Dear Mr. Tan,
My friends and I enjoy reading your blog. Just to say thank you for your sound opinions on Financial planning and products.
With your sound opinion in Pinnacle note, I put my money in FD instead of "mislead" by the RM of the bank last year. I save my retirement amount because of a kind hearted person like you.
Thank you.
Mr and Mrs Goh
Thank you Mr. tan.
ReplyDeleteIf I hv read your blog last year, I would not have sleepless nights now.
Too late but is still useful. I would not trust these people anymore.
You should not trust ANY SALESPERSON who pushes or peddles financial products.This is incorrect way.
ReplyDeleteConsumer products can be pushed or sold but not financial products. For consumer products you can see, touch ,feel, test and there is warranty for defects, the damage is lesser. But for financial product be it an insurance or an investment, the damage is not immediately known and can be disastrous when discovered too late.
Another danger to avoid is buying financial products at roadshows.Avoid them completely and don't be lured by gifts dangled before you, it is a bait. At roadshow you can be sure that you are not going to get the truth.You will be rushed through with a lot of lies and non disclosure and all this with one thing in mind, to close you and definitely not you in mind but your money.
It serves you well to avoid them. You now know investment or insurance is not as simple
as being told about return and risk
or whole life or term insurance, about features and benefits, the person advising you must be honest and competent. Only competent and honest people give advice, sales people don't and they don't know.They just want to make a sale, by hook or crook and at all cost.
Be careful. Caveat Emptor is rubbish. it serves the sellers only. This is what has happened to many investors and policyholders because of Caveat Emptor.
Pro Consumers
As recently as July this year, I was offered the exclusive Merrill Lynch 5 yr 3.5% fixed income Notes (min S$200K to invest) by UOB Privilege Banking. But having read Mr Tan's blog much earlier, I was not tempted. Wonder what's the fate of those (I think not that many due to the min amt required) who invested in it? Anyone have similar experience and care to share?
ReplyDeleteDear Mr Tan,
ReplyDeleteI almost invested in the minibonds till I read your blog, which you strongly against investing in it.
Thank you for your advise as I decided not to put a single cent in it, else i will be having sleepless night.
For those who escaped the scathing by minibonds and notes don't let your guards down. There is always a bad product lurking round the corner. It can be a toxic waste disguised as exotic, an insurance product that drains your resources like cancer.
ReplyDeleteMore dangerous are ruthless agents of destruction on the prowl to pounce on your retirement fund, your hard earned saving and your income.
Look out for telltale signs of these evils. If a product is touted as out of this world, it sure is. If insurance agents or consultants tout and push that product just run for your life.
If agents and consultants are on the street , mall, mrt promoting financial products they are desperate salesmen pushing their wares and definitely not pushing in your interest otherwise they won't be out there prostituting.
Be aware.
If such trend continues, and nothing is done, may be soon there will be no nore "good products" around.
ReplyDeleteThen no amount of "good advice" may help.
Cofucius lives with simple meal, Buddha said money belong to theft if careless, Jesus chased out vendor inside church compound, Sariah Law and most recently Maxism ..etc history had taught us wealth management.
ReplyDelete