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Newbie Guide: How to Find a Good Agent for Investment & Insurance?

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Old 19-05-2011, 11:40 AM   #601
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pm liao. before that got 1 more also pm me.

last time when i was asking about insurance you also got pm me lol
What a waste, I can't like this.

What Handstied try to say is that you should do up a proper planning, to find out your more about your financial standing.

Many product looks good. But whether is it suitable or not, is another question. A simple thought, if you have about $300 left monthly. isit really wise to use 100++ into something that will lock up your cash flow? Will the amount left in your 'free' cashflow be too little? But if you have a couple of thousands savings, then $100++ lock up might be still ok? All this simple thoughts is just brief check. Thats why a proper planning is important.

Such RSP product can be found in many places. Why restrict yourselves to only Pru funds, when you can have ALL the funds out there? Philips Capital have 1 that even play with stocks. Checkout iFast as well.

I would advise you to look at your protection first before looking at the savings or investment. Start early while it is still affordable to you, and do it good. The cost of a saving/investment plan will not goes up next year. Your life plan will.
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Old 20-05-2011, 12:49 AM   #602
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i think its true, might as well pay for insurance first since i got virtually zero.
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Old 20-05-2011, 08:57 AM   #603
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i think its true, might as well pay for insurance first since i got virtually zero.
The foundation is to be done right. Think of the immediate money that you NEED the next moment of time (shall unexpected event strike), instead of the money you want, for your future.

Step by step to achieve your financial goal. Engage a IFA to plan out your needs and strategy to achieve it.
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Old 20-05-2011, 09:53 PM   #604
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Actually, service and professionalism of agent is as impt as the products itself. Even if you find an IFA but unethical one also pointless.

I once saw the planning done by a very prestigious IFA company before. Very obvious is want to squeeze every single drop of money from the client.

Best is find an agent in the biz quite long and have a good reputation. Dun nid find me cos I in this biz quite short and my online reputation sux.
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Old 20-05-2011, 10:09 PM   #605
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Actually, service and professionalism of agent is as impt as the products itself. Even if you find an IFA but unethical one also pointless.

I once saw the planning done by a very prestigious IFA company before. Very obvious is want to squeeze every single drop of money from the client.

Best is find an agent in the biz quite long and have a good reputation. Dun nid find me cos I in this biz quite short and my online reputation sux.
Yes. The service and the professionalism of the agent is very important. I would say, there are black sheep in all industries. I do not feel that a tied agent will be unethical, or that IFA will care the most of client.

Look at finexis case with AXA.

Since black sheep can be found everywhere, it will be best if the client can have options to make the decision. You can't tell the good of the service and/or professionalism of an agent in a meeting or 2, but at least, an IFA can provide the first level of comparison on the product. Before the consumer compare the agent.

Long biz, gd reputation very important? Does that means that this agent is good? look at the recent AIA MDRT lady. She is long in the biz, before the case, i'm sure her reputation is good. She can still create fake policy.

Only time will tell if the FA servicing you is good. Before that, at least you have to be comfortable with the agent.
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Old 20-05-2011, 10:14 PM   #606
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So let me ask you, as an IFA, will it be a time when the client specifically ask for a product and you are not able to sell it?
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Old 20-05-2011, 10:23 PM   #607
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So let me ask you, as an IFA, will it be a time when the client specifically ask for a product and you are not able to sell it?
Please be precise this what sort of product are you refering to.

So far, I have never came across any client that comes to me specifically saying 'I want to buy prudential - ABC plan'. But I do have client who seek advise from me regarding specific product from certain company.
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Old 20-05-2011, 10:29 PM   #608
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You can get a bad tied agent or a bad IFA. Both will do rubbish to your financial portfolio.

You can get a good tied agent, or a good IFA. A good tied agent can only offer as best as his company can offer. A good IFA can give best-of-class products in the market for each insurance class required by an individual, and this is just talking about insurance.
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Old 29-05-2011, 09:56 PM   #609
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Wow it took me so long to read through all the stuff.
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Old 05-06-2011, 01:22 PM   #610
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Hi guys, do join my facebook page to get articles on financial planning. Will be giving away some finance-related iPhone apps as well.
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Old 12-06-2011, 03:57 PM   #611
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re

a good financial planner needs 3 things:

1) understands thte word credit event and news etc. eg when i mention 57k , the advisor must be able to tell thats the recent NFP , QE2 effects etc, property ?

