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need independant insurance agent

Discuss the different insurance options from car to health insurance.
Jiawei.Ho
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Postby Jiawei.Ho » Sat, 15 Oct 2011 3:06 pm

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.

financialplanner
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I do not know how to follow rules so now I'm banned

Postby financialplanner » Mon, 07 Nov 2011 3:50 pm

Image

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Postby sundaymorningstaple » Mon, 07 Nov 2011 6:57 pm

:shit:

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carteki
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Postby carteki » Mon, 07 Nov 2011 9:54 pm

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.


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).

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.

Jiawei.Ho
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Postby Jiawei.Ho » Tue, 08 Nov 2011 3:19 pm

carteki wrote:
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.


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).

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.


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.

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Postby beppi » Tue, 08 Nov 2011 4:57 pm

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.


To put "integrity", "ethics" and "financial planner" into one sentence requires strong imaginative capabilities.
I find "financial planner" and "avoid like the plague" more appropriate.

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Postby sundaymorningstaple » Tue, 08 Nov 2011 5:54 pm

:cool:

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Postby Mad Scientist » Wed, 09 Nov 2011 5:19 am

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 ??

There is this old saying in SG. If you see a snake and a liar, you kill the liar first then the snake.........But I would like to change this phrase

If you see a snake, a real estate agent and an insurance agent, you obliterate both the agents then deal with the snake !!
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!

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Postby guoquan » Wed, 16 Nov 2011 2:10 am

hi,
im a financial planner with great eastern but i guess that is not what you want.
I have a friend who is an independent financial planner so leave me your email and i will get him to contact you?

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Postby DennisChan » Wed, 04 Jan 2012 2:39 am

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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Postby JR8 » Wed, 04 Jan 2012 2:45 am

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.


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)? :roll:

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Postby RaineG » Sun, 26 Feb 2012 12:35 am

Would independent agent make a difference? Most will sell you the product they will earn the most commission from. Plus... there's no specialization, so what's the point? :)
At the end of the day, the World is still a beautiful place. :)


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