Tan Kin Lian's Blog: Exploitation of the consumer

Monday, October 20, 2008

Exploitation of the consumer

Mr. Tan,
I was a financial adviser. I was simply stating that your motive as interpreted by me that it is more for a positive publicity for your own political ambitions if any. It is hard for me to comprehend that a person on the sideline (as you had declared that you are not invested) would stake your time, reputation and efforts on an issue which is nothing more than a manifestation of the risk in investment.

REPLY
Being a financial adviser used to earning a high commission by selling poor value products to consumers, it is naturally difficult for you to understand that there are people who are willing to spend time to fight against this type of exploitation of the consumers who trusted you.

29 comments:

Anonymous said...: Well said, Mr. Tan.
What ever name this adviser used is no different from the insurance agents who push product for high commission because he cannot understand what is helping others in meeting their financial goals.. Because he could not help with whole life products that take away lot of the clients' resources and in return for low protection and low return..This adviser cannot understand why you are helping the victims because he was a predator and he never helped any of his clients before.He cannot understand because he was pushing useless products that ripped off his victims for his personal gain.
He has become a former adviser because he has lost his clients, lost his income and has become a has been. All insurance agents will become a has been.

still in business; October 20, 2008 11:44 PM
Anonymous said...: To the financial advisor who made the above comment:
I totally believe Mr Tan did what is the right thing to do. Mr Tan is completely a selfless person in helping the affected investors to see justice prevails. Even before this financial crisis, Mr Tan has taught countless people the proper way of investing and buying insurance through this blog over the past year. I too have gained tremendously from his wisdom. Mr Tan has no hidden agenda. If he has, then it is to fight for the weak from the unscrupulous people.; October 20, 2008 11:47 PM
Laremy said...: This comment has been removed by the author.; October 20, 2008 11:49 PM
Anonymous said...: I 2nd laremy comment.
Whatever Mr Tan's motive, at least he bothered to take the effort and most people who are invested are thankful for his actions.

One thing I found funny though.. Mr Prata Man(in case you don't know, that is Our current president's nickname).

Oh yes.. Mr Prata Man is seen on TV endorsing the launch of the Tamil TV Channel. Looks like he must have been an avid TV viewer... hmm.. which comes to mind.. could he have been watching tv too much that he forgot to be the People's voice?

Imagine.. Speaking on TV .. saying "Oh.. I can't wait for that goody goody Tamil TV channel.. I've been waiting for so long for that"... but remaining totally silent on the issues that concern people's lifesavings..; October 21, 2008 12:02 AM
Monsoon said...: Mr Tan - well said, perhaps this guy is trying to redeem himself by implying he is playing devil's advocate. He is not worth replying to, he is just trying to detract you from this very important task and heavy responsibility at hand. This guy should be so ashamed of himself he should just disappear now and not invite more of your supporters to flame him.; October 21, 2008 12:10 AM
Falcon said...: The devil will never understand why Jesus is willing to die on the cross.; October 21, 2008 12:20 AM
Anonymous said...: Thats a nice reply Mr Tan. And if you ever decide to become President
(which I'm fine with), kindly appoint me as a coffee boy in the Istana.; October 21, 2008 12:23 AM
Anonymous said...: life is about 2 sides of a coin.

sure everyone would focus on the project header gaining limelight.

but have anyone really thought what if no one steps up. everyone still as lost as the next sheep in a stray herd. nothing gets done, nothing get attended to.

i applauded Mr Tan for not only his knowledge, his principality, but his courage.; October 21, 2008 12:42 AM
Anonymous said...: The garmen always talk about want to help the lower income group to narrow income gap. They are now doing the exaxt opposite.; October 21, 2008 12:46 AM
Anonymous said...: 以小人之心度君子之腹; October 21, 2008 12:59 AM
Anonymous said...: Anon12.02 said
"Imagine.. Speaking on TV .. saying "Oh.. I can't wait for that goody goody Tamil TV channel.. I've been waiting for so long for that"... but remaining totally silent on the issues that concern people's lifesavings.."

Could be his reward for having served the PAP for long service award. And for keeping quiet for so long and still enjoying his retirement, at your expense. hehe. Real talent.; October 21, 2008 3:32 AM
Anonymous said...: Dear Mr Tan

I am just grateful that there are still people like you who have integrity.

