Hi Mr. Tan,
I recall your blog post about not trusting financial advisors. Today, I found a publicly posted comment that reinforces your point. This was posted on Today Online, in response to MAS new customer assessment initiative:
"It is very difficult to do business when we are not allowed to pull wool over our customers' eyes. This integrity thing is highly expensive to implement, and is definitely not pro-business. If we can have gambling, I don't see why we can't have opaque sales terms for the investment business. After all, we are such a big business and so vital and central to any economy. We should be allowed to do whatever we want, as long as we deliver on growth. Sometimes, you have to cut down the forests to grow the cabbage, you know." - Jay Yip
I recall your blog post about not trusting financial advisors. Today, I found a publicly posted comment that reinforces your point. This was posted on Today Online, in response to MAS new customer assessment initiative:
"It is very difficult to do business when we are not allowed to pull wool over our customers' eyes. This integrity thing is highly expensive to implement, and is definitely not pro-business. If we can have gambling, I don't see why we can't have opaque sales terms for the investment business. After all, we are such a big business and so vital and central to any economy. We should be allowed to do whatever we want, as long as we deliver on growth. Sometimes, you have to cut down the forests to grow the cabbage, you know." - Jay Yip
4 comments:
This gives more reasons for MAS to weed out this type of salesmen. There are plenty of them who put their pocket first and the clients' interest in the garbage.
In the Minibond/High Notes/Pinnacle Saga, what did MAS put first? Heartlanders?
No. It was all the Ms. Our Money Man Heng Siew Kiat is now promoted to a Minister in MOE drawing a revised salary of $715,000 a year excluding MPs allowance. As for the 10,000 investors? DBS High Notes investors case was thrown out. Minibond took back residue value and MAS declared victory over Hong Kong MAS. Pinnacle need US Lawyers to fight for them on "pay-only-if-you-win" deal.
This is what million dollars Ministers deliver to their many years supportors. LIP-SERVICE while laughing all the way to the bank very month.
And all the more to be on your guard, when your bank Relationship manager, insurance agent, stockbroker or estate agent approaches you. Oh, practically anybody who makes a living on commissions, all of these people are out only to close a deal and fulfill the sales quota.
I wish insurance companies don't pay base on commission but customers pay a fee to have financial advice.
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