The following letter was published in Straits Times on 31 July 2014 regarding CPF Private Pension Plans: I URGE the Government to proceed with caution in allowing Central Provident Fund members to invest in CPF private pension plans ("Private pension plans an option: Tharman"; July 23). In 2004, the CPF Board solicited1 feedback from industry players and the public on giving CPF members the … [Read more...]
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ST Forum: What’s involved in writing a will
The issue of a will turning out to be invalid is not new. The press often reports these cases. For instance, recently a lawyer by the name of Johnny Cheo Chai Beng was sued by 18 beneficiaries because the will he prepared turn out to be invalid. But what never appear in the press is that many valid wills are not suitable resulting in similar outcome as an invalid will. I decide to write to the … [Read more...]
ST forum: Why integrated shield plans are not competitive?
Recently, a number of Members of Parliament wanted the government to regulate the Integrated shield plans to prevent profiteering. I feel that regulation to prevent profiteering should not be encouraged in the free market system like Singapore as it gives the impression that the pursue of excellence in making good profit is bad. Whether profit is good or bad depends on whose perspective. A … [Read more...]
ST forum: Why exchange-traded funds (ETFs) are not popular here?
Index funds such as ETFs and unit trusts tracking the indices have been unpopular. Despite its superior returns compared to its active managed counterpart, not many people know about it. Even if they know, they face a hurdle of obstacles. Despite the large number of ETFs on the Singapore Stock Exchange, few actually buy it. You see, many retail investors treat the stock exchange like a casino … [Read more...]
ST Forum: Regulate investment seminars
There are many investment seminars and courses being conducted. You will see such advertisements in the newspaper. Very often, these courses promise the attendees high investment returns if they follow the technique taught by the trainers. Most of these trainers are unregulated and do not have a license from Monetary Authority of Singapore to give financial advice. I decided to write a letter to … [Read more...]
ST Forum: Vital to regulate commissions (FAIR Review)
Monetary Authority of Singapore has decided not to cap the total commission a financial adviser earns. Instead, it is proposing to cap the first year commission. In my opinion, this will lead to an increase in cost to the consumer. I decided to write to the press to feedback. The following was published in Straits Times ST Forum page on the 22 January 2013: THE Financial Advisory Industry … [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...]
Unpublish letter to the Straits Times: No benefit illustration for CPF Life
94% "voted" against CPF Life The Straits Times article "CPF Life: Some want to be given a choice" dated 18 August 2010 says that out of 700,000 of CPF members who are eligible for opt-in, only 40,000 took up CPF Life and committed S$2 billion to the scheme. This means that the remaining 94% said “no”. This is shocking to me. Do bear in mind that the CPF Life will eventually be compulsory. In … [Read more...]
Unpublished Letter to the Straits Times forum on Life insurance industry selling few insurances
I sent this letter to the Straits Times forum on 10 August 2010 but was rejected as they did not publish it. Perhaps it is just too boring. This is related to a blog article I wrote: LIA’s robust sales figure in life insurance unrelated to insurance. Dear Editor, I refer to the Straits Times article “Life insurers hit $2.6b in new sales” dated 6 August 2010. There are two … [Read more...]
