<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">XCai12345 <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">8:42 am </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">XCai12345 <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (3 of 4) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>8354.3 in reply to 8354.2 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>
<TABLE cellSpacing=0 cellPadding=3 width="100%" bgColor=#000000 border=0><TBODY><TR><TD>Those selling unit trusts, insurance see huge dip in income as clients flee</TD></TR><TR><TD class=font12w>Big pay cut for agents despite longer hours </TD></TR><TR><TD class=font12w><TABLE cellSpacing=0 cellPadding=0 width="100%" align=left border=0><TBODY><TR><TD class=font12w>By Elysa Chen</TD></TR></TBODY></TABLE></TD></TR><TR><TD class=font12w><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD class=font12w>October 06, 2008</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
MENTION 'unit trust' and 'insurance products' now and most people are likely to shake their heads.
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With the public avoiding such products in the current global financial fallout, it is not surprising that those who sell these items are taking hefty pay-cuts.
Bank executives and insurance agents told The New Paper on Sunday that they have seen their monthly income drop by as much as 30 per cent.
A 28-year-old relationship manager who works in a foreign bank said that 60 per cent of her clients had stopped investing with her.
This immediately caused her monthly pay of over $10,000 to drop by as much as $5,000.
She said: 'This crisis is worse than when the tech bubble burst in 2000 and tech stock prices took a plunge.'
Another relationship manager at a foreign bank, who wished to be known only as Mr Goh, has seen 10 of his customers terminating their investments since Merrill Lynch's collapse.
Mr Goh, 26, who has taken a $300 pay cut on his basic salary, said: 'It is harder to do business these days. There is so much fear in the market, people keep getting edgier.'
One of his customers, he said, has split her $100,000 in savings among five banks as a precautionary measure.
Despite this, he considers himself lucky as other managers have been sacked for failing to meet their targets.
Pressure to meet targets
Mr Goh, who said that a relationship manager typically has a $1 million monthly sales target, added: 'We are constantly pressured for numbers, such that there is a fine line between keeping to our morals and meeting targets.'
He said that, for example, in trying to meet sales volume, some in the industry may not provide customers with certain details or the full picture when they are selling financial products.
Mr Kenneth Liu, 28, a relationship manager at a foreign bank, agreed that times are 'very bad'.
'It is difficult to even retain customers who make deposits at the bank.'
However, he has not suffered a drop in his income, because he is making up for the loss in revenue by focusing on other bank services such as loans and personal deposits.
He is also working a few hours longer each day to keep earning the same commission as before.
Another business analyst at a foreign bank, who gave her name only as Miss Yeo, reckoned that her chances of getting a permanent position with the bank - she is on a temporary contract - were slim given the uncertain economy.
The repercussions are not only felt by bank employees, but also property agents and insurance agents.
Miss Jerlyn Ong, 23, an insurance agent with Prudential, has seen her income fall from $2,200 to $1,800 just over the last month, despite putting an extra five hours at work every day to meet her sales target of eight policies a month.
Miss Ong said: 'These are really bad times. It's very hard for us to sell products as even big companies like AIG can be in trouble.
'My colleagues have many clients going to them to pull out their policies, because everyone is saying that it is not safe to put their money in insurance.'
A veteran insurance agent, who wished to be known only as Mr Tan, is more sanguine.
Mr Tan, 58, said: 'Buying insurance is a must. People must prepare for disasters and mishaps. With so much uncertainty in the market, it is even more important for them to buy insurance.'
Property agents are also reporting 'more cautious' investors.
Just this week, it was reported that private home prices in Singapore fell between July and September, the first time in over four years.
PropNex's director Mohamed Ismail said that many property investors are waiting to see how the situation in the US is going to affect Singapore.
30 per cent dip
Mr Ismail said that business at his company has taken an overall dip of 30 per cent compared to last year, with condominiums in the Orchard Road area down by 50 per cent in transactions.
But there are opportunities aplenty to do well during bad times too.
Mr Goh said: 'I've received so many calls from worried customers who tell me that their relationship manager is not contactable. Now is the time when I want to put in that extra bit of effort to retain my customers.
'It is times like these when I can build trust with them, so that they can also trust me with big investments in the good times.'
