Tan Kin Lian's Blog: Asking for advice from TKL

Monday, November 29, 2010

Asking for advice from TKL

If you wish to ask for my advice, please take note of the points stating in this FAQ:
http://tankinlian.com/admin/file.aspx?id=182

Some people expect to take up a lot of my time for free. They do not read the FAQs or do their own homework before approaching me. When I told them that I do not have the time, they asked me to recommend someone who can advise them. I know of a financial planner who charges $200 per hour.

If you do wish to ask for time, be prepared to spend this money. Do not expect to take other people's time for free.

7 comments:

Unknown said...: Kin Lian, when things are free, people abuse it. I once offer free consulting at the earlier stage of any assignment and I found out that I have lots of work but by the time it reaches the payable stage, all activities stopped. So I no longer offer that kind of service other than the very early stage of providing some prelim info. I have advised you to charge previously too. Other than doing social good like halping a group of cheated investors, the personlaised service, u should charge.

Tan Wa Lau; November 29, 2010 9:57 AM
Singapore Stock Picker said...: Mr Tan,

I emphatize with you. Already, most of what is needed to know can be found by just clicking on the "FAQ" tag/labels. Still, people expect to be spoon fed.

that said, some have taken what you say is the market rate for similar advice, as you saying that you charge for your advice. see this http://forum.channelnewsasia.com/viewtopic.php?t=387630 . have a good week; November 29, 2010 12:32 PM
Unknown said...: Some are rude, some are innocent/not being internet savvy/those seldom use internet.

Maybe you should offer advice on how to use internet on first item of your blog ;); November 29, 2010 4:07 PM
Vincent Sear said...: I'm neutral on this. To be fair to TKL, he was NTUC Income GM/CEO for 30 years and an Actuarial Fellow. He's certainly qualified to give advice on insurance and financial matters. He's certainly worth the rate he quoted. However, from the other side of equation, it's certainly not worth the while to seek so highly qualified and rated advice for people only with a few hundred dollars per month to save or only a few thousand dollars in a lump sum to invest. That'd be disproportionately expensive. Yes, do your own homework or join FiSCA for a modest fee instead of looking for customised advice from qualified professionals.; November 30, 2010 6:46 AM
Freedom Fund Builder said...: Mr. Tan

I am also in the financial line myself and I have been following your blog for sometime. I find it very weird, that you have somehow "knock down" on adviser earning high commission from the policies that was sold to clients and yet right now, you are asking people to talk to financial planners that charge $200 per hour or maybe less?

Professional adviser do take up alot of time in understanding their client's need and address their concerns and it really take up alot time to do a proper analysis. Time is money, majority of the insurance companies advisers don't charge hourly rates for their services and the client can left without taking up any policies and the adviser ended up with nothing. So you expect advisers to earn peanuts for the time spent?

What's the differeance between an adviser sure earn $200 per hour even the client don't take up any policies than an adviser, that earn high commission from policies but don't charge a hourly rate and client walk away without paying a single cent?

Commission from financial products have a fixed commission that the adviser can earn, regardless of how many hours he spents. Will it be more costly to talk to a adviser that charges $200 per hour and he took total of 10hours to complete?; November 30, 2010 8:27 PM
Tan Kin Lian said...: Here is my reply to Calvin Kwan:

1. The adviser has a conflict of interest when he earns a fat commission.
2. The fat commission can amount to $5,000 or more.
3. The fat commission is hidden from the consumer. Although it is stated in the benefit illustration as part of the distribution cost, most consumers are not aware about it.
4. $200 an hour is expensive. I hope that other advisers will come forward to give advice for $100 or $80 an hour, which I consider to be a more affordable rate. So far, none wants to give advice at this rate, as they can earn much more by selling their high cost product.; December 01, 2010 4:11 AM
zhummmeng said...: Calvin,
If you have done the right thing then you should deserve the commission of the product that is recommended according to the fact finding and need analysis. Doing the right is 'you don't know the product until AFTER the fact find and analysis and the product is a solution to the problem uncovered.The problem is the insurance salesman already KNEW the product to sell and the fact find is done to 'cover' their foot prints to 'satisfy' the company compliance.Unfortunately, the foot prints are not easily covered up because it is hard to peddle a product and yet meet the reasonable basis. Not meeting the reasonable basis will be an offence under section 27 of the FAA.I hope the agent, his or her supervisor, the compliance officer and the senior management will be charged by MAS for conspiracy to cheat the customer.
We all know that wholelife, endowment and regular ILPs are ONLY suitable for the very rich people because they can afford FULLY the protection need and they are not bothered by the negative return which they know and don't care. The problem is insurance agents disguised as financial consultants SOLD these products to the man in the street who CAN"T afford enough and who need to make their hard earned money work harder. Because of the salesmen' despicable practices and lack of conscience that up to 90% of Singaporeans are under insured and cannot retire.
If the agents have conscience and put their customers' interest first no one will bash them.
But because insurance salesmen don't, it is right that MAS is considering banning commission soon after the other jurisdictions have done.It should not be later than end 2012 after UK.; December 01, 2010 1:30 PM