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commission. However, such a method is detrimental to the client. The client is losing money in the long run. This is one example of an unethical Financial Adviser. A good and ethical Financial Adviser
should always put the clients in the first place. He/She should not 'make use' of the clients to 'make more money'. This is why I am not in favour of the first category of Financial Advisers.

The second category of Financial Adviser, which are mostly paid salaried worker, like the bank staff. These people, though they are paid a salary, they also want to make more money and they have targets to meet also. When face with stress like that - meeting targets, they also tend to retort to unethical tactics when they meet ignorant prospects. There are many newspaper articles about banks staff canvassing people in the bank and 'urging' them to invest their money. When it comes to investment, especially unit trusts, there is always risks. Money is important for old people and normally for old people we don't recommend such high-risk instruments. However, I am very mad at a particular Bank here in Singapore, which approach my mother, 'psycho' her to reinvest her sum of money from fixed deposit into a unit trust instruments. She is illiterate. She does not even understand what she is unit trust. When she showed me the details then I realised what it was all about. But it was already too late.

Banks are often viewed by commoners as reputable and trustworthy. When you mention putting money in the bank, old people often regard money is the safest to be placed there. However, time has changed. Banks also want to earn money. However, not revealing the truth of unit trust and accessing/doing a proper financial analysis for prospects and just 'urging' them and 'selling' them irrelevant products at their own gains are very 'heartless' and inhumane way of doing things. Old people need their money for old aged, for retirement. They cannot afford to lose their money. It is just so unethical to do such things to old people or even to any individual who are not aware of what they are investing in!

The last group of Independent Financial Advisers may have their own companies. Most of these people are mostly people who have gained enough experience in the Financial Advisory sector, and they wanted to set up their own companies. For the experience Financial Adviser, normally they charged a consultancy fee for the financial advice they gave you. These companies can also have their own group

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