Dear Mr Tan,
In April, I invested $50,000 in the Asian Income Fund from NTUC Income. Right now, I have incurred a paper loss of $6000. What should I do?
REPLY
You are investing for the long term, maybe 5 to 10 years.
Right now, all the stock markets in the world are down by 20%. But, it will recover in a few years time. So, be patient and hold on to your long term investment.
5 comments:
I hv seen it coming and this is the first complaint. It is and was the most popular product to peddle in the ILP class for whatever reasons..
This product is sold to anyone regardless of risk appetite, age, time horizon and objective. There is no enough disclosure of risk of both the capital and income streams. The emphasis is only, as compared to FDs, on the percentage of return of the income streams.
The gurus in this N company sell it on the income streams, which can be illusion..
And now the capital is hammered and so is the income streams .Hold on to it? How to justify to those who are 'young", eh?
Hope the ILP revamp by MAS will make it stricter and more regulated. These salesmen are product salesmen and they are not investment trained but they behave like investment gurus. MAS must come down hard on them lest many customers' funds in the hands of these 'gurus'
will go up in flame. Simply put, these so called 'Executive Financial Consultants' are no investment experts but pretenders. The earlier MAS intervenes the better it is for the loyal customers of this company.
I suggest that the poster of this comment attend Mr. Tan's academy to get better understanding of finance and insurance . Remember , don't become these fake 'financial consultants'' cash cows. You only make them rich. The products may not be loaded against you but they are, because of their lack of competence and integrity.
AH, these agents are product salesmen what do they know about their own investment products? All they is which pays highest commission.
At their roadshow they are merely pushing products. It is the only company that displays products at roadshow. Why is MAS not sending mystery shoppers to check on them?
Check your fact find to see if your insurance salesman has advised correctly . Seek second opinion before to see if there is a case to take legal action against the agent. This might be a case of poor advice.
NTUC agents are badly trained in investment. It is well known in the market yet there are ignorant customers out there willing to trust them.
Buying ILPs from NTUC agents? you must be mad. Buying the endowment though horrible in return is better than ILPs, especially the regular Vivolink which the breakeven is eternal .
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