On the 6th July 2012, for the first time after FAIR, MAS gave a speech[1] on the financial advisory industry. MAS says: Why do we need financial advisers? In MAS’ opinion, financial adviser’s main roles are not to sell products. Instead, financial advisers’ roles are to impart basis financial planning skills; draw up saving plan, build investment portfolio, what kind of insurance protection is … [Read more...]
You are viewing articles categorised under Financial Advisers
These articles are about ethics and market conduct of financial advisers
Great Eastern Life and other big boys are against fee-based planning
Over the past few months, all the big companies have make their stand clear that they are against fee-based financial planning. The following are some examples and the reasons for their objections: … [Read more...]
My Feedback for Financial Advisory Industry Review (FAIR)
I just submitted the letter to MAS: Dear Sir, RE: Feedback for Financial Advisory Industry Review (FAIR) As a full time fee-based professional financial planner for many years, I bring with me significant experience which I want to share with the committee. I am a CFA charterholder, Chartered Financial Consultant and as well as an ISO 22222 (SCI) certified person. I am an Appointed … [Read more...]
ST Forum letter: Financial advisers go beyond writing reports
I was shocked that the Vice-Present of the AFAS, Mr. Vincent Ee, can say that fee-based financial planners are only interested in “coming up with a nice report and charging a fee.” This shows his and AFAS total lack of understanding of the fee-based financial planning business. How did he end up becoming the Vice-President of the AFAS? No wonder the financial industry cannot excel. I was so angry … [Read more...]
ST Forum letter: Fee-based scheme not a problem
The following letter was published on Straits Times online HERE: I SUPPORT the Monetary Authority of Singapore's review of the commission-based structure of financial advisers ('Financial advisory sector faces shake-up'; Tuesday). Many advisers and firms have their doubts, anticipating that clients will be unwilling to pay for advice. But that is the case because the main focus of … [Read more...]
Why Ipac Singapore close down?
According to the report, Axa announces closure of Ipac in Hong Kong, Singapore, Ipac Singapore is closing down. This is significant because Ipac Singapore offers fee-based financial planning like me. With their closure, it means there are now less fee-based planners. I am unsure whether is this good or bad news. It is good news because I have less competition. It is bad because it indicates that … [Read more...]
Your relationship with your financial institution is an adversary one despite regulation
I want to write something that will confuse your mind. Since this is a financial blog, it will be pertaining to financial matters. Here are some food for thoughts. If an activity is regulated by a government body, it means the activity can be illegal or legal depending on whether it fulfills the prevailing regulations set by the regulatory body. If an activity is not regulated by a … [Read more...]
How much is a cataract operation?
I was asked about a case in which a person had a suspected cataract and may require surgery. But she needed advice on the potential cost of her condition as this will determine the specialist she engage and the hospital involved. She was insured with NTUC Enhanced Incomshield Advantage plan but did not buy a rider. I was not the adviser who sold her the plan. Assuming she really had cataract, I … [Read more...]
Fake $8m investments sold to accredited investor
I thought it was such a news to learn about an insurance agent selling fake US$5m life insurance. But in the news is a report of a case of a fake $8m investment account. According to business times entitled “Client sues SocGen over his missing millions here” dated 14 October 2010, an accredited investor thought he had $8 million in his investment account but in reality it was only worth $252,652. … [Read more...]
Top of the Table (TOT) AIA insurance agent involved in US$5m fake policy scam
Today in Sunday Times titled "US$5m insurance scam", it was reported that an Indonesia businessman is suing an Top of the Table (TOT) ex-insurance agent for selling him a fake insurance policy called the "Thank You Policy". In her defense, the ex-agent claimed that she was merely an accomplice as the ploy was conceived by the client. Although the court will have to decide who is telling the truth, … [Read more...]
- « Previous Page
- 1
- 2
- 3
- 4
- 5
- 6
- …
- 8
- Next Page »
