Survey: Financial advise

Financial advisers are required to make a financial needs analysis of their client and to have a suitable basis for giving their advice on implementing a financial plan?

How is this advise given? 

Many clients have approached me for advice, because they are confused with what the adviser told them. This is most unsatisfactory. The financial adviser earned $1,000 or more in commission and did not give a satisfactory explanation.  

I suggest that the advise should be given in simple language in a format that is understandable by the client.

I also suggest that a set of the documents supporting the advise should be given to the client. The client can give the advise to another person for a second opinion. This will ensure that the quality of the advice given by the first adviser is satisfactory and conforms with some best good practice standard.

At present, the financial adviser is required to lodge their advice to the advisory firm and a supervisor is required to audit the advice. As the supervisor works for the same firm, this does not give sufficient protection to the consumer on the quality of advice and the suitability of the products.

What are your views on this matter? Particpate in this survey.

A considerate person

I visited Nanyang Junior College to give a talk to the students. After arriving at the school, I found several empty Visitors parking lots next to the main entrance. The remaining lots, presumably used by the teachers, were all occupied.

It is so easy to find these parking lots. This is a wonderful welcome to any visitor to the school. 

The principal was considerate in giving priority to the visitors. He also made sure that there were sufficient lots reserved for the visitors. 

I have visited many other places where all the parking lots were occupied by the staff. Some of the empty lots were "reserved for the staff". These places do not consider the visitors or customers to be important, and were accorded low priority.

I hope that more people in Singapore can be considerate, like the principal of Nanyang Junior College.

Tan Kin Lian