I thought I could trust my financial advisor but I see by this FA's attitude that they really do not have their client's interest at heart. Looks like I better class FAs with the likes of used car salesmen!; October 21, 2008 3:38 AM
Anonymous said...: Dear Mr Financial Advisor,

You have my admiration for speaking up & also my sympathy for the effect of your actions.

Sadly, it is really difficult to judge a person's motive (which is unseen). We can only judge others by actions and behaviours (which is seen).

Whatever Mr Tan's motive is, I just hope a lot of person will be helped in the end. Does it really bother anyone that Mr Tan get the credit? I don't. Even if his motive is self-serving (which I am not implying he is), so what? If that provide a real good solution to the problem at hand, why not just let him get the credit. Someone has to get the credit. That someone just happened to be Mr Tan now.

Life isn't fair all the time. You may have wished you be the one (like Mr Tan) to come out and stand up for the concerned party, and along the way also get the glory. I am not saying you wanted to, but well my friend, that position had been taken by Mr Tan liao...it could well be someone else...but I reckoned that not everyone will be satisfied with him/ her.

Having said that, paper cannot wrapped fire for long. Time will tell, sometimes...haha...that's sad, but true. Not many ugly motives are revealed. But judging from Mr Tan's action, he is doing a lot of good for a lot of people.

So let's major on the major. Focus on the main thing, which is the plain thing...that is...someone is speaking up for the people.

You just watch and see and stay tuned as the saga continues...you may be right, or wrong...but really, years later, it doesn't really matter. Mr Tan is not the only one, and will not be the last. We just move on.

Question is: He showed concern to the public. Who do you showed concerned to? I will want that for my own loved ones and family. That's all I can handle for now. Maybe when I learn how to be more effective, I can extend my concern for the public.

All the best to your career, I do salute you :)

Sincerely,
EBY; October 21, 2008 4:49 AM
Anonymous said...: Good reply Mr Tan! No doubt a lot of Financial Advisers must be cursing you now but that's only because you are the good one and they are the bad ones.; October 21, 2008 7:06 AM
Anonymous said...: Well said. Mr. Tan; October 21, 2008 7:23 AM
G C said...: Dear Mr. Tan,

Please do not dishearten by this selfish comment. While in this materialistic world many could not understand and and do not believe in what you do, but they are also many who sincerely believe in you.

I come to your blog and web site by chance, and what have you written in your blog and web site have never available in my last 50 years, I was disappointed for not able to read your articles sooner other wise I will be miser.

After saying that I feel that I have been all this while have been ill advise by my insurance agent and other so call financial expert.

Mr. Tan believe me you have all the support. Please find time to write more books on finance to save this world of greed.

G C Tham; October 21, 2008 7:48 AM
Anonymous said...: Financial advisor,
There is a man drowning in the river and a group of spectators watching. Mr Tan is the one who, forgetting about his own safety, jumped into the river trying to save the drown man. But you .... just standing by the river side to enjoy the S H O W !!!; October 21, 2008 8:45 AM
Anonymous said...: The truth is after this saga a lot of insurance agents , financial advisers, RMs etc will be out of job because as the Minister of Trade said MAS will be coming down hard on these people. The competent and honest ones will be around and the rest who don't meet these criteria will have to look for jobs as toilet cleaners, as security ghuards, behind McDonald counters etc.Time is hard.; October 21, 2008 8:59 AM
Anonymous said...: Even our GOVERNMENT do not bother about us, at least we have someone like Mr Tan who does not mind to stand up and lead us through this traumatised period. Where are our MPs ? Don't u think they also have motives .... but only when election comes then u can get to see their smiling faces ! By right, they should be the ones, who received BIG pay packages, should fight this battle and NOT Mr Tan !; October 21, 2008 9:12 AM
Anonymous said...: Dear Mr Financial Adiser, you are doing all Financial Advisers a disservice. I do not trust any Financial Adviser any more after I read your message.; October 21, 2008 9:33 AM
Parka said...: It is startling that there are people in the financial industry that don't truly understand concept of value exchange other than in monetary terms.

There's also value in doing what's right.; October 21, 2008 10:31 AM
Anonymous said...: I remember when Mr Tan was NTUC Income CEO, he tried to cut insurance agents by getting the public to buy directly from NTUC Income. What does it mean? It means he really acts in the best interests of investors, even though this will cause unhappiness among his insurance agents. A true gentleman.; October 21, 2008 10:43 AM
Anonymous said...: for a person who lives his life guided by motives, it is hard to understand true giving and helping the poor.

