IFA Wilfred Ling

[exclusiv3]

Anyone engaged him for his financial planning service?

i will like to seek your opinions on whether does his service worth it.

i am thinking of engaging him for insurance planning but after seeing his fee, $4888, which is rather expensive

so wondering whether is it worth it.

 

[bright_84]

Insurance planning just find any agent. Or just listen to the people here and get term. Why work so hard?

 

[moejoseph]

Anyone engaged him for his financial planning service?

i will like to seek your opinions on whether does his service worth it.

i am thinking of engaging him for insurance planning but after seeing his fee, $4888, which is rather expensive

so wondering whether is it worth it.

Why pay additional on top of the commission when you will be buying from him? The advice given is more or less the same

Am sure lots of people here will be willing to provide free consultation if you need and ask

 

[KinoChoco]

Is this actually legal? I’m assuming he’s in an agency of a insurance company (based on google), yet he is charging personal fees on top of his commission etc? Doesn’t sound to be right?

 

[bright_84]

Is this actually legal? I’m assuming he’s in an agency of a insurance company (based on google), yet he is charging personal fees on top of his commission etc? Doesn’t sound to be right?

It's very legal.

 

[KinoChoco]

It's very legal.

I don’t get it tho, did some reading and it claims that since he is fee based and not commission based, it’s more beneficial to us, however, aren’t we double or triple paying? Assuming we purchase an insurance product thru him, it’s not like we could ‘rebate’ all the commission built within the policy and pay him based on his ‘fee based’, we literally paying the commission of the policy + thousands of dollars of additional fee to him isn’t it?

What makes him different from any other commission based agent other than he benefit additional profits from the client?

 

[w1rbelw1nd]

He is fee-based. AFAIK people like him and providend will refund the commission that he is supposed to earn back to us.

You can check out moneyowl platform. They are very transparent about the rebate arrangement (50% afaik), just that how much rebate in absolute amount we are getting, we don't know.

I don’t get it tho, did some reading and it claims that since he is fee based and not commission based, it’s more beneficial to us, however, aren’t we double or triple paying? Assuming we purchase an insurance product thru him, it’s not like we could ‘rebate’ all the commission built within the policy and pay him based on his ‘fee based’, we literally paying the commission of the policy + thousands of dollars of additional fee to him isn’t it?

What makes him different from any other commission based agent other than he benefit additional profits from the client?

 

[KinoChoco]

He is fee-based. AFAIK people like him and providend will refund the commission that he is supposed to earn back to us.

You can check out moneyowl platform. They are very transparent about the rebate arrangement (50% afaik), just that how much rebate in absolute amount we are getting, we don't know.

Thanks. I was only reading this wilfred’s website that’s why curious, his FAQ mentioned he does not refund/rebate any commission lol, so he indeed is a special case of excess charges

 

[Mecisteus]

I think the fee based model is good if you are trying to insurer a big portfolio. ie more than $500 worth of premiums per month.

For example if you buy a life policy of $500 per month, your 1st 2 years commission is about 12k.

 

[exclusiv3]

Insurance planning just find any agent. Or just listen to the people here and get term. Why work so hard?

i think the agent will only be able to sell their own company plans and not many will do out comparison with other and tell u to buy other company's plan.

 

[KinoChoco]

I think the fee based model is good if you are trying to insurer a big portfolio. ie more than $500 worth of premiums per month.

For example if you buy a life policy of $500 per month, your 1st 2 years commission is about 12k.

Just did some checks, there’s fee based and fee only model.

What you should be looking at are fee only models and not like Wilfred whom are fee based, he bascially still gets to keep the full commission plus u need to pay him 4K+ fees for financial planning, and subsequently he also charges retainer fees if you need further financial advices from him.

I believe fee-only model will return u all the commission and only charges u their professional fees for financial advisory/planning.

 

[Mecisteus]

i think the agent will only be able to sell their own company plans and not many will do out comparison with other and tell u to buy other company's plan.

The are an independent FA.

They carry alot of products.

 

[agau168]

From his $4888 fees, it is obvious he serves only the rich because it only makes sense to engage him if you have lots of money. If your money is not in millions, then it does not make sense to use his expensive services because his fees will eat up a substantial chunk of your savings in percentage terms.

If you have lots of time on hand to self-learn, you can get free and good financial advice online. This is a good forum. No need to waste money on expensive financial advisers like Wilfred Ling.

If you have lots of time to learn things yourself, don't engage expensive financial advisers like Wilfred Ling because he will get rich at your expense. This is not to say $4888 expensive financial advisers like Wilfred Ling are blood-suckers to everyone. They are useful to rich people who are busy making money in their jobs and businesses and have little time to manage money on their own.

Financial advisers will never move totally to fee-based structure because of the huge fees that are being charged. Fee-based advisers serve only the rich which is plain to see from the huge fees they charge. The poor will have to rely on themselves. Free forums such as this one play an important role in educating not-so-rich people.

Anyone engaged him for his financial planning service?

i will like to seek your opinions on whether does his service worth it.

i am thinking of engaging him for insurance planning but after seeing his fee, $4888, which is rather expensive

so wondering whether is it worth it.

 

[KinoChoco]

From his $4888 fees, it is obvious he serves only the rich because it only makes sense to engage him if you have lots of money. If your money is not in millions, then it does not make sense to use his expensive services because his fees will eat up a substantial chunk of your savings in percentage terms.

If you have lots of time on hand to self-learn, you can get free and good financial advice online. This is a good forum. No need to waste money on expensive financial advisers like Wilfred Ling.

If you have lots of time to learn things yourself, don't engage expensive financial advisers like Wilfred Ling because he will get rich at your expense. This is not to say $4888 expensive financial advisers like Wilfred Ling are blood-suckers to everyone. They are useful to rich people who are busy making money in their jobs and businesses and have little time to manage money on their own.

This is really true, he is solely making himself to appeal to the rich, hence the model and even stuff like retainer fees, bascially just keep paying him to manage everything and continue with your own life.

 

[exclusiv3]

rich get richer poor get poorer. LOL

thanks everyone for pointing out.

guess i will have to continue read this forum for more advises.

 

[KinoChoco]

rich get richer poor get poorer. LOL

thanks everyone for pointing out.

guess i will have to continue read this forum for more advises.

There are plenty of independent financial advisors agencies, where they carries few companies products and u don’t get charged any ‘fees’ for advisory. U can look into those if u want comparison, which I’m sure u already received PMs from agents or going to soon, lol.

 

[exclusiv3]

already received some PMs, but not independent.

 

[sunstarsunset]

Is he highly recommended?

 

[Geeezz]

si bei ho tang sia knn 4800 also will hv ppl consider

 

[moejoseph]

already received some PMs, but not independent.

Independent may not be the best also. Some insurers are exclusive, so they don't let IFA carry.

Some IFA only compare and sell products giving them the highest comm, so they may not show you everything that are available on market. Another reason is, they did not go through every insurer's product training, so there are things they can't sell as well.

Best will be to listen to different people for opinions, and see if their opinions match