I have read your book <Practical Guide on Financial Planning>. I really love the book and find the information very useful and practical compare to many other books i have read. It is very simple to understand too. After reading the book, I have decided to seek your advice of asking you questions regarding about my upcoming career after my national service.
I have decided to go on sales career path and have the intention to become a property agent or an insurance agent. However, I am quite confuse now after reading your book as it makes me feel that a Finacial Planners or advisers are more like having a commision interest at heart rather than wanting to help the customer. May I ask, are most advisers more interested to earn commission rather than to help customers by buying the best product that suit them most.
Is it true that a property agent will earn more money than a successful financial planner? My interest has always been in sales and wanting to become an entrepreneur and run a business of my own in the future. I also have the interest in investment and business related issues. I feel that being an financial planner is the most suitable job for me based on my interest.
REPLY
You can be a financial planning and act ethically to sell the products that are good for consumers, and earn a modest amount of commission to make a living. It is up to you to decide on whether you wish to sell products to earn more commission or to sell the products that give the best long term value to customers.
A few countries have banned the payment of commission on financial products. Singapore may follow this trend in the future. Under the new system, the financial adviser will be paid a fee charged transparently to the consumer. This is like paying a fee to the doctor for medical advice. At that time, the conflict of interest will be removed.
It is also all right to be a property agent.
Wish you all the best in your career.
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