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public mutual bad news, i have heard enough . very bad image

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Joined: 11 Aug 2005
Posts: 12
Location: klang valley

PostPosted: Fri Jul 11, 2008 11:20 am    Post subject: public mutual bad news, i have heard enough . very bad image Reply with quote

EPF issue

Just 2 days ago, due to overwhelming public mutual agents fishing customers near EPF office. A memo has been issued and banned public mutual agents sell unit trust in EPF office surrounding area.

Agents headcount + overwhelming recruitment

Tons of public mutual agents in the street, many of them hardly earn enough for the living (even less than a hypermarket cashiers' wages). I have heard enough from a lot of agents from another group including my downlines. Eventhough roadshow can no more get customers now, agents all losing money to pay the expenses...... Part time + Full time agents nearly 30K headcount already, the number is still moving up accoding to my upline. It worse for agency but good for Public Mutual monopoly the market. Also agents has to compete with the PB bank agents too. A lot of "your upline and my upline" very keen to hook for new agents because their want to get more money (overriding bonus) for their living.

Agent contract

Refer to the public mutual agent contract section 7, the quota never reach also no affected. Disqualified agents never get demote or terminate. E.g my downline only closed less than 2k in a year but still can renew her license, not fair to other hardworking agents.

Min. qualification requirement also eliminated

Recently public mutual has generated a form for those who has no SPM (saying lost) and no other cert at all. Just get the commission of oath to sign then can join pm and passing the test.
Do u need to choose quality or quantity?
Where are the qualified agents will be in future?
Do u dear to let you hard earn money handled by these agents who even not up to form 5 level?
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loan wolf

Joined: 01 Jul 2009
Posts: 48

PostPosted: Fri Jul 03, 2009 10:31 am    Post subject: Reply with quote

I didn't know cdbox is giving public mutual a bad reputation.

I guess public mutual recently hired a credit card sales, applying such tactics to canvas EPF office. At least there is organised effort to help new agents achieve target and earn more commission. Although the personal 1-to-1 approach should be refined.

Agent not reaching quota cannot be disqualified??
If the agent cannot make a living, they wouldn't pay for FMUTM (FiMM) fees. Besides they earn commission. Hard working agents earn more commission, why is it not fair? Feel free to elaborate.

Minimum qualification is always there. Didn't you sit for FMUTM exam. Besides, a person should not be judge by papers. Look as Mr. David... who at SUPEX thing... (see Property Financing forum room) so much qualification but still unable to convince members of this forum what is SUPEX really offering.

Buyer Beware applies in real estate agents as well as mutual fund agents as well as stock brokers. People should interview their potential agents. Besides, do you know you can open/bank-in to mutual funds at Public Bank?!! So ask your agent to teach you, if you dont trust a Form 3 grad.

I guess agency eventually come close to MLM style of business recruiting people. It can be a cause for concern if they recruit a crook.

If you really dont like public mutual, you can always join Insurance Agency... they are also call Financial Planners, right?

2 cents
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