Monday, October 29, 2012

Finance sector should not be too large

Finance, literally bids rocket scientists away from the satellite industry," Bank for International Settlements economists warned, saying that it competes for people with high qualifications.... "The result is that people who might have become scientists, who in another age dreamt of curing cancer or flying to Mars, today dream of becoming hedge fund managers." "Overall the lesson is that big and fast-growing financial sectors can be very costly for the rest of the economy.


zhummmeng said...

Any surprise that money is the pull?
You have read many engineers, trained with tax payers' money, are joining the life insurance industry for the easy money.
One engineer even admitted that being an engineer cannot make him rich but peddling life insurance he can get rich and quick too. This shows what the indsutry is. many care 2 hoots about their clients but their own pocket. Another reason why insurance salesmen don't care to be qualified because life insurance is about pushing high commission products to enrich themselves and the interest of the customers can take the back seat.The is the moral compass .
Remember the words of Dr. Richard Teo, the plastic surgeon who succumbed to death after becoming a millioniare for SQUEEZING EVERY CENT OUT OF HIS CUSTOMERS.
The bible says "what benefits a man if he gains the whole world only to lose his own soul" aptly describes Dr. Teo 's case.
This is the truth of life insurance industry today. MAS must do something to ban the commission and tighten the advisory process to stop the charlatans and the unqualified fleece the consume

zhummmeng said...

MAS should ban commission to make it look less attractive to charlatans and salesmen and make it more conducive for advisers to charge fees for advisory service.
The life industry is over populated with salesmen whose motive is to fleece and squeeze as much commission as possible out of the customers.Look at the products they peddle, they are all high commission products.
Review any customers, all they have are products.

Terence Soon said...

Agreed. Just look at Mitt Romney.

And zhummmeng, were you a former insurance agent? Your posts seem to all point towards destruction of insurance agents haha.

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