Dear All Singapore Stuff,
I was previously in the banking industry. After a contract ended, a personal decision to move and a layoff during the subprime decided to join the insurance industry, where I had a successful 4 years. A agency leader from a insurance company made me promises to support my idea for setting up a mortgage company did not deliver on it despite me telling him prior too meeting him for the first time by text that do not attempt to con me into being just an agent. I will quit, which I did as I found out his intentions.
Experience agents suffer a lost of income then they leaves their current company as commission would be paid thru out the years. Typically we will enjoy a migration package to mitigate that, with a bond. I understand from talking to students of the Law, it was he who defaulted on his agreement that resulted in me breaking the second.
I had wanted to set up a mortgage loan company as there as still stigma for Singaporean to join the insurance industry vs being a retail banker despite doing pretty much the same thing. With a mortgage company i can generate leads to my team to sell mortgage insurance. At the same time exposure the mortgage team see their insurance counterpart really do.
However the agency manager decided to just skip the trouble process of setting up the mortgage company but still advertise jobs vacancy for it and when they turn up, to persuade them into being an agent
I had joined the industry at an early age and have been passionate about helping people, but is utterly disgusted at the trickery many agency leaders had to resort to in order to increase their sales and numbers of distributors. For the industry to be deemed to the laymans as an professional one. Apart of from the sales practices, much has to come from agency managers who recruited these sales people. In numerous articles including those from LIA, especially about moving towards fee based. The argument is that insurance in Singapore is still largely sold not brought. A quick chat in forums reflect opinions of FARs as MLMs are common, as mass recruitment game and sales only for profits
It will not be helpful for Singapore financial landscape that for every common man and woman on the street, to have rather than one trusted full time and professional FAR, to have 5 other friends from college, Church, national service an such leaving the industry in 3-9 months that they can still turn to for opinions. Everyone know someone that is or was an FAR then than know a cab driver personally.
The incident has left me with much emotional distress and i have suffer huge financial lost. The incident has also hurted my employment potential and I have trouble finding suitable jobs since, despite attending numerous career workshops and seminar.
While i did move around during the younger part of my career, my 4 years was my redemption factor, which was utterly screwed again.
I’m currently exploring my options but legal clinic can only offer me general opinion in a 20 min settings. My problem aside. I hope to see this open dirty exposed and warn fellow Singaporean.
A career is the livelihood and the bread and butter of a family.