A great crusader against paying high fees to middlemen who do nothing and don't add value. The baby boomers were screwed up by the insurance agents who beguiled these old folks that their wholelife polices could fund their retirement. These old folks now have to work to make up the shortfall of 70% in their insurance cash value. The baby boomers should have known that these charlatan insurance agents were salesmen in the first place and not retirement planners. They have no inkling of investment and their motives were to clean up the life saving of old folks. When John Boggle's grandfather who wrote the book, "LICENSE TO STEAL"..How the insurance industry robbed billions from the consumers he wasn't aware that till these days it is still true. There are 15000 licensed insurance agents who know Fxxx about life insurance and investment disguised themselves as financial consultant to rob folks of billions today too.Today, people are still under insured and as many as 85% are still unable to retire or who don't have even $40K in their CPF balance to buy CPFLife. What the hack you pay these salesmen for? What do they do? Unfortunately history keeps repeating since then the book was written. It is obvious the conflict of interest has been behind all this.Even the regulator sees no reason to intervene . Intervention will be like shooting its own foot. It is sad that there are a lot of licensed thieves among us and yet the so called regulator is always playing taichi.Now it is in the open that the regulator whom we used to look up with hope has admitted that they powerless to deal with the institutions which were created to help us with our personal finance .Like the Alibaba story these institutions carry jars with thief hidden inside and not oil to help keep our life burning bright. The consumers are losers. The earlier they realise their retirement piggy banks will not be empty so fast.
A great crusader against paying high fees to middlemen who do nothing and don't add value.
ReplyDeleteThe baby boomers were screwed up by the insurance agents who beguiled these old folks that their wholelife polices could fund their retirement.
These old folks now have to work to make up the shortfall of 70% in their insurance cash value.
The baby boomers should have known that these charlatan insurance agents were salesmen in the first place and not retirement planners. They have no inkling of investment and their motives were to clean up the life saving of old folks.
When John Boggle's grandfather who wrote the book, "LICENSE TO STEAL"..How the insurance industry robbed billions from the consumers he wasn't aware that till these days it is still true. There are 15000 licensed insurance agents who know Fxxx about life insurance and investment disguised themselves as financial consultant to rob folks of billions today too.Today, people are still under insured and as many as 85% are still unable to retire or who don't have even $40K in their CPF balance to buy CPFLife. What the hack you pay these salesmen for? What do they do?
Unfortunately history keeps repeating since then the book was written. It is obvious the conflict of interest has been behind all this.Even the regulator sees no reason to intervene . Intervention will be like shooting its own foot.
It is sad that there are a lot of licensed thieves among us and yet the so called regulator is always playing taichi.Now it is in the open that the regulator whom we used to look up with hope has admitted that they powerless to deal with the institutions which were created to help us with our personal finance .Like the Alibaba story these institutions carry jars with thief hidden inside and not oil to help keep our life burning bright.
The consumers are losers. The earlier they realise their retirement piggy banks will not be empty so fast.
great interview with bogle http://www.venturevoice.com/2006/02/vv_show_28_john_bogle_of_the_v.html
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