Posted in my blog
MAS, please stop and disallow financial consultants, whoever or whatever title these salesmen use, from selling and pushing financial products. Mis-selling and misrepresentation and conflict of interest are inevitable in selling.
Please stop them before more people get hurt. Financial products range from insurance, to banking and investment products, except motorcars.
Ask all the agents from ntuc to aia how do they achieve mdrt without pushing products. MDRT is money or commission based. It measures how much commission they squeezed out of the products. Which are the products that are considered cash cows to the agents? of course whole life and endowment and all other high commission products.Are all these products suitable for the consumers? If the agents do a need analysis do you think these will be recommended?
ReplyDeleteThe agents don't do need analysis. Just push the products. Just think of the best way to sell more of them. Just like ntuc agents thought of the 'buy one get free' to boost their earning. Buy revosave to pay for vivolife. It is killing 2 birds with one stone. Ii is hitting the customers twice without him or her knowing it.Ethical or not is not the issue. The issue is how to get to MDRT fast.
Product pushing is still the best and only way to qualify for mdrt.
So what do you think of these qualifiers?
Ah Meng
MDRT stands for Million dollar round table but it does not take million dollar commissions to get there.
ReplyDeleteFew yrs ago, an agent just needs to earn >50K that year to qualify, this is peanuts compared to bank Relationship Managers where some of thier BASIC annual salaries already qualifies them for the so-call MDRT.
I understand this year the MDRT qualifying commission is around 100K, which some RMs are earning from commissions alone.