SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
need independant insurance agent
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.
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.
-
- Newbie
- Posts: 2
- Joined: Mon, 07 Nov 2011 3:35 pm
- sundaymorningstaple
- Moderator
- Posts: 39755
- Joined: Thu, 11 Nov 2004 1:26 pm
- Location: Retired on the Little Red Dot
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.
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.
I find "financial planner" and "avoid like the plague" more appropriate.
- sundaymorningstaple
- Moderator
- Posts: 39755
- Joined: Thu, 11 Nov 2004 1:26 pm
- Location: Retired on the Little Red Dot
- Mad Scientist
- Director
- Posts: 3524
- Joined: Thu, 03 Dec 2009 6:31 am
- Location: TIMBUKTU
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.
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 !!!
-
- Newbie
- Posts: 6
- Joined: Sat, 27 Jun 2009 12:16 am
- Location: Bishan
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.

-
- Similar Topics
- Replies
- Views
- Last post
-
- 10 Replies
- 6109 Views
-
Last post by Lisafuller
Wed, 29 Dec 2021 11:24 pm
-
-
Purchase of private property need to pay agent's commission
by mary_tan » Fri, 08 May 2020 3:48 pm » in Property Talk, Housing & Rental - 6 Replies
- 2462 Views
-
Last post by Zhou Anqi
Wed, 10 Jun 2020 10:52 am
-
-
-
HORRIBLE EXPERIENCE WITH A SELLER WHO IS ALSO AN AGENT
by voguebrooch » Fri, 16 Mar 2018 3:36 pm » in Property Talk, Housing & Rental - 4 Replies
- 2498 Views
-
Last post by adeline.35
Tue, 20 Mar 2018 5:00 pm
-
-
-
Be ware of this unethical landlord and agent
by Idesigner » Fri, 20 Apr 2018 5:02 pm » in Property Talk, Housing & Rental - 7 Replies
- 3320 Views
-
Last post by Max Headroom
Wed, 25 Apr 2018 8:21 am
-
-
-
Tenant agent fee if contracting for a unit not introduced by him/her
by vinsg » Mon, 24 Sep 2018 3:24 pm » in Property Talk, Housing & Rental - 0 Replies
- 1586 Views
-
Last post by vinsg
Mon, 24 Sep 2018 3:24 pm
-
Who is online
Users browsing this forum: No registered users and 0 guests