As F1 roars into town and private banks get to wine and dine their clients, a growing number of millionaires are realizing who actually is footing the bill.
According to the 22nd September 2011 report on Bloomberg (Millionaires Form Family Offices to Avoid Private Banks), successful Asian families are setting [...]
The story is familiar isn’t it. You go to the bank just to deposit cash. You are brought to a desk from the queue ‘to reduce your waiting time’. And the next thing you know, you are pushed a insurance plan/structured product/minibomb…
A friend’s dad went to the bank just to deposit [...]
An ex-AIA agent has been charged for allegedly selling a fake US $5 million ‘AIA Thank You’ policy to a semi-retired businessman in November 2002, reports the May 11th 2011 edition of The Straits Times (Ex-AIA Agent Charged Over Fake $6.2m Policy). The story was first reported here.
The head of a advisory firm in Singapore is in the process of making a police report over blog comments, reports the 30th March 2011 edition of The Business Times (Head of financial advisory firm flamed).
Read the article here.
A local insurer has launched a FA company that is a hybrid between a agency only model and the FA model. The new company, which targets the mass affluent, will offer life insurance from the insurer (with the exception of products from a foreign insurer), general insurance from multiple companies and unit trust [...]
We are constantly being bombarded with new information. These info are often biased and we, the information recepians, are often not aware of these biases. Just like to share some recent incidents that highlighted the information asymmetry we face.
Incident 1
There have been widespread reporting on the charges a well-known [...]
‘Don’t judge a book by it’s cover‘, the old saying goes. Now, we have to add another – ‘Don’t judge a man by his titles‘. In the 21st Jan 2011 edition of The Straits Times (Insurance agents’ body sued for offering dud degree), it was reported that a financial adviser has [...]
As reported in the 17th October 2010 issue of The Sunday Times (Financial reps no longer need licenses), Financial Advisory Representative (FAR) of financial advisory firms no longer needs to be licensed by the Monetary Authority of Singapore (MAS). All representatives will be given similar regulatory treatment.
In what is believed to be the first of its kind in Singapore, an Indonesian businessman is claiming that his ex-AIA agent has sold him fake insurance policies costing US$5m. This was report in the 10th October 2010 edition of The Sunday Times (US$5m insurance scam).
Facing the problem of dwindling agent force, a major insurer has rolled out its own version of red carpet in a bid to stop the agent exodus and even recruit agents from other companies. This follows a previous article that highlighted this issue of agents jumping ship. According to The Straits [...]
