he wouldn't have to pay any tax on this investment.  Which sounded like a great deal except for the fact that Mr F had no clue what an RRSP was or that one had to have employment income to use it.

Which brings us back to Rickschlosser's point of a fiduciary duty.  Odds are that the adviser never bothered to question if he had any employment income.  And that adviser likely just moved from the car loans desk last week and next year will be working elsewhere in the branch.  As a result the primary focus and motivation is on product sales vs. developing a real client - adviser relationship.