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Who protects the interest of advisers (ans: Nobody)? PDF Print E-mail
Written by Wilfred Ling   
Friday, 16 January 2009

Financial Advisers representatives actually have no protection. Clients have protection under the Financial Advisers Act but when financial advisers require protection, nobody will be there. What am I talking about? Apparenty some financial advisers in the industry were terminated after the advisers tender their resignation. Huh? Here is how this work:
  1. Financial adviser resign by issuing the usual resignation letter to the firm.
  2. Upon receiving this resignation letter, firm terminates the service of the adviser.

Huh? Why like that? If the firm terminates the adviser, the adviser could stand to lose (1) Financially (such as lost of vesting rights) and more importantly (2) Having future employment in jeopardy (such as the potential inability to get MAS license).

Without further elaboration, my managing director has something to say: Power Corrupts

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