UK is moving towards fee-only advice and banning commissions. I have mentioned this in my numerious blog such as these: Comment on "Conflict of interest between bank and customer" Insurance should not be "sold" The article appear in Telegraph UK can be viewed here: http://www.telegraph.co.uk/finance/personalfinance/consumertips/3518909/End-of-free-financial-advice.html This is great news … [Read more...]
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These articles are about ethics and market conduct of financial advisers
Comment on “Conflict of interest between bank and customer “
There is a posting at Tan Kin Lian blog written HERE by an insider about the conflict of interest of a bank and the customer (to be fair, the conflict is applicable to FA firm and tied agents): Recommending broadly diversified products tend to cannibalize other high risk products Hype and excitement comes with newly created products Commission based encourages people to sell certain … [Read more...]
The financial adviser salesman might contribute more to GDP than a professional adviser
Occasionally I get calls from people (and my own clients) who are keen to become an IFA. Usually they have no prior experience in this industry and they aspire to be a financial professional. When they asked me what it takes to be a financial adviser, I will tell them that they need to moderate their expectation. While they desire good intention to be a true professional, I have to tell them what … [Read more...]
Insurance should not be “sold”
Financial products itself should not be “sold.” It is unfortunately that the industry adopted the philosophy of salesmanship in its approach to the relationship between financial adviser and the client. These are some terms used that reflect this: “Lead” is generated when a client come into a bank to open a fixed deposit. The adviser can try to “cross-sell” a commission-generating … [Read more...]
Financial planner is a life coach, but cannot cure existing problems
“A teary Gao Ning, Singapore’s top male table-tennis player, crashed out of his first Olympics in just 24 minutes yesterday, losing 0-4 to unheralded Tan Ruiwu of Croatia. What raised hushed whispers at the Peking University Gymnasium, however, was not the manner of his defeat, but the surprising absence of a coach on court-side to advise and cheer the Singapore paddler on. While the presence of a … [Read more...]
Vacuum Cleaners and Financial Services
What has Vacuum Cleaners salesperson and the Financial Adviser has in common? You'll be surprise there are many similarities. First publish in The Online Citizen, Wilfred Ling tell us what the solution should be. One week ago, a salesperson came to my house to demonstrate and sell a vacuum cleaner. It was an impressive vacuum cleaner with the following capabilities: It is a air purifier; … [Read more...]
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