The talk at Yishun Library was successful. More than 60 people turned up. Due to the limited capacity, I had to carry out two sessions at 3 pm and 4.30 pm. The second session was for those that turned up late and could not be accommodated. Apologies for the inconvenience.
The talk was stimulating and enjoyable. The participants asked a lot of questions, relating to the topics and outside the topics.
FISCA (Financial Services Consumer Association) will be organising more talks in collaboration with National Library Board, to be held in the Head Office in Bras Basah Road and in other community libraries.
Many participants expressed interest in attending a 12 hour course on financial planning (covering 8 topics in more detail). More details will be released later.
I hope the course will warn against the inusrance salesmen who don't consider need analysis and put consumers' needs first but peddle products for high commission.
ReplyDeletePlease tell the audience that they deserve honest and competent financial planning and it is their right to demand so.
Tell them the latest FAA changes and one of them is product advice option which is often chosen at the urging and persuasion of the insurance agents.Insurance agents want to dodge fact finding so that they can sell and push hgih commission product to consumers. Tell them that from NOW if they choose product advice option they are in danger of losing all their rights to recourse in the event the plan sours or there is mis-selling or misrepresentation. Automatically it is CAVEAT EMPTOR and the agents and the insurer can hide behind it to disclaim any responsibility.
So tell the audience not to take the product option as this option will absolve the agents and the insurer of all wrongs done to you.
Many consumers unwittingly 'opt' for product advice option wihtout knowing that they are disadvantaged
and that they are taking all the blames unto themselves.
This is an important change and warn your audeince not to fall into the trap.
The Watchman
I salute you for your civic mindedness to champion the cause of consumers to have proper and ethical financial planning.
ReplyDeleteI am sure you will face hostility from the insurance agents and insurers for spoiling their unscrupulous plans and exposing their ruse. You will face opposition just like when your former greedy agents complained about commission cut.Many of your former agents are sucking up to the new management who knows how to line their pockets with higher commission.
Thank you Mr Tan, for taking the efforts to initiate, prepare, and conduct the talks. Many ordinary folks will benefit from your advice and insights. Looking forward to more info on the financial planning course.
ReplyDeleteEC
Yes, I'm interested in a 12 hr course on financial planning. Hope it will cover retirement planning, life annuity and CPF Life. Also, can you get funding for C3A if you will conduct a run entirely for seniors? Thank you.
ReplyDeleteRepeatedly remind your audience that they deserve responsible and competent financial planning and not dumped with products. Tell them not to trust salesmen. But be careful nowadays many salesmen are disguised as Financial CON sultants. Some even have senior or executive prefixes before them. If they come across them advise them they have the right to report to MAS for misrepresentation .The titles are misleading becuase they have no competence to consult on finance except to peddle products.
ReplyDeleteWarm your audience of these wolves in sheep's clothing.
Mr Tan, what kind of cost can we expect to pay for this 12hr workshop?
ReplyDeleteThe proposed fee for the 12 hour course is $180.
ReplyDeleteI hope to get sponsorship from MoneySense (MAS) or other body, so that the participants pay $60. If there is no sponsorship, I hope that participants are still happy to pay $180.
Pay $180 and save $5,000 or more in fees payable to financial advisers for selling expensive products to you.