Tan Kin Lian's Blog: Financial Planning 27 October 2012

Sunday, October 14, 2012

Financial Planning 27 October 2012

There is a FISCA talk on Financial Planning on 27 October. Register now.
http://easyapps.sg/assn/Org/Event.aspx?id=5

3 comments:

zhummmeng said...: Hahaha...people, quickly register and learn about financial planning and the myriads of products out there , otherwise you end up as cash cows . This is what the industry sees you, the cash cows. Many have already become cash cows or milch cows.They pay and pay and lull under a false sense of peace of mind.
Self protection has become necessary as regulator seems to think that is not their role but your role..it is caveat emptor. They always talk of informed decision but who can really make informed decision . Don't be fooled.To be able to make informed decision you need to have degree level knowledge in financial planning. Do you have? If you are NOT protected from the half baked insurance salesmen conventional wisdom tells you don't buy from them.This is the first rule of risk management......avoidance.
It is either you have knowledge MORE than the insurance salesmen to make informed decision but NEVER make decision based on information given by untrustworthy salesmen because it is half truth and half lies .
It is the legal responsibility or fiduciary duty of insurance salesmen that you are advised objectively and the products recommended meet your goals.
I doubt they can. They are already talking of broken rice bowls. The insurance bodies are asking MAS to allow the agents , especially the managers to let them continue earning a living by fleecing and conning their customers.
So, consumers be alert. Be wary of the predators on the prowl.; October 09, 2012 10:38 PM
anonymous said...: Just a note on the comment on the above post: if the commenter commented on what it calls "half-baked" wisdom from insurance salesmen, it should look no further than its own half-baked wisdom: "This is the first rule of risk management .... avoidance."

Pure nonsense: There is no such "first" rule of risk management. Don't take my word for it. Just google for rules of risk management and judge for yourself.

There are however four ways to deal with identified risk: transfer it, avoid it, reduce it or accept it. How to deal with the risk depends on the situation.

Be objective and fact-check before commenting.; October 19, 2012 4:50 PM
zhummmeng said...: You are regurgitating what you have learned about insurance risk management. Guess you know only these risks.
The biggest risk is getting a salesman to 'advise' you on insurance because he or she doesn't know or don't want to know; will not want to advise but only to peddle you a product that earns him or her the biggest commission. To avoid these people you eliminate this one risk before you talk about other risks...This is called 'adviser' risk.
Put it more starkly, the biggest risk is unwittingly engage a thief in financial consultants' clothing to advise you on finance or to let a wolf take charge of your chickens..
Today , it isn't hard not to because 90% of insurance agents are half baked with half competence and they peddle products with half truth. Yet customers' decision is based on half true information and half trust that these salesmen will not lie.
Why are they opposing the MAS change to fee based model? The answer is they are NOT qualified and they are dishonest and greedy.
Insofar as this, the first rule is to avoid insurance salesmen and you avoid being conned, right?; October 20, 2012 12:29 PM