How to find a trustworthy and reliable insurance agent/financial advisor for the long-term?

So we all know that insurance agents & financial planners somewhat have a bad name due to the fear that they will try to sell clients unnecessary products. Given that they do earn commissions & incentives for selling certain products, I feel there is some element of truth to this. How do I find an agent/advisor who genuinely acts in my interest and is reliable in the long term?

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Elijah Lee

13 Feb 2021

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

You can start by getting recommendations from your friends or family to see if they know anyone and would be willing to recommend. Then, you need to speak to the advisor as well.

It takes two hands to clap. I'd suggest that you have a word with the advisor first to understand his/her style and approach to financial planning. But at the same time, you need to communicate your requirements across clearly as well. If you need something but aren't giving clear requirements, then the advisor will also be hampered during the planning and execution stage and that may result in something that is not suited to you.

Always remember that you do not have to agree to whatever a financial planner proposes to you if you don't think it makes sense. And if you know your needs well and have done some reading up, then you will know if the proposal makes sense or not.

Trust, but verify.

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Samuel Don Oh

10 Feb 2021

Hi there,

Your sentiments can be empathised; as with every industry, there are bound to be a few bad eggs and they can even exist within financially reputable institutions like the banks.

Ultimately, you know your needs better than your financial advisor. Your financial advisor is there to produce a solution to your needs and hopefully, be renumerated according to his knowledge, expertise and service. If the particular product being pitched doesn't meet your needs, you likely will know it.

For example, if i know i need a long term endowment plan for a long term guaranteed need and I'm being pitched an investment plan that gives me non-guaranteed returns, that's a red flag. You'll need to be very clear on things like this. Is the coverage sufficient? how long does it cover me for? Are the returns guaranteed and if not, what is the risk management for that? Is there liquidity? Do I have the budget for this? These are important questions to ask yourself.

There are many solid advisors here who will be able to advise you and answer any queries you have too :) All the best!

Financial planning is an integral part of life. You can reach me here to find out more.

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