| “Clueless” about what’s happening in the financial industry |
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| Written by Wilfred Ling | ||||||
| Sunday, 28 October 2007 | ||||||
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I got a call from someone who was enquiring about certain products which I wrote about in a magazine. Later on in the conversation, it occurs to me that the caller did not understand what is my occupation all about. She asked: “Are you like Relationship Managers in the banks?” (strictly speaking the answer is NO because we are not a bank.)She asked subsequently: “Are you like her P********* agent?” (of course not!) Then she asked: “Are you a [stock] broker?” (Of course no!) Well, I think I can imagine in her mind this question: “What the h*** is this guy over the phone working as?” Personally I find this no laughing matter. I am afraid that a great majority of the population in Singapore who has transacted financial products have done so either through the banks or insurance companies. From the last statistic that I recall, only less then 10% of the transaction is done through the IFA channels. This shows that a lot of people are not aware of the advantages of going through IFAs.
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