</TD></TR></TBODY></TABLE>
<TABLE cellSpacing=0 cellPadding=3 width="100%" bgColor=#000000 border=0><TBODY><TR><TD>Those selling unit trusts, insurance see huge dip in income as clients flee</TD></TR><TR><TD class=font12w>Big pay cut for agents despite longer hours </TD></TR><TR><TD class=font12w><TABLE cellSpacing=0 cellPadding=0 width="100%" align=left border=0><TBODY><TR><TD class=font12w>By Elysa Chen</TD></TR></TBODY></TABLE></TD></TR><TR><TD class=font12w><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD class=font12w>October 06, 2008</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
MENTION 'unit trust' and 'insurance products' now and most people are likely to shake their heads.
<TABLE cellSpacing=0 cellPadding=4 width=150 align=right border=0><TBODY><TR><TD>
With the public avoiding such products in the current global financial fallout, it is not surprising that those who sell these items are taking hefty pay-cuts.
Bank executives and insurance agents told The New Paper on Sunday that they have seen their monthly income drop by as much as 30 per cent.
A 28-year-old relationship manager who works in a foreign bank said that 60 per cent of her clients had stopped investing with her.
This immediately caused her monthly pay of over $10,000 to drop by as much as $5,000.
She said: 'This crisis is worse than when the tech bubble burst in 2000 and tech stock prices took a plunge.'
Another relationship manager at a foreign bank, who wished to be known only as Mr Goh, has seen 10 of his customers terminating their investments since Merrill Lynch's collapse.
Mr Goh, 26, who has taken a $300 pay cut on his basic salary, said: 'It is harder to do business these days. There is so much fear in the market, people keep getting edgier.'
One of his customers, he said, has split her $100,000 in savings among five banks as a precautionary measure.
Despite this, he considers himself lucky as other managers have been sacked for failing to meet their targets.
Pressure to meet targets
Mr Goh, who said that a relationship manager typically has a $1 million monthly sales target, added: 'We are constantly pressured for numbers, such that there is a fine line between keeping to our morals and meeting targets.'
He said that, for example, in trying to meet sales volume, some in the industry may not provide customers with certain details or the full picture when they are selling financial products.
Mr Kenneth Liu, 28, a relationship manager at a foreign bank, agreed that times are 'very bad'.
'It is difficult to even retain customers who make deposits at the bank.'
However, he has not suffered a drop in his income, because he is making up for the loss in revenue by focusing on other bank services such as loans and personal deposits.
He is also working a few hours longer each day to keep earning the same commission as before.
Another business analyst at a foreign bank, who gave her name only as Miss Yeo, reckoned that her chances of getting a permanent position with the bank - she is on a temporary contract - were slim given the uncertain economy.
The repercussions are not only felt by bank employees, but also property agents and insurance agents.
Miss Jerlyn Ong, 23, an insurance agent with Prudential, has seen her income fall from $2,200 to $1,800 just over the last month, despite putting an extra five hours at work every day to meet her sales target of eight policies a month.
Miss Ong said: 'These are really bad times. It's very hard for us to sell products as even big companies like AIG can be in trouble.
'My colleagues have many clients going to them to pull out their policies, because everyone is saying that it is not safe to put their money in insurance.'
A veteran insurance agent, who wished to be known only as Mr Tan, is more sanguine.
Mr Tan, 58, said: 'Buying insurance is a must. People must prepare for disasters and mishaps. With so much uncertainty in the market, it is even more important for them to buy insurance.'
Property agents are also reporting 'more cautious' investors.
Just this week, it was reported that private home prices in Singapore fell between July and September, the first time in over four years.
PropNex's director Mohamed Ismail said that many property investors are waiting to see how the situation in the US is going to affect Singapore.
30 per cent dip
Mr Ismail said that business at his company has taken an overall dip of 30 per cent compared to last year, with condominiums in the Orchard Road area down by 50 per cent in transactions.
But there are opportunities aplenty to do well during bad times too.
Mr Goh said: 'I've received so many calls from worried customers who tell me that their relationship manager is not contactable. Now is the time when I want to put in that extra bit of effort to retain my customers.
'It is times like these when I can build trust with them, so that they can also trust me with big investments in the good times.'
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