Many people have sent an e-mail to ask for my advice on how they can buy low cost insurance and funds.
I have referred them to the following:
1. Business center of NTUC Income
2. i-Term available from Income's website
3. Flexi-link and Combined Fund from NTUC Income
4. Exchange Traded Funds from the Singapore Exchange
I have also referred them to a few NTUC Income advisers, who have agreed to offer only the low cost insurance and funds. As they earn a small commission, you should not expect them to spend too much time visiting your home. Discuss with them by e-mail or telephone, or visit their office.
Some other people have recommended unit trusts available thorugh Poems (Phillips Securities), Fundsupermart, DollarDex and Finantiq. I agree with the use of these internet portals, but you should choose the low cost funds.
See this FAQ:
http://www.tankinlian.com/faq/savings.html
You can read the following FAQs on how to buy insurance directly:
http://www.tankinlian.com/faq/termd.html
http://www.tankinlian.com/faq/motord.html
Direct Distribution Channels is good in keeping distribution cost low when sales volume are adequate.
ReplyDeleteHowever, there are 2 general points I like to mention about direct distribution channels.
1) They are salaried staffs who can join and leave the companies anytime when other companies or bank offers a higher salary.
You do not have an adviser who can help you in rebalancing your portfolio and one who keep all your records for your yearly or bi-annual reviews. You will end up talking to different adviser everytime and having to show everything again and again. You finanacial plan might not be consistent especially if the consultant is not a true Financial Planner.
2) Direct Distribution channels are formed by consultants who likely have sales target similar to any tied agents. It is still advisable to equip yourself with the necessary knowledge before you visit them. They may not recommend you a ID7 but you may end up with a revosave at the end of the day.
I advise you to learn identify who is a good adviser and one who is willing to teach you the basic before you decide.