Fee based Financial advisers

[computers70]

Hi,

Anyone here engaged fee based financial advisers ?
Please share your experience and fees.

 

[TabascoSauce]

I am a financial advisor i charge you $0 unless you buy an insurance from me..=) isn’t it better?

Just tell me what Quotations you need I can send you

Nope. Not better. Clear conflict of interest

 

[limster]

Nope. Not better. Clear conflict of interest

definitely conflict of interest.

Worst are the tied agents who can only recommend products from one insurer, even if there are better products from other insurers. If the insurer they represent has an inferior product, they still got no choice but to push it.

 

[cscs3]

I am a financial advisor i charge you $0 unless you buy an insurance from me..=) isn’t it better?

Just tell me what Quotations you need I can send you

Or in the old day, we called "salesman"?

 

[cscs3]

definitely conflict of interest.

Worst are the tied agents who can only recommend products from one insurer, even if there are better products from other insurers. If the insurer they represent has an inferior product, they still got no choice but to push it.

That's job of a salesman.

 

[Shiny Things]

I am a financial advisor i charge you $0 unless you buy an insurance from me..=) isn’t it better?

No, it’s not better; this is one of the worst possible models. It doesn’t make you a financial advisor; it makes you a salesman.

Think about what you’re incentivized to do. You don’t get paid unless you sell insurance policies. Doesn’t matter if those policies are the right thing for your client or not; you get paid if you sell policies, and if you don’t sell policies, you don’t get paid.

And once you sell a policy to someone, there’s no benefit to following up with them except to sell them more policies. But that’s not how financial advice works; ideally it’s an ongoing relationship, where the advisor helps the client as their needs change and the market moves.

 

[Maeda_Toshiie]

No, it’s not better; this is one of the worst possible models. It doesn’t make you a financial advisor; it makes you a salesman.

Think about what you’re incentivized to do. You don’t get paid unless you sell insurance policies. Doesn’t matter if those policies are the right thing for your client or not; you get paid if you sell policies, and if you don’t sell policies, you don’t get paid.

And once you sell a policy to someone, there’s no benefit to following up with them except to sell them more policies. But that’s not how financial advice works; ideally it’s an ongoing relationship, where the advisor helps the client as their needs change and the market moves.

Cognitive dissonance not detected.

 

[tangent314]

This is a must read article for everyone before purchasing an insurance plan from an insurance agent: https://dollarsandsense.sg/much-commissions-insurance-agents-earn/

 

[havetheveryfun]

This is a must read article for everyone before purchasing an insurance plan from an insurance agent: https://dollarsandsense.sg/much-commissions-insurance-agents-earn/

one of facebook acquaintances doing insurance just posted he went to

9 places - Bali,Shanghai,Xi’an, LA, Las Vegas, Lisbon,Barcelona, Prague, Halong Bay.

just for 2018 alone, thanks to his "job".

 

[akwl88]

one of facebook acquaintances doing insurance just posted he went to

9 places - Bali,Shanghai,Xi’an, LA, Las Vegas, Lisbon,Barcelona, Prague, Halong Bay.

just for 2018 alone, thanks to his "job".

all thanks to the pple who brought expensive insurance plans from him

the goal of an agent - to get pple to sponsor their overseas trips

 

[DukeCS33]

all thanks to the pple who brought expensive insurance plans from him

the goal of an agent - to get pple to sponsor their overseas trips

What are the other non expensive ways of buying insurance? Even if you buy direct from insurer, the commission appears to have been built in - if they do not pay the agent, they pay themselves.... if they create a commission free plan, then they risk losing all their agents due to cannibalizing effect.

 

[JuniorLion]

Did he get banned?

 

[computers70]

Honestly, I did get the worst advise from fee based adviser
Makes me wonder, tied agents are way better

 

[tangent314]

What kind of advise did that adviser give?

 

[limster]

What kind of advise did that adviser give?

From his posts, I don't know why TS is being so mysterious about it. If he got bad experience and wants to share it, he should share it, why have to post that sort of question?

Apart from what advise, should also state whether you actually paid for the advice... and maybe his qualifications. maybe he went to fee based adviser but didn't actually pay any fees for advice?