Meaning of "Financial adviser" The phrase “financial adviser” refers to the company that provides the financial services regulated under the Financial Advisers Act (FAA) which include advice and marketing of life insurance and investment products. The phrase “financial adviser representatives” refers to the individual persons representing the firm in carrying out the work of advising and … [Read more...]
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These articles are about ethics and market conduct of financial advisers
Examples of mis-selling an insurance
In this short article, I will show how insurance products are mis-sold to unsuspecting customers. This article also serves as an education short write-up for existing financial advisers because they are often trained to mis-sell in these fashion: The unsuspecting public would often be approached by an insurance salesperson who will propose an insurance product as saving element. The customer … [Read more...]
What is Really Meant By Independent financial adviser?
Do not take for granted that your licensed and "independent" financial adviser will always look after your interest. Ask your adviser to provide a comprehensive service other than those defined by regulation. Read the article HERE on what Wilfred Ling has to say about the subject matter. … [Read more...]
What does Monetary Authority of Singapore (MAS) has to say about commissions?
According to Monetary Authority of Singapore, commissions elict a self-interest culture: "...having remuneration structures that rely primarily on commissions, or which are biased towards rewarding staff for recommending certain investment products is untenable. It will inevitably elicit a culture where the institution and its representatives are more concerned about their own revenue … [Read more...]
The Ayam Buah Keluak Cheat
There was one Sunday which my family visited a food court. There was a stall which claim to sell “Nonya” food. So my wife bought the Ayam Buah Keluak. The outcome turn out to be anything but Ayam Buah Keluak. The stall did a short cut in the manner it cook Ayam Buah Keluak. The curry gravy used is meant for Asam fish. Before I continue, it is indeed true that the dish's gravy is indeed the asam … [Read more...]
Conversation between my client and his former financial adviser
The following was a conversation between my customer and his former financial adviser: Customer: I need an adviser to advice me on this particular XYZ product which I had bought from someone who could no longer service me. I need a new adviser to tell me what to do. Adviser: OK, you can appoint me as the servicing adviser for this product and I'll help you. Customer: Thank you. Adviser: By the … [Read more...]
Paying Your Investment Advisor – Fees Or Commissions?
Read this webpage here: http://www.investopedia.com/articles/basics/04/022704.asp Although it seems to be written in American context, it seems quite relevant to Singapore. Here are my comments: The article stated that it is a misconception that financial adviser work for free. This I agree. The article says that some commission-based advisers are tempted to engaging their clients in … [Read more...]
Financial adviser: your commission is your obstacle
This blog entry is meant for financial advisers to read only. In year 2006, I attended a workshop on financial planning. It was one of the workshop in the AFA Congress. The AFA Congress is an annual event attended by independent financial advisers. The speaker was a well known financial practitioner. His opening words were “Your commission is your obstacle” Till this day, I remembered his … [Read more...]
Commission based financial advisory practices not in favor of clients’ interest
(24 March 2014 update: I discovered all three fee-based UK firms mentioned below has either closed down or bought over by another firm not in the business of fee-based planning). I did a google and found quite a number of fee-based IFAs all from the United Kingdom. As these firms write about their business models although none of them are identical in their approach, I could fully understand … [Read more...]
Tastless Free Financial Health Check
I was at Takashimaya and found a road-show by an insurer. There was two large banners which say it provides a free financial health check and another on how to “Win Takashimaya vouchers” When I see that, I find it there is really lack of taste. There is also no sense of professionalism and pride. Although I respect the advisers who are trying to earn a decent living, I really feel sad for them to … [Read more...]
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