If you invest $12 and 6 hours in my book, Practical Guide on Financial Planning, you will be able to save $12,000 by avoiding the wrong type of investment. For example, if you save $500 a month in a life insurance policy and the distribution cost is 24 months, you will be losing $12,000 of your savings.
You can also help your children or friend to avoid wasting their savings on the wrong financial product. Present them with this book for them to read and keep. This may be a much appreciated gift.
Order here. www.easysearch.sg/ishop
People must understand that insurance is NOT wholelife life or endowment. Before these products insurance was basically pure insurance for managing personal risks. It was until some conman came along and 'added' a saving element but which actually was a conceived scam to provide cheap capital to the insurers.Yes, they do give you an interest for letting them use your money but it is so miserable. Eg. when they invest your money and get a return of 10% they only give you 1% and the rest the insurers claim for expenses like CEO's and the senior managers and whatnot and 'reserve' for smoothing
ReplyDeletetheir ass. But if you invest on your own you get all the 10%.. Risk? you mean your premium invested in risk free assets? Don't let them fool you.
This is a big conspiracy and the greedy agents are their runners rewarded for their smooth talk and conmanship.
This is good book to open your children's eyes on insurance and why they should avoid insurance agents and avoid becoming a victim of product scam.
ReplyDeleteInsurance agents are not to be trusted. Did you know in US the insurance agents are the most despised salesmen and spitted on by consumers? The answer is obvious. They are cheats..
In US today if you say you are an insurance agent you are immediately
put together with the murderers, the cheats, the rapists, the usurers, the robbers and the prostitutes. This is how the insurance agents are looked upon.
Agents in Singapore acquire this reputation.
Correct.. the best gift to your children so that they will not be conned by unscrupulous insurance agents and other products like land banking.
ReplyDeleteAnon 1:14pm - not sure where your info on insurance agent comes from but it does not seemed the case from this report:
ReplyDeletehttp://www.usnews.com/money/careers/articles/2009/12/28/americas-best-careers-2010-business-and-finance.html
In general, there is nothing wrong with people selling insurance. It is a good career for many people and like any other financial institutions, it supports the economy by providing jobs for many of its support functions.
Few people ever walk in to buy insurance so the insurance or financial advisor plays an important role. They should of course be paid well as they have to sell to people who put them in the same rank as (as you put it) - "put together with the murderers, the cheats, the rapists, the usurers, the robbers and the prostitutes", so that these same people who hates insurance people, are financially protected and secure.
The book can warn your children of wolves in sheep's clothing. Can warn them of salesmen in financial consultant's clothing. Also can warn them why companies keep changing their color, keep changing their slogan, their mission their vision.
ReplyDeleteTell them it is trick to confuse buyers. Tell why they say this and do the other. If a company that says they put people first and profit second, be more careful. Truthful companies always do and they don't need to say because there is no need to convince by words. Their products and their salesmen say a lot about the company.If the salesmen call themselves financial consultants when they are not you have to be very cautious becuase you will be cheated. Don't judge them by their cover and the name card they carry because in their name card if you see words or logo like mdrt or cot or tot no need to talk just run. Definitely they are thieves.
These are some tips that should be told to your children as part of financial literacy.It is safeer to be skeptical than gullible and trusting, right or not.
Anon April 03, 2010 3:43 PM,
ReplyDeletehave you heard the name insurance agents mentioned? let me distinguish between insurance agents and financial planner/financial advisers.
Insurance agents are salesmen and women who con consumers with dubious sales pitch and products. They are the conmen and women who are avoided like HIVs. They don't add value and they push and peddle products like drug traffickers. They harm consumers financial life in the long term.
Since 5 years ago financial planning has become the top job and most sought after job. To be a financial planner like a CPA or CFA one has to have a tertiary professional qualification in financial planning like CFP which is a very sought after qualification. The CFAs, the CPAs the lawyers have in additon this CFP to practise as financial planners. They don't peddle, push products and DON"T prospect their cleints. Clients seek them out and seek their professional advice on personal finance on hourly fees . CFPs must maintain a high standard of ethics and can be struck off the register if they are found to have committed serious misconduct.
Insurance agents on the other hand is spitted upon and despised because they con and prostitute their services on the streets like the roadshows you see at the malls.
You have mixed up your understanding of the term adviser with insurance agents. ADVISERS ADVISE AND PLAN whereas insurance agents push and peddle products that benefit them most upfront and disregard the interest of their clients.