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kmlim
21-12-2007, 11:47 PM
I heard that fm next yr onwards, only 3% can be charge, izzit true. And then there is this news that EPF holder can enjoy 3% service charge.
And aslo I read that tunemoney.com want to enter the money will lower service charge, but till now news!

Active Koala
22-12-2007, 12:03 AM
Trust fund upfront loading, service charge, management fees in Malaysia is too high.

Glad that it is coming down which it should be......and maybe we should be thankful to Truemoney(just like AirAsia did to air ticket). Hope this will become realised in 2008.

USJ27Resident
22-12-2007, 12:07 AM
I heard that fm next yr onwards, only 3% can be charge, izzit true. And then there is this news that EPF holder can enjoy 3% service charge.!

Yup.. 2ndFM did mention in a press statement about money from EPF would only incur a 3% svc charge... which kinda rubbed the wrong way with big time players like MAAKLMutual and Public Mutual CEOs... citing lower profits if they can only charge 3%... sheeeeesh!!!! :rolleyes:

kmlim
22-12-2007, 11:25 AM
so does it means next yr onwards, all trust fund is only charge 3% for service?

pcyeoh
22-12-2007, 12:53 PM
Yup.. 2ndFM did mention in a press statement about money from EPF would only incur a 3% svc charge... which kinda rubbed the wrong way with big time players like MAAKLMutual and Public Mutual CEOs... citing lower profits if they can only charge 3%... sheeeeesh!!!! :rolleyes:
It is only EPF that negociated with the Unit Trust industry to bring down their service fee to 3%. Now, before we accused the unit trust industry for charging an exhorbitant rate, we should see that this is a service industry. An EPF investor needs an agent to service him. The agent has to see him every 3 months to get his thumbprint and get him to sign up the forms and photostat his IC and what not. But before he signs up, he will ask about his current investment and ask for some advice which fund should he invest in now. The agent has to monitor his clients investment all the time to make sure that they are protected. All this takes time and efforts. I am not even talking about the trouble and cost of paying him a visit either to his office or house. And after having done all that, he now has to go to the Unit Trust office to submit the case. And how much can he invest in? Averagely RM 5,000 or even say RM 10,000. How much is the commission if the company is making 3%. The agent would most probably gets 2% and that works out to be RM 100. In order to earn RM 3,000 a month, this agent have to find one EPF investor everyday. And when the market is climbing, he says the units are getting too expensive and so he might not come in. When the market is going downhill, just like any kiasu investor he chickens out. Not many understand the nature of unit trust investment and therefore the income of the agent is at the mercy of market conditions. Not many will treat unit trust agents as their personal financial advisers and that is why they complain that their fees are high. What about insurance agents? Don't you think their commissions are even much higher. But nobody is bitching about it.

kmlim
23-12-2007, 03:30 PM
What about insurance agents? Don't you think their commissions are even much higher. But nobody is bitching about it.
Yes, you reminded me, can I change my insurance agent to another after years of neglect from my agent.

patrick
24-12-2007, 12:07 AM
Yes, you reminded me, can I change my insurance agent to another after years of neglect from my agent.

Of course you can change your agent! Just write to the company to tell them you want another agent to service you!!