Insurance
The Quality of Independence
By Sethisfy  •  August 23, 2011
Another election is upon us and Singapore votes for its third elected President. This time around, Singaporeans get to choose between four different candidates, all of whom seem to stress on how independent he is. Why the emphasis on “independence”? Independence signifies one’s impartiality and objectivity. These qualities are important for our next President. Likewise, the degree of independence of a financial adviser also directly impacts the person who is engaging the financial adviser. The value of unbiased advice cannot be overstated in constructing a good and proper financial portfolio. However, I have come across some people who are sceptical of Independent Financial Advisers (IFA), thinking that they do not offer true objective advice. This is due to several reasons, namely the fact that most IFA representatives are still remunerated by commissions, and that they cannot distribute every insurer’s products. These are indeed clashes of interests, as I have ......
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By Sethisfy
As an adult, I’ve been through many ups and downs in my career path and personal finance journey, not unlike many Singaporeans. From my years as a tied insurance agent turned independent financial adviser, I realised that there are very few sources of proper, unbiased financial advice for working adults to access. Worse, self-styled “financial consultants” are selling products like savings plans and ILPs to the detriment of the clients whose interests they were supposed to serve.
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