2) not sell anything or affiliated to any insurance broker, if u are then i say quit them. simple logic, if the owner is a ponzi , no matter ow honest the agent is , he is still selling a ponzi product. Yes , all insurance are well dressed ponzis

3) been a active investor

apparently agents think they are good because they know all the policies by hard , and they can offer the best suitable package to you. and i tell u thats noobishly wrong. ever heard of cashflow is king, if i were an financial planner i would advise my clients to go for the course themselves and save the agent fees.


Actually, service and professionalism of agent is as impt as the products itself. Even if you find an IFA but unethical one also pointless.

I once saw the planning done by a very prestigious IFA company before. Very obvious is want to squeeze every single drop of money from the client.

Best is find an agent in the biz quite long and have a good reputation. Dun nid find me cos I in this biz quite short and my online reputation sux.

Last edited by daryltan1988; 12-06-2011 at 04:00 PM..
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Old 13-06-2011, 05:17 PM   #612
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A good financial adviser need to know one thing. Be honest with what he know and what he don't know. A true fact that hardly met.

The consumer should be left entirely on the decision making. You should know what is best for yourself. If you don't, who else can?

All financial adviser make a living thru selling. No commission = no living.

You can be your own financial adviser.

Financial planning isn't just about investing. Insurance, saving, estate planning are part of it.

Most importantly, wealth are not entirely financial planning. Your happiness does not evolve entirely on growing paper rich. Have fun!
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Old 16-06-2011, 08:32 AM   #613
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this has been a good read ...
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Old 10-08-2011, 01:36 PM   #614
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Hi, a finance newbie here. To give a summarised background, I've taken M5, M8 and HI and worked for a total of 3 weeks with an insurance company but wasn't able to adapt to the prospect of long-term relationships with people based on the plans I sell to them. That plus I suck at sales. Now a contract teacher. o.O

Secondly, I really want to thank Rommie for the informational overload with structure. Now that I'm earning a salary, I'm on the other side: how do I put the money to good and safe use besides leaving them in a bank account to earn minimal interest? Is there anybody I can trust, or should I put in some effort to read up on my own and be responsible for the decisions I make? In the last few pages of this thread, I don't see Rommie responding to queries any more, but I still see many others chipping in to help with these. Got a few of my own:

1. In long-term investing (planning for future family / kids' education / retirement) with a 15-year+ horizon, what is a reasonable rate of return to aim for? On par with inflation? 1% above inflation?

b) Or is the limit more dependent on the time horizon, such that if we're looking at 25-years or longer, even 15% annualised (mostly in equities I guess?) is ok?

c) Or if the greed for high returns compromises the diversification of the portfolio, that means the wanted rate is too high?

2. Rommie has recommended some books for the beginner, intermediate and advanced investor. Do any of these books give a good mind-map or overview of all the different financial instruments which are relevant to the investor with a long-term outlook? In this case, I don't think short-selling and derivatives are relevant, but do correct me if I am wrong.

3. Regarding ETFs and index funds (are the terms exchangeable? Pun not intended), can these be traded using any easily available account like DBS-Vickers and POEMS?

4. Is Zurich Life International an insurance company or an investing hybrid? (I learnt of this when going through a session with a finexis advisor.)


Thanks everybody!

Just like to remind all commissioned advisors here that the doctor analogy so commonly used in the initial sales pitch truly works against you here if you're not careful. It's pretty ironic...
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Old 16-08-2011, 03:10 AM   #615
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Disability Income Insurance is probably the 2nd most important insurance for young people. When you apply for this insurance you will declare your salary and your occupation. If you pass the medical underwriting, such DI insurance will provide you with a payout of 60-70% of your last declared salary until retirement age (varies from 50-65), if you suffer from a medical condition that specifically prevents you from working in your original job. For e.g. you are a teacher and you lose your voice permanently, DI insurance payout will kick in. There are only 2 such products on the market - Aviva IdealIncome and GE PaySecure. When looking for such DI insurance be careful that there are alot of "imitation" products out there. Always make sure that the DI insurance you pay uses "own occupation" definition of disability...
Seriously must be aware of imitation products being passed off as proper Disability Income Insurance.
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