Experience With Your Financial Advisor

[RedRuby 0]

Hi all

I am new here. Any advices if I am facing some issues with my financial advisor. Bought an ILP with someone from IPP. Thought the service will be good but well, it turns out to be nasty encounters rather than human touch as many will perceive. Thinking of changing the financial advisor but have no confidence with their services anymore. Maybe my portofolio is small and he just prefer the high flyers. Even with the change, I believe the advisor has got the commission. Is there any better way out? Also, is there any govt associations where I can lodge a compaint to? Don't think I can just feedback to IPP with my policy and investment still in place with them.

[Phantom 1]

Hi all

I am new here. Any advices if I am facing some issues with my financial advisor. Bought an ILP with someone from IPP. Thought the service will be good but well, it turns out to be nasty encounters rather than human touch as many will perceive. Thinking of changing the financial advisor but have no confidence with their services anymore. Maybe my portofolio is small and he just prefer the high flyers. Even with the change, I believe the advisor has got the commission. Is there any better way out? Also, is there any govt associations where I can lodge a compaint to? Don't think I can just feedback to IPP with my policy and investment still in place with them.

Hi, maybe you can let us know what is the issue? Last time, disputes were handled by IDRO, now its with FIDREC. Maybe you can speak to the management at IPP and see if they can assign another person to handle for you.

The information is as follows:

Financial Industry Disputes Resolution Centre Ltd (FIDReC)

Launched on 31 August 2005, the Financial Industry Disputes Resolution Centre Ltd (FIDReC) provides you with an independent and affordable avenue for resolving your disputes across the financial sector in Singapore. FIDReC took over from the banking industry's Consumer Mediation Unit (CMU) and the insurance industry's Insurance Disputes Resolution Organisation (IDRO). FIDReC also brings capital market transactions, for the first time, under a dispute resolution scheme. FIDReC will provide you with the convenience of a one-stop centre for resolving disputes relating to your banking, insurance and capital market transactions. For more information on FIDReC, please visit www.fidrec.com.sg

Telephone: (65) 6327-8878

Fax: (65) 6327-8488

Address:

Financial Industry Disputes Resolution Centre Ltd (FIDReC)

112 Robinson Road #13-03

HB Robinson

Singapore 068902

Email: info@fidrec.com.sg

[zirhk3355 1]

Even with the change, I believe the advisor has got the commission. Is there any better way out?

Is this your main point, ie not to let the guy earn comm??

I say live and let live; what goes around will come around. Just dun buy anymore from him and dun recommend him/her to others. If everyone do that to him, he will die of natural death.

Dun waste your time to try complaining to what authorities or the company; they simply won't care. What for make yourself so unhappy??

[Phantom 1]

Is this your main point, ie not to let the guy earn comm??

I say live and let live; what goes around will come around. Just dun buy anymore from him and dun recommend him/her to others. If everyone do that to him, he will die of natural death.

Dun waste your time to try complaining to what authorities or the company; they simply won't care. What for make yourself so unhappy??

If its about quality of service, then i think can only feedback to the firm, the onus is on the firm to decide how they want to deal with the matter.

But if its about the ethics and morals of how a sale has been conducted then i believe should feedback to Fidrec/MAS. I beg to differ on some issues as I work in the banking and finance sector and we should try to weed out the bad apples. Ultimately if that is not done, the people who suffers are still the consumers.

[RedRuby 0]

Hi Phantom

Thank you for your information. I will check them out.

As usual he seems so friendly, coming to me before getting the policy.

After signing, his attitude changes like we are not worth his time anymore.

We even have arguments through messages and well, I was scolded by him. (Bad experience)

Worst thing is he made Dad sign a few policies without clearly explaining the terms as my dad does not understand English. Now, Dad tries to get him to explain some of the statements sent to our house every now and then and even doing simple things like applying for Giro instead of paying by check for some of the policies. He did not turn up, pushing all the appointments. (Some of the examples)

Hi zirhk3355

Yes, one of my points is not to let the guy earn the comm. I think his attitudes and lousy services really turn me off. As a consumer, I believe I deserve the necessary respect and service. I am sure the McDonald's uncle is doing so much better than him. If I am not wrong, there is one time commission for some policy and commissions earned every year when using CPF to invest. If I close all the account now, I will be at a loss. Even if the account is transferred, will the other person do a good job since the comm is not going to be earned by the other person. Well, in fact, I totally agree with you; they simply do not care.

[Yang Guo 7]

I am not sure about how IPP works, but if other big 4 companies like Auntie Lucy/Lion/Mountain/Face companies, if u complain to the headquarter, the headquarter will go to the extend to investigate the matter and penalized the advisor. If the issue is so serious, the advisor can be terminated too.

hmmm maybe u can try to lodge a complain and see how they deal with the advisor?

[l_club23 0]

I am not sure about how IPP works, but if other big 4 companies like Auntie Lucy/Lion/Mountain/Face companies, if u complain to the headquarter, the headquarter will go to the extend to investigate the matter and penalized the advisor. If the issue is so serious, the advisor can be terminated too.

hmmm maybe u can try to lodge a complain and see how they deal with the advisor?

If going to HQ don't work, can always use the media...

[hongss 3]

Hi Phantom

Thank you for your information. I will check them out.

As usual he seems so friendly, coming to me before getting the policy.

After signing, his attitude changes like we are not worth his time anymore.

We even have arguments through messages and well, I was scolded by him. (Bad experience)

Worst thing is he made Dad sign a few policies without clearly explaining the terms as my dad does not understand English. Now, Dad tries to get him to explain some of the statements sent to our house every now and then and even doing simple things like applying for Giro instead of paying by check for some of the policies. He did not turn up, pushing all the appointments. (Some of the examples)

Hi zirhk3355

Yes, one of my points is not to let the guy earn the comm. I think his attitudes and lousy services really turn me off. As a consumer, I believe I deserve the necessary respect and service. I am sure the McDonald's uncle is doing so much better than him. If I am not wrong, there is one time commission for some policy and commissions earned every year when using CPF to invest. If I close all the account now, I will be at a loss. Even if the account is transferred, will the other person do a good job since the comm is not going to be earned by the other person. Well, in fact, I totally agree with you; they simply do not care.

What kind of ILP did you buy from this agent? Cash or CPF? One lump sum single premium or monthly premium. If ur ILP is a lump sum single premium, most probably he has earned the one time comm for this policy. If it is monthly premium, he shld only get some comm depending on how long you have service this policy. Based on ur description, i think he sells u this policy with the intention to earn ur comm and not to ur interest in mind. If i'm you, i will just cancel this policy and suffer the loss if the loss is acceptable.

If u cant accept the loss of selling away the policy, u can either continue with this agent and sell away later when the price is right or just opt to transfer to another agent. I would advise u to monitor the price of the funds the ILP is investing in. Since the agent doesn't really care. Think its best that you manage and make ur own decisions.

my 2 cents worth

[Guest our-home]

-Apologies- Edited by mistake.

Phantom / Moderator.

Edited July 3, 2008 by Phantom

[Guest our-home]

-Apologies- Edited by mistake.

Phantom / Moderator.

Oh, it's ok. Just wanted to share that I saw the company RedRuby mentioned, ie. IPP, listed in the www.mas.gov.sg website under "Financial Advisers". So perhaps she can feedback to MAS on the company.

[Phantom 1]

Thanks for the understanding. As to what you've mentioned, it really depends on the dispute.

MAS won't entertain disputes of a service nature.

On the other hand, they treat cases violating the Financial Adviser Act (FAA) very seriously.

E.G. Misrepresentation / Non-disclosure / etc.