I believe that financial advisers (i.e. insurance agents and sales representatives) have the responsibility to give appropriate advice to the consumers and they should be fairly paid for their time and effort.
The commission system and sales targets are the source of the malpractice. If a distributor or adviser can earn $6,000 (3% of $200,000) to sell a credit linked note within 30 minutes, something must be wrong. Of course, the adviser will say that the product is good, safe, approved by MAS, etc.
I encourage financial advisers to give independent and good advice for a fee of $100 or $150 an hour and to keep the advice within 1 or 2 hours. A doctor is also paid for the time that is spent to treat a patient, and does not receive a commission for the medicine that is prescribed.
- ► 2013 (312)
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- ► 2010 (2369)
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11/23 - 11/30
- Speaker's Corner 5 pm on 29 Nov - change of plan
- The Standard : Legco first on Lehman fizzles out
- To each his own
- The Online Citizen interview an investor
- Speaker's Corner 5 p.m. Sat 29 Nov
- 100,000 signatures so that more people will step f...
- Bonus is likely to remain low
- Lost the sense of bonding and togetherness
- An apology to Chee Soon Juan and his sister
- A sense of responsibility: Obama
- No reply from financial institution after four wee...
- End of Free Financial Advice
- Singapore Dance Theatre performs Nutcracker
- Suggestion: how to approach legal action
- Singapore Kopitiam Forum
- Swiss petition for national referendum to end "cor...
- Investors should see their Member of Parliament
- Why I wanted 100,000 signatures
- Buyer beware
- Singapore's investments in global banks
- Ask for information in writing
- Pinnacle Notes Series 9 and 10
- Experience with FIDREC
- Guide on FIDREC process
- Morgan Stanley website on Pinnacle Notes
- Risk analysis form - wrong statements
- Gathering 100,000 signatures
- Strategy on credit linked notes
- Low compensation offered by HLF
- Tan Kin Lian eyes elected presidency
- Issuers of toxic notes should take more of the bla...
- Plea to MAS - investors of Pinnacle Notes
- Manifesto - the future of Singapore
- Battle of the mind and the heart
- Reveal your identity
- Useful role for financial advisers
- Moral values and ethics
- Investors to see your Member of Parliament
- Speak up for our rights
- ▼ 11/23 - 11/30 (39)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)