Results of Mystery Shopping by MAS

If you take a look at the link:
http://www.mas.gov.sg/en/News-and-Publications/Press-Releases/2012/MAS-Releases-Results-of-Mystery-Shopping-Survey.aspx, you will realise that in Singapore, many "financial advisers" in banks or insurance companies aren't really there to advise you on how you should manage your wealth.


They are there for the sales commission and most of us should know it by now.




I got interested about this whole thing because i was once a bank salesperson who joined the bank with intentions to help people make money and grow their wealth. This whole issue is therefore, very personal to me.


How wrong can i be... If you look at the banks profits, you will know that the bank staff are helping the BANKS to make money and not YOU. 


I saw from Wilfred Ling's blog [http://www.wilfredling.com] and earnestly believes in what he say. He as an independent financial adviser, gives REAL and HONEST advice rather than just sell you endowment and wholelife insurance like it is a natural thing for everyone to have.


If you look at REITs nowadays, you can get a minimum of 6% yield yearly, without even considering the capital gains, why the he*k do you need to give one year premium [Yes! in case you don't know.. one year premiums = their commissions $_$] to the bank adviser who sell you the stuff and leave you in the lurch until he/she is ready to sell you another product again?!


As the slogan goes, there is no such thing as Free Lunch in the world. They provide you with "Free" financial advice on how good endowment policies are and then earn big fat profits for their ownselves.

Straits Times "Invest" section on 15/7/2012

It's little wonder DIY Investing is on the trend now.. People nowadays surf the net and visit investing blogs like mine :P for news and Unbiased, independent financial advice before making their big decision.

Right now, Independent financial advice should be hot now.. I will perhaps come out with some personal finance articles in the future rather than just touch on stocks :)

Hope you like my post and can do me a favour by "Like"-ing my facebook page at www.facebook.com/kissinvesting. Thanks & HUAT AH!