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 [...]
1 year ago, an FA firm (not an IFA) ran a promotion that offers a ‘free’ first year term coverage by rebating the whole first year premium. Now that promotion has backfired and the insurer wants to claw back more than $7m in commissions and volume discounts due to the high [...]
A major life insurance company in Singapore has embarked on on aggressive drive to increase their private integrated shield plan market share. They are now knocking door to door asking if you have upgraded your shield plan. While the one that knocked on my door was courteous and not pushy. I cannot say [...]
Avoided like the plague during the financial crisis, structured products are reviving like green shoots after a long awaited rain. Dual Currency Deposits in particular, have been really popular. Depositors may not have understood the risks involved. Read the article – Dual Currency Deposits – Do You Know You [...]
There has been push for the Mass Affluent and High-Networth-Individuals (HNWI) market by many financial institutions. This is a logically move looking from the business volume and margin angle. However, this trend does not necessarily benefit the mass affluent or the HNWIs.
When it comes to the mass market, 1 or [...]
Simon (not his real name), wanted to invest USD2 million. Seeing that the market is volatile, Keith (not his real name), Simon’s private banker from bank B, suggested a Regular Savings Plan (RSP) to ride out the volatility. The RSP time frame is 3 years. So USD1.8m went into a USD50,000 per [...]
Money managers have to cope with numerous limitations and constraints. Investors should be wary and consider these restrictions when deciding who would be the better choice in managing their wealth. Read the article What You Money Manager Don’t Want You To Know to find out more.
The pressure to meet sales targets has caused a former bank executive 7 months of his life in prison for forging documents and transferring client’s cash to other accounts, it was reported in the March 23th 2010 edition of The Straits Times – Money-go-round scam: Ex-bank exec jailed. Quoting the report:
