Tuesday, October 27, 2015

Fees for financial advice

Dear Mr. Tan
How are you doing? Found an article from a U.K newspaper - The Telegraph, which i think you may find interesting. U.K banned commissions from financial products a few years ago, and this is an estimated figure on how much financial advice costs over there.


Anonymous said...

According to the insurance salesman association Singaporean are not ready. Is it true? Not true!!!! It is the insurance salesmen who are not ready. They are NOT competent in the advisory process. They have been peddling products and are not ready to switch to fee based advisory.
Fee based model requires knowledge, expertise, skills, honesty and competence in order to justify receiving a fee.
No, insurance agents don't have the above. They only have the mouth...the most poisonious of the human organs, to speak of good and evil.
Well, how do the salesmen earn their money? Needless to say...that is
all they need to make big money and in the shortest time and no need facts, just lie and lie.
So in conclusion fee based model is rejected and MAS was sold this lie. Has MAS so light ear? Well , MAS always never like to offend the stake holders only the consumers who are not stakeholder and who are burned on the stakes. ???????Mr.Tan, you handled so many consumers who have been burned on the stakes and came to you for help

Anonymous said...

Hahaha, it is true the insurance agents and their companies are not ready to switch to fee based and not the public. The public welcomes fee based and not the hidden commission which is never disclosed. Next time, ask the salesmen how much is the commission the product the salesmen recommended and is there a better , more affordable alternative.
Fee based is known upfront and negotiable and for what purpose is charged. You can be sure there is advice and certain of the cost.

Anonymous said...

Fee based model is the FAIRest way to help consumers put in place their financial goals.
MAS has taken a baby step in this direction by providing a portal for insurance without commission. The fee based advisers can direct their clients to buy direct and which I know a few are doing it.
The www.compareFirst.sg provides term and whole life insurance without commission for a start and it will eventually to endowment and ILPs.
Currently this portal can allow comparison for endowments too.
I must congratulate MAS for this bold step towards fee based in line with other jurisdictions.
Consumers, before the fee based model arrives, I advise that you consult Mr.Tan for your pre and post buying on insurance for a small fee and save many thousands of dollars which might have lost to insurance salesmen and women if you don't. Insurance agents are not qualified and worse, many of them are dishonest.
So prepare yourself for the day when fee based is a reality by using the review service of Mr. Tan. It might come as early as 2018 when all the products will be on the www.compareFirst.sg portal.

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