Feb 5 2007, 03:00 PM
QUOTE(NaiveLady @ Jun 25 2006, 11:45 PM)
Hi. Not sure if I post this at the correct place.
Recently go for an interview for the position of financial planner in a company that claimed that they provide financial services. They persuaded me that I am working as if like a business owner not an employee. I thought will be able to learn about financial stuff and wealth management as a financial planner so I join in. But I feel that what they want me to do is selling their products mostly is insurance. Also seminars will be held every week, I feel as if they are going to brain wash me.
Did I think too much? Am I too suspicious? Anyone been conned with the position named financial planner?
I had almost become a Financial Planner under Prudential.Recently go for an interview for the position of financial planner in a company that claimed that they provide financial services. They persuaded me that I am working as if like a business owner not an employee. I thought will be able to learn about financial stuff and wealth management as a financial planner so I join in. But I feel that what they want me to do is selling their products mostly is insurance. Also seminars will be held every week, I feel as if they are going to brain wash me.
Did I think too much? Am I too suspicious? Anyone been conned with the position named financial planner?
There were (not sure still have or not) advertisements in job portals like Jobstreet and JobsDB but I got to know about the job from my ex-colleague in IT company.
His relative is an insurance agent.
The hype was - insurance companies now rename the position of Insurance Agent as Financial Planner. The reason given was nowadays insurance companies also have investments plans. Besides, it's more 'high class' since 'Insurance Agents' have been receiving bad publicity from being too pushy in sales.
I was told there would be basic pay and I found the ads also stated there would be basic pay so I knew not only Prudential was doing that. This was about 2 years ago.
Before the interview, Branch Manager asked me lots of questions and I had to go through a personality evalutation test. The test has no right or wrong answer, it's just a method to know more about yourself.
During the 1st interview only I was told it was not basic salary when the interviewer asked me, "What do you know about this job?"
Luckily, he was honest enough to explain thoroughly about the pay scheme - it was actually a loan! If sign up under this loan scheme, I would get lower commission rate compared to those who didn't sign up for the loan scheme. Those who didn't sign up for the loan scheme would get higher commission rate but no basic pay.
I was dumbfounded.
Lower loan scheme means lower target - so it would be easier to reach the target but lower "basic pay".
I felt as if I had been mislead by the Branch Manager. She probably didn't know about the scheme thoroughly.
In the 2nd interview, I was briefed the same thing in 1st interview. Somehow I passed the interviews and was selected for the loan scheme.
As I didn't have the career I wanted then, I decided to try it out - went through the exams and some training but finally didn't register with government to be a "Financial Planner" officially.
I'm not saying being an Insurance Agent/Financial Planner is bad. There are many good IA/FP around who are honest and responsible.
If you are applying such ads/vacancies, be sure to ask about the basic pay/commission rate and comparison with other schemes. And if you plan to be in insurance, be responsible in providing accurate info to your potential customers.
Added on February 5, 2007, 3:03 pmI always search online for the company name - it helps to verify if the company is doing what it claims to be and research more about the company for interview.
Search for the contact and email too. Sometimes it's ad for company A but the email listed is like someonename@companyB.com - then check company B too.
Added on February 5, 2007, 3:11 pm
QUOTE(leekk8 @ Sep 21 2006, 09:38 PM)
My friend works in Recruit Express, which is a job agency. The working hour there is terrible, telling you working hour from 8:30am-5:30pm, but when you work there, you're only allowed to leave around 8:00-9:00pm. In the contract, you have to compensate 1 month salary if you resign in probation period, or they terminate you during this period. They won't let you read the contract in details, just urges you sign it faster.
I can't understand why even they terminate you, you have to compensate them. My friend only realises this after read the contract in details, when she wants to resign. I don't know this is scam or not, just want to remind all of you, please read the contract in details line by line before you sign. Please request that you can bring home and read through or ask her to leave you alone for sometime for you to read it in details. Don't be influenced by her persuade.
Kelly Services term if you resign within 3 months: 50% of your salary. No monthly notice is accepted. I can't understand why even they terminate you, you have to compensate them. My friend only realises this after read the contract in details, when she wants to resign. I don't know this is scam or not, just want to remind all of you, please read the contract in details line by line before you sign. Please request that you can bring home and read through or ask her to leave you alone for sometime for you to read it in details. Don't be influenced by her persuade.
I heard another company needs 3 months notice for a contract based job.
My friend's ex-company's termination policy was to pay back RM10K. It's outrageous!
ALWAYS ask about termination policy once you are told you are hired and yes, I agree with you on checking the offer letter. If it's not stated there, request for a change in the offer letter to state the termination policy - just in case something happens later and you don't have black & white because the staff earlier (or worse - he/she has left the company) said the termination policy was this/that.
Personally, I wouldn't agree with such terms. These companies can easily fire you but you need to give back so much if you resign. Is it worth it?
This post has been edited by justinemj: Feb 5 2007, 03:11 PM
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