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Financial Adviser in mid-twenties Makes $20k

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  #1 (permalink)  
Old 16-03-2008, 01:59 PM
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Default Financial Adviser in mid-twenties Makes $20k

Eugene Soo, only 26 years old, makes $20,000 a month as a financial adviser (sometimes called "insurance agent").

The Nanyang Polytechnic and NTU alumnus already made it to the "Million Dollar Round Table" in his first year of work, making $8,000 to $10,000 at that time.

Now, he saves $16,000 each month.

See today's Sunday Times for more info.

It is no wonder we keep seeing insurance agencies taking up full-page ads congratulating their own members on making it.

But what we don't know is the failure rate...

Anyway, I guess many will continue to flock to this exciting industry.

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  #2 (permalink)  
Old 17-03-2008, 12:58 PM
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Default 1108

That rocks. I'm 6 years older and I haven't even reached 20k. Darn.

Question: "The Nanyang Polytechnic and NTU alumnus already made it to the 'Million Dollar Round Table' in his first year of work"

How does he make 1 million just by earning 10k/month for one year?

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  #3 (permalink)  
Old 18-03-2008, 06:53 PM
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Default 1119

Million Dollar Round Table does not mean he collected 1 Million in commission, it means premium.

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  #4 (permalink)  
Old 24-03-2008, 11:13 PM
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Default 1159

Many of my friends make it to the MDRT but they don't get that much - not even half! - I think this guy is talking about a one-off thing where he managed to combine his commissions into 20K for a month. Similar thing with MLM top distributors where they are encouraged by management to 'showcase' their highest monthly pay to lure their group / distributors into thinking they earn that amount on a regular basis.
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  #5 (permalink)  
Old 25-03-2008, 11:30 AM
David Seah---
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Default 1167

Again, we got to ask the press for a better transparent agenda behind this article. How many Singapore FA are earning that kind of income?

Is the press helping this chap to promote FA as one of a lucrative career? Or a really just another successful story to tell. What about the failures story ???
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  #6 (permalink)  
Old 26-03-2008, 09:24 PM
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Default 1180

Yup like the above post mentioned I think it's a one off thing - 20K definitely is not consistent as commission for insurance agents / FA is now a one-off thing, perhaps with 3 years reducing comm when they pay their premiums

They will seek anything to glamorize the industry
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  #7 (permalink)  
Old 27-03-2008, 07:32 AM
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Default 1185

Those who don't make it do not make it to the media. There's no selling point in that. You make it to the media when you either win big, like this guy, or you are really poor, like the family in the news recently, who lives on SGD700 per month and is still able to save SGD100.
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  #8 (permalink)  
Old 27-03-2008, 08:19 AM
not true---
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Default 1187

I have to disagree with howcome when he says people who make it to the media wins big when their fat salaries are reported. I used to be a FA working in GE and there was a good month when my comm hit 10k - when my boss assigned me to talk to the journalist when they were doing an interview I told them I earned under 20k a month and that was exactly what they reported - withour verification! It was certainly a big boost to our department as that article was used to entice many more unsuspecting graduates into coming in as a FA as well. Since then I have left the industry - big promises but no returns, especially for the common man.for the directors, it is trying to continually put up that affluent front, not to mention sucking up your own financial resources dry.
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  #9 (permalink)  
Old 27-03-2008, 10:37 PM
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Default 1196

I think you misunderstand. I didn't say people who make it to the media wins big. I say people who make normal amount like us are not interesting enough to report.

Only big winners like this guy are "interesting" enough to report in the media. Even your case is reported because they misrepresented you as a big winner right?

Because they felt you had selling point. They wouldn't report those FA who earns "normal" or even "low" income because they are not interesting enough to read.
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  #10 (permalink)  
Old 28-03-2008, 02:33 PM
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Default 1205

Actually FFsts last time I was in a top agency and among my colleagues there were consistent producers who made 10-20k per month. By 1 estimate, 2-3 colleagues of mine was making 30k-50k per month in recurrent income (all their production figures can be tracked by all), rather than what you call one off payments from single premium investments. However like in all industries, there will always be the top 1%-2% who are earning figures like that.

MDRT doesn't mean a lot to people in the know. It's simply an issue of hitting certain prerequisites in order to be an MDRT, not necessarily just income level.
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