I have been taken for a ride too many times already. This is especially so for those seeking my advice on protection planning. So many people sought my advice in their insurance needs and I gladly want to help them without making them feel obligated. I don't expect them to buy anything from me. However, there is now too many who just "disappear" without a trace after the consultation. Typically it goes like this:

First, the person will call me for an appointment. He or she wants it very late at night or on weekends. When I say I don't work on weekend, he will express displeasure. They think I am some kind of disperate insurance agent.

Second, after finishing the consultation I usually will have some "homework" for the next few days to do by helping the client source for the best deal. This takes a lot of time and effort. Some of them wants all sort of permutation in parameters. I have to spent a lot of time in front of the computer doing this type of work. My wrist is currently having an egonomic injury due to prolong use of the mouse.

Third, they will keep on chasing me to "pass up" my homework. Once I pass up my homework by emailing them the best deals, ALL COMMUNICATIONS becomes dead silent. The person cease to pick up my calls and emails. For most cases, I never heard of them again. Other times I will only discover that they purchased the product from their other advisers. There are cases that they use my recommendations and proceed to buy products from other advisers who did NO work for them. I suspect that other advisers promised them a partial rebate of the commission.

I know this is just one of those occupation hazard as a financial adviser but I think I am particuarly vunerable to this kind of hazard. The number of such incidents become so high that I feel that it is affecting my service standard to existing clients either in their various questions on financial matters or existing clients whom I am obligated to update and manage their investment portfolios. I used to be able to reply emails to my existing clients within two days but recently I am ashamed that it has become like nearly two weeks! I have seriously considered what happened and I feel that a major source of problem is that I have been taken for a ride too many times by unethical clients. Therefore enough is enough! I AM CHARGING FEES!!

How does this work? For protection planning, I charge a maximum of S$500 for consultation. For those who insists that I meet them after office hours or weekends, a maximum of S$1,000 is charged. Note that I do not practice rebate in commissions. This fee is independent of whether anyone buy any product from me or not. I will waive the consultation fee only on cases which the client prove to not taking me for a ride. I will not know whether I have been taken for a ride until the entire advisory process is completed.

The purpose of charging fee has two folds. One is preventive action - which means that I hope to prevent any person who intends to take me for a ride from wasting my time. Personally I do not wish to have any dealing with such a person. Second reason is to ensure that such an irresponsible person pays for his actions ( or non-action).

For those who are sincere and truely wants to engage me as their adviser, they have no worry because I will waive this consultation fee - regardless of whether they purchase anything or not.

Read here on what others have to say: http://forums.sgfunds.com/viewtopic.php?t=5508&