Currently, IFA can only sell insurance policies from most of the insurance companies expect AIA, Great Eastern and Prudential. Why is this so?
The road shows from these three insurance companies and also NTUC Income are everywhere. Moreover, their sales pitch is very aggressive, more like salesmen than financial adviser.
Should MAS only allow only IFA with CFP and CPA qualifications to provide financial advice and sell policies from any insurance company? The other insurance companies can sell their insurance through direct means, such as internet and phone hotline?
The three companies wish to sell their life insurance products through their own agents. They do not wish to sell them through the IFAs. It is their business decision.
It is difficult for MAS to tell the insurance companies to stop selling throughtheir own agents. I hope that a new insurance company will be set up to sell low cost insurance through the internet and call center.
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