For Singapore FAs/financial consultants: what made you stay in the industry?

1. Flexibility. Control my own income and timing. 2. Stigma and brainwashed customers. 3. Flexibility and recurring income. 4. Worse. 5. Team culture. I got out of a team that only teaches how to sell, joined a team that encourages how to plan.

Example of “brainwashed customers” ?

Eg. My other agent tell me wholelife plan i got cash value can get my money back. Why u promote term plan where my money goes down the drain.

Inbefore "noble job".. "help people".. "i have seen how my acquaintance incur huge debt because of unexpected health crisis"

Yeah, want noble job and helping others they should join healthcare or social work instead sia.

Noble job by flipping their clients from one product to another.. Noble job by publishing their client calls (with client sharing personal details) on tiktok..

Reminds me of a scene from Wolf of wall street...

The barrier of entry for social work and healthcare is significantly higher than FA especially if mid career switch

it’s funny how their stories all sound more or less the same, almost as if their agency has a template for them

You should see how the rats get all excited and clap when one of them bring a huge cheese haul.. For the weaker and hurting ones, they take out the bible and invoke verses to bring them back to motivation..

oh yes religion too, my small sample size of people i know are FAs are all catholic or christian. i’m not even catholic or christian btw, so nothing to do with knowing them from church.

Another truth: (Hoping) To get rich quick, without putting in the work. Don't mind screwing friends and family to get it.

Truth: Can't get a job elsewhere

I have friends in tech/gaming who ended up entering insurance because they really couldn't get a job in the industries they'd rather be in.

I fail Real Estate exam but managed to pass CMFAS papers so i be FA

Probably not competent enough to get a real job lmao.

Dont have to be in the industry to know it is harder: - financial nihilism of Gen Z and young millennials (not gonna save for housing/marraige, just gonna spend) - increased education on managing finances (MSM, YT, podcasts, Reddit all preach NO to ILP) - access to roboadvisors and retail trading apps (why make less and feed an agent when make more with etf not locked up) - bonus: growing concentration of wealth at the top globally - which dwarves even the top TOT, means weaker purchasing power for the rest (everyone not just insurance workers would suffer as there's lesser money to go around among the rest (99.9%) of the world) TLDR; it would be easier to get a normal job that pays decent than the required effort to thrive in insurance very soon because the pool of fools lining their pockets are shrinking rapidly.

Born to be parasite

inbefore insurancer vermins' weekly monday morning anthem that their boss will play and get them to share success stories.. *standing in the hall of fame.. yea.. and the world's gonna know your name.. yea* https://www.youtube.com/watch?v=mk48xRzuNvA

Basically only one reason la $$$$$$$$$ Those thay can't sell can't stay

Money. Wanting to provide more for family. Simple as that. 1. No such thing as work life balance, I used to work 9-5 now I’m working 11h / day, 6 days a week. 2. Recurring income, even without working. 3. Buying time, average MDRT agent 1 year of income can be = 3 - 5 years of average sgrean. 4. Paid 3-4 trips / year 5. Much easier to accumulate your wealth. 6. Understand how HNW & UNHW client operate from their sharing. 7. You get to see and work with agents whose networth are in the millions work. Most of them run their own businesses.

isn't MDRT income at ~$120k+? how would that be 3-5 years of your avg singaporean's income assuming median wage of 67k annual (5.6k/month)?

That is excluding all your bonuses and recurring income. Avg income for mdrt is roughly 180\~220k

i see thx

Are you sure? Isn't mdrt qualifiers at like 60-70k excluding overheads or something

60-70k is the least min, but for agents who’ve been in the industry for sometime their recurring stacks up and bonuses are quite substantial. hitting mdrt doesn’t mean you stop running sales for that year.

Buying time, average MDRT agent 1 year of income can be = 3 - 5 years of average sgrean.

Can you achieve MDRT without selling ILPs?

Money, money, money. Contrary to what you see on reddit it's an industry that rewards hard work. We do well when our clients does so and are well compensated for that. Biggest challenge is keeping the drive to keep getting new clients.

I’m 100% sure the answer is money, like most other boring jobs.

You ask this here you won’t get complete answers because everyone knows you gonna get flamed if you reply, doesn’t matter what the answer is