Attached below is a comment from one of my readers in response to my post “Why I don’t believe in financial adviser”. I feel that there is a need to clarify my position and let my readers know more about my background.
I work in the aviation industry and has never worked in the financial sector before. The articles in this blog are a collection of my thoughts and personal experiences. Readers must not misconstrue the articles in this blog as financial advice.
My thinking is that you don’t have to be a qualified financial analyst in order to point out the inherent flaws in our financial industry. Any Tom, Dick and Harry can do so.
Could you elaborate more about your following statement:“Financial advisers need to provide value-added services and educate clients on investing. Selling financial products alone will not help clients to improve their investment knowledge at all.”
Are you suggesting financial advisers start to operate as equity investment firms that conduct seminars to their clients? I do know of at least a firm that is doing that successfully in Singapore. However the average consumer in need of some basic insurance/retirement planning would all probably have to adopt a DYI approach as fees can cost between $2,000 – $5,000 a year before commissions for a qualified financial advisor who is able to value add by your definitions.
By the way, have you been a financial advisor yourself? There are certainly inherent problems in the industry that needs to be resolved. Do agree that many FA now are sales oriented however do feel your comments are a bit lopsided.
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