Independent insurance advisor

[neanea]

Is it better to have an Independent insurance advisor ?

Do they also have an agenda to promote certain products?

 

[lukaloo]

you have to access through meeting and discussion. some are good, while some are just product comparer. From a business point of view, if and IFA engage 5 insurance company, they need to return certain quota to each of these 5. Else these insurance company will look for other distributors.

So biased or non-biased you need to access through your discussion.

 

[Aerial86]

you have to access through meeting and discussion. some are good, while some are just product comparer. From a business point of view, if and IFA engage 5 insurance company, they need to return certain quota to each of these 5. Else these insurance company will look for other distributors.

So biased or non-biased you need to access through your discussion.

Hi, to correct.. There is no quota to meet to any of the insurer. They are business partners to the Advisory Firms that we belong therefore we are able to represent their products.

But you are definitely right in saying that assessment can only be done through actual meet ups and discussions.

 

[RockyHero]

you have to access through meeting and discussion. some are good, while some are just product comparer. From a business point of view, if and IFA engage 5 insurance company, they need to return certain quota to each of these 5. Else these insurance company will look for other distributors.

So biased or non-biased you need to access through your discussion.

There are no quotas for individual advisors to do any insurance co. Quotas are at the general company level. In my opinion the individual insurance companies should come out with more competitive products if they want to make use of IFAs to market for them and if they choose to leave when their products are not marketable it can mean two things, either their products are not competitive or their support is not good enough. As an ifa you can have the value added service of product comparison and that can probably be the best use of an IFA esp if the client already have in mind what they want.

 

[neanea]

How many independent advisor company are there?

There is also one called IPP?

 

[Aerial86]

How many independent advisor company are there?

There is also one called IPP?

You could easily find a list of IFA firms by typing it in google.. And yes, IPP is one of them.

 

[neanea]

You could easily find a list of IFA firms by typing it in google.. And yes, IPP is one of them.

Which one is good?

btw i did google but cannot find the list

 

[Aerial86]

Which one is good?

btw i did google but cannot find the list

Basically it is unfair to judge an IFA firm based on profile. All IFA has similar partners which they can represent. It boils down to individual advisors on how they do their plannings and their competency level.

 

[NiteX2]

Yup I agree. All advisors will have their own views and points about certain things. Best is to pick one that you can trust and comfortable with, of course wad the advisor says has to make sense also

 

[neanea]

Can some one post all the ifa firms here?

 

[subprimelive]

Is it better to have an Independent insurance advisor ?

Do they also have an agenda to promote certain products?

is it true that ind. insur advisor can sell all insurance pdts except for those from GE and another company(not sure which one) ?

 

[Aerial86]

is it true that ind. insur advisor can sell all insurance pdts except for those from GE and another company(not sure which one) ?

GE and Prudential..

 

[DevilCurseYou]

Is it better to have an Independent insurance advisor ?

Do they also have an agenda to promote certain products?

The advantage of IFA over tied is that IFA are supposedly more fair towards products from all insurer since they do not have have extra incentive to sell products from specific insurer. However, this is assuming the IFA is a brand neutral person, to not have any personal inclination towards any brand. IMO, a brand neutral person is someone who is indifferent between sharp and toshiba TV, or Dell and Lenovo laptop. The products are chosen based on specs.

IFA are coloured by the same bias a tied agent has in choosing product type. Selling ILP/unit trust is more profitable to ETF for both IFA and tied agents.

hence, the person whose agenda is aligned to your own financial health is yourself. You might perhaps also consider financially savvy friends who are not agents. Note that people who major in finance for their degree do not count as financially savvy. Financially savvy is not only knowing the financial computation, but also actively applying it to present instruments to evaluate their relative value.

Insurance agents offer their 'experience' and time spent learning personal finance in exchange for hundreds of thousand of your future money.

Your hourly wage is likely to be below the savings you can achieve by learning about personal finance, and hence the time spent on learning personal should be financially justified.

As for the inexperience, it can be covered by consulting in open forums, and hopefully, there are people to highlight any potential pitfall in your tentative plan.

 

[matchy]

actually the same one....end of the day, u just want to be protected~~~