Skip to content

Compensation

An Insider Story – Do You Really Give/Need Vouchers For Your Insurance Plans?

It’s quite a sad moment as I wrote this because I have just overheard that one of my ex-colleagues was fired and asked to resign with immediate effect because of “giving too little” shopping vouchers to the client as one other insurance agent has decided to offer “two times more…”

The Insider Story – The Art Of Giving Shopping Vouchers

I can be honest that the act of giving monetary rebates are not legally correct according to the Insurance Act but we, as Financial Planners, usually do give some form of shopping vouchers to our clients as a form of “thanking them” for taking out time to meet us and to giving us a chance to plan for them, and also that we recognize the fact that there are many other agents out in the market fighting for their business…

And we do recognize that we are not allowed to give direct cash rebates back to the clients and most of the time, they are compensated in the form of shopping vouchers either by a stipulated amount decided by the insurance company or based on personal discretion (usually depending on the commissions received…)

And usually the amount can go higher if the commissions received are high as well… (this is the extent that some Planners will go just to secure their insurance business and to hit their sales target)

This is why being a Financial Planner can be tough at times…

To Those Who Need Financial Planning – Do You Really Need To Have Vouchers?

Read More »An Insider Story – Do You Really Give/Need Vouchers For Your Insurance Plans?