I wish to look for financial advisers who are willing to give impartial advice for a fee, that is based on time. They have to observe the following code of ethics:
1. To give advice in the best interest of the client
2. To be transparent about the fee
3. To charge the client fairly for the actual time that is spent and the value of the advice that is given
If you are willing to give advice based on this code, please send a resume to me and state your fee. I will post your details in my website, for consumers to contact you.
I urge consumers to be willing to pay a fee to a financial adviser who gives valuable, impartial advice. If you are willing to pay a fee for financial advice, I will refer you to the financial adviser.
Tan Kin Lian
Wednesday, August 11, 2010
Existing Life Insurance Policy [2]
I have received many requests from consumers asking my advice if they should continue their existing life insurance policies. They gave me a lot of details of the various policies that they now hold.
I am not able to give individual advice of this type, as it requires me to spend a lot of time. I will refer them to a financial adviser, who is willing to give the advice for a fee that is based on time, similar to seeing a doctor or lawyer. I advice consumers to be willing to pay for impartial advice.
If you wish to avoid paying this fee, you can learn to make decisions for yourself. You can follow the guide explained in my FAQ on "existing life policies" available from www.tankinlian.com/ask.aspx.
Tan Kin Lian
I am not able to give individual advice of this type, as it requires me to spend a lot of time. I will refer them to a financial adviser, who is willing to give the advice for a fee that is based on time, similar to seeing a doctor or lawyer. I advice consumers to be willing to pay for impartial advice.
If you wish to avoid paying this fee, you can learn to make decisions for yourself. You can follow the guide explained in my FAQ on "existing life policies" available from www.tankinlian.com/ask.aspx.
Tan Kin Lian
Bad customer service
I found it troublesome to make an Internet transfer from my DBS bank account to a payee's bank account. DBS required me to register the payee and authenticate it using my mobile phone. Their webpage did not respond to the creation of the payee details, so I had to go through the tedious process a second time. I have to enter my 2FA token a few times and respond to a few SMS messages. It took me 20 minutes to complete the process. As this is a once-off payment, I had to delete the payee record.
I sent an e-mail to DBS to tell them about my experience. I received an e-mail reply from the service quality manager by e-mail. It is a standard reply stating the importance of the 2FA token for authentication. The reply did not address my actual issue.
I sent another e-mail to the service quality manager to ask if DBS Bank is really interested to understand why it was so troublesome for me. I gave them my telephone number to call. The service quality manager did not reply or telephone me. She just ignore my second e-mail.
This is the poor standard of service of DBS Bank. But it is typical behavior of many people in Singapore, i.e. ignore the complaint. But this should not be the behavior of a person holding the position of a service quality manager.
It will be very troublesome for me to move my account to another bank, as I had a lot of GIRO payments to transfer, but I will do it. I need to find another bank that has better customer service.
Tan Kin Lian
I sent an e-mail to DBS to tell them about my experience. I received an e-mail reply from the service quality manager by e-mail. It is a standard reply stating the importance of the 2FA token for authentication. The reply did not address my actual issue.
I sent another e-mail to the service quality manager to ask if DBS Bank is really interested to understand why it was so troublesome for me. I gave them my telephone number to call. The service quality manager did not reply or telephone me. She just ignore my second e-mail.
This is the poor standard of service of DBS Bank. But it is typical behavior of many people in Singapore, i.e. ignore the complaint. But this should not be the behavior of a person holding the position of a service quality manager.
It will be very troublesome for me to move my account to another bank, as I had a lot of GIRO payments to transfer, but I will do it. I need to find another bank that has better customer service.
Tan Kin Lian
Bike sharing
This writer argues that it should be done on a large scale, supported by corporate sponsors.
LKY Water Prize and National Day Award
Dear Mr. Tan,
Please highlight this link in your blog
http://de-leviathan.blogspot.com/2010/08/most-ironic-awards-lee-kuan-yew-water.html
CH Yak
Please highlight this link in your blog
http://de-leviathan.blogspot.com/2010/08/most-ironic-awards-lee-kuan-yew-water.html
CH Yak
High price of HDB flats
Do the residents benefit when there is appreciation in the value of HDB flats? This person thinks that they do not.
