It is not possible to be a financial consultant "part-time" in Singapore. You have to work for an 'accredited-company'. All of these companies in some way or the other are "tied" in that if they do not sell their own products, then they have distribution agreements with the companies whose products they do sell, but usually they offer more than one companies products. And I agree with Jiawei - the MAS is becoming stricter on regulating the activities of the financial industry here. New regulations come into play early next year, but unfortunately they still are no-where near the standards of the FASB (UK regulator).Jiawei.Ho wrote:Most financial planners are tied agents but i believe are are agents out there who is independent in their planning for their clients and not commission driven.
Those commission driven agents are just a small part of financial planner and MAS have be very strict with the regulations, regulating the financial industry here in singapore.
Thank you carteki. But even if you get a independent financial planner, you will not get the best opinion as they might be driven towards the products with higher commission rates. Honestly, it all comes down to the integrity and ethics of the financial planner that your are dealing with.carteki wrote:It is not possible to be a financial consultant "part-time" in Singapore. You have to work for an 'accredited-company'. All of these companies in some way or the other are "tied" in that if they do not sell their own products, then they have distribution agreements with the companies whose products they do sell, but usually they offer more than one companies products. And I agree with Jiawei - the MAS is becoming stricter on regulating the activities of the financial industry here. New regulations come into play early next year, but unfortunately they still are no-where near the standards of the FASB (UK regulator).Jiawei.Ho wrote:Most financial planners are tied agents but i believe are are agents out there who is independent in their planning for their clients and not commission driven.
Those commission driven agents are just a small part of financial planner and MAS have be very strict with the regulations, regulating the financial industry here in singapore.
As far as I know - fee-based consultants in Singapore are very rare on the ground (or non existent). Having said that, it is still possible to get good service from an agent who earns a commission.
To put "integrity", "ethics" and "financial planner" into one sentence requires strong imaginative capabilities.Jiawei.Ho wrote: Thank you carteki. But even if you get a independent financial planner, you will not get the best opinion as they might be driven towards the products with higher commission rates. Honestly, it all comes down to the integrity and ethics of the financial planner that your are dealing with.
You're kidding right ??Jiawei.Ho wrote: Thank you carteki. But even if you get a independent financial planner, you will not get the best opinion as they might be driven towards the products with higher commission rates. Honestly, it all comes down to the integrity and ethics of the financial planner that your are dealing with.
You work for an insurance company as a salesman, and yet you don't know this (i.e. you're a complete moron)? Or.... you're just spamming (i.e. a complete moron)?DennisChan wrote:Sorry to hijack but I wonder if threadstarter has managed to get a IFA? cause I'm interested to find out the difference between how IFA & Tied agents work.
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