I read with great interest in this article HERE that majority of financial advisers in the states are recommending their clients to purchase directly with the product manufacturer for a “529 college savings” plans because of lower fees and tax benefits. Apparently even the non-fee based also do that.

In Singapore, this will rarely happen as the financial industry’s motivation continues to be the bottom line and the maximization of shareholders’ value. It will take the industry sometime before it focuses on maximizing stakeholders’ value.

Some people think that I am advocating that financial advisers forego their earnings just to put clients’ interest first. Quite the contrary, I advocate that financial advisers must earn a decent living otherwise how can they claim to be able to help others retire or solve their financial problems? But the issue is: what constitute “decent” living? At this moment, some of the earnings by ...