I saw your post on Facebook regarding insurance agent being poorly trained. I absolutely agree with your post. Being an agent myself, I notice several things thought doing agent and product training.
They are,
1) We are taught that by selling some of the products, we are helping people to diversify their portfolio and hedged against inflation , ie ILP and Savings Plan
2) Most of the product training only covers the good part and not the disadvantages. We are taught , the policies are for long term.
3)We are taught, we are the guardian angel as we are helping people. This is true, if we sell term policies.
4) We have KPI and sales target to meet, which to me contradicts point 3.
Thank You
(name removed).
New agents or old agents they don't make any difference if they have just only CMFAS certs. IF THEY DO MAKE A DIFFERENCE, THE DIFFERENCE IS THE CUSTOMERS ARE POORER AFTER BUYING THE PRODUCTS.
ReplyDeleteCMFAS certs are for licensing and they don't equip these salesmen to do what they are supposed to do...advising or planning.
Without these certs salesmen can also sell if they know the products.
Recent report by CPF shows the the approved CPFIS funds make about average 6% only a very small percentage made above the OA 2.5% and the rest is LOSS. What does it tell you, especially to MAS and CPF?
ReplyDeleteIt tells you that insurance salesmen are salesmen and they are investment fund salesmen only and NOT investment advisers. It tells you these salesmen are NOT competent and unqualified.This has been going on since 2001 and why CPF and MAS are not investigating? Why CPF and MAS are allowing CPF members' money to be put to so much risks in the hands of these salesmen? The money is members' retirement fund. Is it a wonder why many members cannot meet the minimum sum? CPF should ban insurance salesmen from milking their clients' hard earned money.
It is the responsibility of MAS and CPF to see Singaporeans' CPF fund grow and not a source or pot of gold for the insurance industry and their salesmen to get rich quick.
MAS and CPF should be held accountable to Singaporeans for their policies.