More than 300 people have registered for my free talk on "Priorities @ Retirement". This is targeted at older people approaching retirement. To accommodate the large number, the talks will be held in September, October and November.
www.fisca.sg
www.fisca.sg
Here is an update. The total is actually 700 people. 500 sent their request by SMS. We are looking for a big venue to handle 600 people over 2 days.
ReplyDeleteIt shows how hungry consumers are for knowledge of personal finance contrary to what MAS thinks.
ReplyDeletePeople are clueless about finance and insurance and yet MAS always talks about 'informed decision'. There is no way for consumers to make informed decision on life insurance or investment and yet many many consumers are product sold without advice, ie. being pushed products.
First the insurance salesmen are themselves poorly educated, unqualified and incompetent how could they impart knowledge of finance to consumers to make informed decision? It is unfair , right? It is the onus and fiduciary duty of insurance agents to ensure that the products are suitable to meet the clients' needs and goals and not left to the customers to find out many years down the road. MAS must charge and punish them and if possible revoke the license if they are found guilty of poor and unsuitable recommendation.
During MAS mystery shopping survey many agents were found to fall short of the standard and in one case an old lady of 60+ was sold a regular ILP which breaks even at 15th to 20th year and yet the agent's GM came out to defend him that his recommendation was suitable.You can see how incompetent the GM was. Is MAS condoning to the practice of this insurer? I wonder how many victims of this nature have been ignored.
People must educate themselves to protect themselves from incompetent and product pushing agents. They are not qualified. Why do you want to pay so high commission to them for the products without advice? You might as well buy from the supermarket shelves without paying a cent when one insurance company goes on online to market whole life, endowment, regular ILPs etc soon.
Before that educate yourself by attending Mr. TanKL's talks held every now and then, even for a small fee.
Protect yourself by educating yourself and save tons of commissions wasted on insurance agents.