Most people only have time to love and help his family, but Mr Tan goes beyond that. How many are like that?

Pity this guy's upbringing; October 21, 2008 10:49 AM
Anonymous said...: A rapist will find it hard to understand why a women should not be violated.
A robber will not understand why a bank cannot share it's riches.
A financial advisor (or should it be destroyer" will not understand why it is wrong to use improper mean to earn his commision
An unethical person will not understand why aomeone will want to do something right; October 21, 2008 11:29 AM
Anonymous said...: As a casual observer of the ongoings of this forum, I just have to say i support and respect all the actions of Tan Kin Lian. I opine that he has neither hidden motives to become rich through his recent actions, nor to get credit for doing what he is doing so that he can craft a future political route of advancement.

Having said that, circumstances may force or persuade Mr Tan to go into politics and in the near future if things continue to go this way, it might well happen.

I only hope that if that happens in future no one will come back and make comment that tankinlian has political ambition from Day 1. Remember we are all victims of cirumstances and we must truly understand the chain of cause and effect in order to think clearly and rationally.

My verdict: Not Guilty.

REX; October 21, 2008 1:26 PM
Anonymous said...: Mr. TAN,
WELL DONE! DO NOT BE DISHEARTENED BY THIS SELFISH PERSON'S WORDS. PLEASE CARRY ON TO HELP THOSE VICTIMS WHO SHOULD RIGHTFULLY GET BACK THEIR BLOOD & SWEAT MONEY.I FULLY SUPPORT YOU TO THE END.
BRAVO; October 21, 2008 1:52 PM
Anonymous said...: Financial Advisor,

Can you hear the call all over the world: "stop cheating, Cheaters in the Walls street!".

Do you have any political ambitions? If so, besides cheating money out of our pocket, can you do other things to win our respct first?; October 21, 2008 3:46 PM
Smile said...: Let us not be caught up in the finger pointing game first.
This is not the time to take sides. Shouldn't we be focus on resolving the issue at hand first before we start accusing anyone of "political ambitions" or "earning a high commission by selling poor value products".
Thank you.; October 22, 2008 5:46 PM
Anonymous said...: I am aghast by the inappropriate comments posted by this ex-financial adviser. It is bad enough that they (ie. financial advisers) has caused tremendous harm to their customers that they were supposed to advise on investment fiduciary matters.

This person who have the cheek to insinuate that Mr Tan Kin Lian has ulterior motives in the political arena really takes the cake! It is evident that this person has got neither conscience nor feel remorseful about the great losses suffered by their customers while reaping their commissions.

By keeping silent would be the smartest thing to do [sic. damage control] instead of revealing the true ugly nature of a predatory conman and insinuating a hidden agenda when people like Mr. Tan who step up to help out victims of their crimes. I pray for your lost soul!

To claim that it is 'a manifestation of the risk in investment' shows a total ignorance of financial product knowledge. Investment? what investment? Where's are the underlying real assets? Simply, there are no assets behind those products! They were simply complex credit derivatives, leveraged 10 times or greater and sold to unsuspecting customers as financial assets. But unlike shares or bonds, there is no real underlying assets to back them which is why those that bought them suffers catastrophic loss. Simply, there were nothing to back them. Risk? The underlying risks were simply too high for the average joe to understand. To market them as fail-safe investments like 'capital protected' or 'capital assured', or call Minibonds when they were not even Bonds! - these were gross misrepresentation!

When I was first introduced to structured investment products over 4 years ago, I took the trouble to read the prospectus. I was horrified to learn that they were actually credit derivatives called CDOs issued by Wall Street firms and another set of index derivatives based on a basket of global stocks - plenty of 'what-ifs' had to happen in order to get your money back! Despite advertising them as capital-protected, the small print on the risk section said that there were the prospect of capital loss!

Fast-forward 4 years later, despite plenty of complaints regarding how structured products were marketed and represented to the public had been channeled to MAS, I was surprised that MAS did not do anything but continue to allow this to happen. MAS has a lot to explain why they did not do anything despite numerous complaints from the public.

The sad fact at this time of financial crisis, Singapore is lacking true leadership from the political leaders. They are extremely silent at this point! Even the opposition (Low Thia Kiang & Chiam See Tong) are surprising silent! We need true leaders to step up & not million dollar ministers who are invisible in times of crisis!; October 23, 2008 6:19 PM

Monday, October 20, 2008

Exploitation of the consumer

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