SINGAPORE - An ad-hoc alliance of about 15,000 financial advisers and managers are hoping to sway a review panel, which is considering, among other things, doing away with the commission model that most insurance and financial advisory firms use.
The alliance is arguing that the move towards a fee-only model - essentially a fixed fee for advisory services - would endanger the livelihood of the financial advisers.
It is also refuting an assertion by Monetary Authority of Singapore (MAS) Managing Director Ravi Menon that the commissions can amount to 160 per cent of the annual premium of a product.
The alliance includes the Insurance and Financial Practitioners Association of Singapore and insurance firms, among others.
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