Most insurance policies do not pay any commission to the take over adviser. That partly explains why the taker over adviser is not interested to service. The solution to this is to ban commission altogether and pay existing adviser (whether original or taker) a separate on-going advisory fee. Singaporeans like to complain so much but it is time that consumers take action by themselves by refusing to deal with advisers that earn commission only.
Commission is root of evil... and there are plenty of evidence. No commission no service.. So you see it is the commission that insurance agents are interested and NOT your well being. This is what they have been trained to sell.Low commission products they don't sell and usually the sale of these products is low, eg like term and medical plan. Now there is a local social enterprise which pays their greedy agents double the first year commission to sell their H&S medical and the sale has improved but the premium will go up, right? This is greed..These salesmen are greedy and unconscientious. MAS must see the correlation bewteen the sale and commission and at the expense of the customers. You can't have this practice in financial products. The consumers will suffer and land up with rubbish products they have no idea about it. Commission must be removed. Need based Must be enforced. MAS must audit the companies more often and fine the agents and companies for failing to comply with the law. Consumers are short changed by insurance salesmen.
Do you know why your policy is orphaned? The agent left for greener pasture, where the commission is more generous. It is about commission that these agents are in in this business and it is a get rich quick business. That is they hop companies . That is why this business attracted a lot of tom , dick harry jane, ah lians and ah beng, from receptionists, clerk bus drivers, factory workers, mrt drivers to secretary these no 3 or 4 people who join for this get rich quick scheme... To help you meet your financial need, goals, medical needs? You are naive. Look at their background, do you see any sign that they are for you? They just try selling, pushing, conning. Exams? financial? again consumers are naive to think that the exams are some financial courses. No, they are tikam tikam exams which you can take UNTIL YOU PASS. If they so dumb they can use your pet dog or cat tot take this ini mini mo exams.There are agents who took 10 to 20 times to some course.These exams are so bloody low in standards that they pass out only good to be salesmen and women or conmen or conwomen and again it is the commission and NOT your finacial needs. Do you see why these conmen cannot plan or advise on youtr financial need, now? In UK, Australia and US they are raising the standard to U level in financial and financial planning to protect the consumers. Here consumers are 'advised' by conmen and conwomen who have very low financial education themselves, so how to plan or advise. It is a mistake that MAS thinks that MoneySense for consumers can solve the problems of malpractice, mis-selling an poor advice. MAS should know that consumers need planners or advisers who HONEST AND COMPETENT IN THE FIELDS THEY ADVISE. Isn't this the requirement of "FIT & PROPER' of FAA? 99.9% of the insurance agents fail to meet the FIT & PROPER requirement of the FAA. Consumers must fight for their rights to responsible and competent financial planning advice and YOU and YOU alone can change and stop all these unethical practices. Attend and join FISCA seminar to know more about your rights.
Why people here is still hankering after MAS exercise regulatory work for us. It is plain now that this regulator do not care about the ordinary citizens' wellfare, they only place emphasis on big, macro things like managing the exchange verses the S$, controlling inflation here, etc. Other things people have to protect themselves with their eyes opened big, big, as such things they consider them insignificant and beneath their dignity to bother. So purchasers of insurance products and landbanking have to resort to thuggish behaviour, like today's papers' report of investors making noise at a landbanking Company's office, to make a point. Even the Police are busy catching casino criminals at the 2 IRs, neglecting the ordinary citizens.
Yes, don't let insurance agents tikam tikam your financial future.This is what they know only. They push you cure all products HOPING that they will meet your needs. Unfortunately they don't and that is why many of them company hop in search of easy to sell or con products.
Most insurance policies do not pay any commission to the take over adviser. That partly explains why the taker over adviser is not interested to service. The solution to this is to ban commission altogether and pay existing adviser (whether original or taker) a separate on-going advisory fee. Singaporeans like to complain so much but it is time that consumers take action by themselves by refusing to deal with advisers that earn commission only.
ReplyDeleteHere is a blog article on why financial advisers offer poor after-sales service: http://www.wilfredling.com/content/view/935
ReplyDeleteCommission is root of evil... and there are plenty of evidence.
ReplyDeleteNo commission no service..
So you see it is the commission that insurance agents are interested and NOT your well being. This is what they have been trained to sell.Low commission products they don't sell and usually the sale of these products is low, eg like term and medical plan.
Now there is a local social enterprise which pays their greedy agents double the first year commission to sell their H&S medical and the sale has improved but the premium will go up, right?
This is greed..These salesmen are greedy and unconscientious.
MAS must see the correlation bewteen the sale and commission and at the expense of the customers. You can't have this practice in financial products. The consumers will suffer and land up with rubbish products they have no idea about it.
Commission must be removed. Need based Must be enforced. MAS must audit the companies more often and fine the agents and companies for failing to comply with the law.
Consumers are short changed by insurance salesmen.
Do you know why your policy is orphaned? The agent left for greener pasture, where the commission is more generous. It is about commission that these agents are in in this business and it is a get rich quick business. That is they hop companies . That is why this business attracted a lot of tom , dick harry jane, ah lians and ah beng, from receptionists, clerk bus drivers, factory workers, mrt drivers to secretary these no 3 or 4 people who join for this get rich quick scheme... To help you meet your financial need, goals, medical needs? You are naive. Look at their background, do you see any sign that they are for you? They just try selling, pushing, conning. Exams? financial? again consumers are naive to think that the exams are some financial courses. No, they are tikam tikam exams which you can take UNTIL YOU PASS. If they so dumb they can use your pet dog or cat tot take this ini mini mo exams.There are agents who took 10 to 20 times to some course.These exams are so bloody low in standards that they pass out only good to be salesmen and women or conmen or conwomen and again it is the commission and NOT your finacial needs. Do you see why these conmen cannot plan or advise on youtr financial need, now? In UK, Australia and US they are raising the standard to U level in financial and financial planning to protect the consumers.
ReplyDeleteHere consumers are 'advised' by conmen and conwomen who have very low financial education themselves, so how to plan or advise. It is a mistake that MAS thinks that MoneySense for consumers can solve the problems of malpractice, mis-selling an poor advice. MAS should know that consumers need planners or advisers who HONEST AND COMPETENT IN THE FIELDS THEY ADVISE. Isn't this the requirement of "FIT & PROPER' of FAA?
99.9% of the insurance agents fail to meet the FIT & PROPER requirement of the FAA.
Consumers must fight for their rights to responsible and competent financial planning advice and YOU and YOU alone can change and stop all these unethical practices.
Attend and join FISCA seminar to know more about your rights.
Why people here is still hankering after MAS exercise regulatory work for us.
ReplyDeleteIt is plain now that this regulator do not care about the ordinary citizens' wellfare, they only place emphasis on big, macro
things like managing the exchange verses the S$, controlling inflation here, etc.
Other things people have to protect themselves with their eyes opened big, big, as such things they consider them insignificant and beneath their dignity to bother.
So purchasers of insurance products and landbanking have to resort to thuggish behaviour, like today's papers' report of investors making noise at a landbanking Company's office, to make a point.
Even the Police are busy catching casino criminals at the 2 IRs, neglecting the ordinary citizens.
Yes, don't let insurance agents tikam tikam your financial future.This is what they know only.
ReplyDeleteThey push you cure all products HOPING that they will meet your needs. Unfortunately they don't and that is why many of them company hop in search of easy to sell or con products.