As I surveyed the newspaper, I found many seminars – some free while others are fee paying. Of interest are those related to financial matter. It is quite common to see advertisement promising that individuals can become millionaires. I find it quite distasteful. An acquaintance rebutted me yesterday for judging such. She told me that as long as this is what the audience wanted (which is greed … [Read more...]
You are viewing articles categorised under Unethical sales process
The financial advisory industry in Singapore is notorious for mis-selling. I hope to highlight this issue through this blog
UK financial advisers moving to fee-only financial advisers
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...]
NTUC Income Letter of Guarantee (LOG) is not guaranteed
NTUC Income frequently advertise its Letter of Guarantee (LOG) for its Enhanced Incomeshield. I saw the advertisement in the MRT and as well as on Income's website. However, this LOG is not guaranteed. There are some terms and conditions: Today I had a client who requested for the LOG due to hospital admission. I was surprised when told by Income that as the plan was upgraded less than 1 year … [Read more...]
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...]
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...]
Lessons to learn from Minibond (MiniBomb) at el
CIMB-GK Securities, DMG and Partners, Kim Eng, OCBC Securities, Phillip Securities and UOB Kay Hian announced that they may be compensating the “vulnerable” group of investors who have lost their money in structured notes linked to the Lehman Brothers. This follows after similar move by DBS Bank, Hong Leong Finance and Maybank. While many investors are happy about the outcome, there are many … [Read more...]
Sales quota of financial consultant
Ms Geraldine Teng wrote to the Straits Times forum “Personal consultant says: 'Consumers should understand the immense pressure we are facing’” dated 6 October 2008. According to the above letter, the adviser from a bank revealed the inner workings of a bank. From the letter she alleged that: Her bank imposes a six months probation for which if she does not pass the probation by hitting the … [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...]
- « Previous Page
- 1
- …
- 5
- 6
- 7
