I was reading the weekend edition of The Business Times and read an article which mentioned a survey done by the Monetary Authority of Singapore more than a year ago on banks and insurance companies. It was found that:

1. 50% of investors were not asked about their financial objectives or risk tolerance.

2. 48% of investors were not informed of fees and charges.

3. 40% of investors were not asked about their investment experience.

4. 30% of products recommended to investors were not suitable for them.

Have things changed? I very much doubt it.

Why do I say this? I still receive cold calls from insurance companies and tele-marketers, representing banks, promoting insurance and investment products. Usually, these callers would launch right into why a product had good features, good potential returns and was good value for money.

A call I just received last week from an insurance agent whom I …