My view
It is better for the flat prices to be kept at a reasonable proportion of the average income, e.g. 5 years. Currently, most people are paying more than they can really afford. It caused them to cut down on other expenses.
My view
It is better for the flat prices to be kept at a reasonable proportion of the average income, e.g. 5 years. Currently, most people are paying more than they can really afford. It caused them to cut down on other expenses.
Tuesday, August 10, 2010
The Purpose of Talent
The word "talent" become fashionable after a report printed by the management consultancy firm, McKinsey entitled "The War for Talent". The report said that "talent" is the most important corporate resource for the next 20 years.
I wondered what happened to the world before "talent" was discovered. Did we get into trouble? Was the world stuck in the dark ages, with no progress? Was there no scientific discovery and progress, before talent was discovered?
Anyway, what is a "talent"? I thought that it referred to the small number of remarkable people who were able to create wealth and give a better standard of life to the billions of people in the world. But, this was not to be the case!
Who were the talents that were sought after by the corporations? They seem to be the smart people who created the sub-prime mortgages, structured products and financial derivatives, or engaged in humongous bets on the financial markets. If they get the bets right, they make billions in profits. If they got it wrong, they will be bailed out by Uncle Sam.
The talents included the top CEOs who increased the profits of their companies by reducing the cost through global outsourcing, leading to the destruction of countless jobs and high unemployment. They included the talents who created accounting frauds, ponzi schemes, investments scams and the biggest asset bubbles of all times. Before they were discovered, they were lauded as talents who created wealth (a.k.a asset bubbles and large bets).
They included the CEOs who make super profits by exploiting their monopolistic power or through a hidden cartel (e.g. look at the high charges for banking and telecommunication services). These super profits were extracted from the high prices paid by the consumers who were paid depressed wages for their work.
They included the lawyers and doctors who charged large fees for providing their services to the clients, i.e. fees that would make the many families bankrupted for a generation.
It is easy to make super profits by betting, by cheating and by exploiting the weak. It need talent to do all of these and avoid getting caught by the law.
What is the value of talents, if they are not backed by ethical behavior and the spirit of public service, of doing good for the ordinary people?
Tan Kin Lian
I wondered what happened to the world before "talent" was discovered. Did we get into trouble? Was the world stuck in the dark ages, with no progress? Was there no scientific discovery and progress, before talent was discovered?
Anyway, what is a "talent"? I thought that it referred to the small number of remarkable people who were able to create wealth and give a better standard of life to the billions of people in the world. But, this was not to be the case!
Who were the talents that were sought after by the corporations? They seem to be the smart people who created the sub-prime mortgages, structured products and financial derivatives, or engaged in humongous bets on the financial markets. If they get the bets right, they make billions in profits. If they got it wrong, they will be bailed out by Uncle Sam.
The talents included the top CEOs who increased the profits of their companies by reducing the cost through global outsourcing, leading to the destruction of countless jobs and high unemployment. They included the talents who created accounting frauds, ponzi schemes, investments scams and the biggest asset bubbles of all times. Before they were discovered, they were lauded as talents who created wealth (a.k.a asset bubbles and large bets).
They included the CEOs who make super profits by exploiting their monopolistic power or through a hidden cartel (e.g. look at the high charges for banking and telecommunication services). These super profits were extracted from the high prices paid by the consumers who were paid depressed wages for their work.
They included the lawyers and doctors who charged large fees for providing their services to the clients, i.e. fees that would make the many families bankrupted for a generation.
It is easy to make super profits by betting, by cheating and by exploiting the weak. It need talent to do all of these and avoid getting caught by the law.
What is the value of talents, if they are not backed by ethical behavior and the spirit of public service, of doing good for the ordinary people?
Tan Kin Lian
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