Hi
I am a financial adviser represenative. Being in the industry, I do not need to look too far for malpractice, misselling, misrepresentation. There are many greedy so-called advisors. They are not interested to recommend Enhanced Incomeshield or Myshield to you because the commissions are really pathetic. It's sad to see that this industry has degenerated to the current state.
It's really sickening to see some cheaters who just sell this V plan and earn $1m a year. The V plan is basically a regular premium investment-linked policy. It's an insurance contract. Everything is contractual - you need to follow the insurer's rules and terms. If you violate them, you will be penalised heavily. For instance, if you stop paying premium in the first 18 months, you will lose all your premiums paid.
The advisers tell you that you can exercise premium holiday after 18 months, bonus allocation. If you alter the terms & conditions of the insurance contract, there's a hefty penalty for you.
Do you know how much you pay for this product? For a premium of $3,200/month for 25-year term, the FA firms or banks will straight away receive about $40,000 in commission, then the adviser would get 60 - 80% of the amount. For 10-year term, the comm is about $16,000. the longer the term, the higher the commission. you see, money comes from somewhere. If the commission to the advisor is so good, no prize for guessing who pays for it. it's YOU my friend.
At $3,200/month, the total premium for 25 years is $960,000 my friend! How many people in singapore can afford this kind of premium, and can comfortably say that they are able to 'finish' it.
I had heard of people being sold $20,000 a month. those so-called advisers are beyond help. Eventually they will pay for their evil deed. they must be jailed for their sins.
You may ask why the they could sell so high a premium to their clients? The clients are equally greedy, about the 'bonus' allocation and the 'high' returns. The 'bonus' is something that you can see but cannot touch. Many people thought that they can cash out the gains after 18 months, but they will lose everything if you surrender in the first year.
This plan has been in the market for 2 years. We shall hear more news of people surrendering, especially in the current economic condition. i predict that this V plan and other similar plan from some offshore insurers will be the CDOs for the FA industry. I am eagerly awaiting more complaints or newspaper reports about this con job.
For those who surrendered and suffered big losses, please share your story, expose those who conned you and your hard-earned money. If you continue to remain silence, the misselling will become more rampant. More unsuspected people like the elderly will be sucked into.
Please help educate people by sharing your stories. or you may write to mr tan kin lian at kinlian@gmail.com, or visit his blog www.tankinlian.blogspot.com, or write to reporters like Lorna Tan of the Straits Times or Genevieve Cua of the Business Times, or Mr. Shane Tregillis of MAS' market conduct deputy MD.
I thank you for your contribution in building a better society.
Friday, December 19, 2008
High charges in this investment-linked plan
Hi,
I have just given up on my V investment plan which lasted for 2 years. The investment return is poor (i.e. I lost over 30% of capital and the EURO adventurous fund performed very poorly) and the surrender penalty is very heavy.
What I really dislike about this plan is the lack of transparency and inflexibility, and particularly the lack of control of your funds. There are these expensive management fees and numerous charges. It is an expensive plan (i.e. at least $1,200 per month on a premium of $2,500 per month).
It would be better if you invest in an exchanged traded or index funds for long term investment. ETFs work like a stock and can be traded with minimal management fees unlike unit trusts or managed funds. You can dollar average your payment (when the stock price is low). The advantage is that you can buy and sell the fund (depending on the market) as YOU ARE in control. Right now equities are very low particularly for some blue chips shares. Do some research, be your own fund manager.
Just cut your losses and get rid of the plan. Remember you have to pay 10 years of this plan (otherwise you may incur penalty etc)! Your returns may be very unpredictable. 10 years of bondage to a fund which may not.
VL
I have just given up on my V investment plan which lasted for 2 years. The investment return is poor (i.e. I lost over 30% of capital and the EURO adventurous fund performed very poorly) and the surrender penalty is very heavy.
What I really dislike about this plan is the lack of transparency and inflexibility, and particularly the lack of control of your funds. There are these expensive management fees and numerous charges. It is an expensive plan (i.e. at least $1,200 per month on a premium of $2,500 per month).
It would be better if you invest in an exchanged traded or index funds for long term investment. ETFs work like a stock and can be traded with minimal management fees unlike unit trusts or managed funds. You can dollar average your payment (when the stock price is low). The advantage is that you can buy and sell the fund (depending on the market) as YOU ARE in control. Right now equities are very low particularly for some blue chips shares. Do some research, be your own fund manager.
Just cut your losses and get rid of the plan. Remember you have to pay 10 years of this plan (otherwise you may incur penalty etc)! Your returns may be very unpredictable. 10 years of bondage to a fund which may not.
VL
ProTrader - learn trading in a simulated environment
Read about this simulated game here:
www.tankinlian.com/forms/protrader.pdf
You can play the game here:
www.tankinlian.com/trader
Steps:
1. create an account will your user name and password
2. login
3. click on play
4. select the game
5. enjoy (the game comprise of 10 virtual days .. wait until end of the game)
This game teaches you the skill on day trading, based on the economic news. You can practice many times to get a feel of how the news impact on the price movements of various financial products.
This is for FUN. It is not suitable for long term investors.
www.tankinlian.com/forms/protrader.pdf
You can play the game here:
www.tankinlian.com/trader
Steps:
1. create an account will your user name and password
2. login
3. click on play
4. select the game
5. enjoy (the game comprise of 10 virtual days .. wait until end of the game)
This game teaches you the skill on day trading, based on the economic news. You can practice many times to get a feel of how the news impact on the price movements of various financial products.
This is for FUN. It is not suitable for long term investors.
Thursday, December 18, 2008
Survey - visitors to my blog
72 people replied to the survey.
Occupation
Professional, manager 39%
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Retired 18%
Homemaker, student 9%
Age group
Up to 30: 25%
31 to 50: 39%
Above 50: 36%
How frequently do you visit:
Daily: 56%
Several times a week: 34%
Several times a month: 5%
Occasionally 4%
Survey - Compensation on CLN
148 investors participated in the survey.
What is the minimum percentage of compensation that you will accept"
30% 7.6%
50% 47.2%
70% 45.1%
Are you prepared to take part in a class action and spend up to $5,000
Yes 59.3%
No 40.7%
Volunteers to help get 100,000 signatures
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