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  1. #11

    Join Date
    Jul 2006
    Posts
    3,886

    Hey Sammy

    I'm in the same situation and didn't take the job (just recently)

    Curious to compare notes. The insurance Co that the 'offer' is from, are they a big player? The one that approached me are.

    Do you mind saying who the company is? I'm happy to reciprocate.



    Quote Originally Posted by SammyJ:
    Hello.

    Apologies as I know I am re-visiting an old post, but this has just become relevant to me and if anyone has any advice I would be grateful. This is especially true of anyone who did this role/is doing this role now.

    I recently lost my job a few months back and was subsequently contacted by an insurance company for a role of wealth manager/financial planner. I was sold the role as there was a need for native English speakers in the team... so I pursued it out of curiosity, signed up and obtained the relevant exam papers authorizing me to sell insurance products in HK as an agent. At this point I was offered a role as an agent and the recruitment process began (bla bla bla similar story as most of the previous posts).

    Once it came to the details in the final paperwork, some alarm bells start to rang and a more thorough search on this forum and on the net brought up a few concerns. Mainly involve loss of earnings or need to return significant amount i.e. base salary/commissions if you leave within the min time frame (3-5 years)

    One of the biggest obstacles I see is finding new clients, I don´t have a massive network in HK and i certainly don't want to be that person who is always trying to ram sales products down their friends mouths for a quick buck.

    So did anybody actually follow through and do this role?

    Can it be done, can it be done by expats or I and my network seen only as a potential client?

    Thanks
    Desperate measures... (I need the money but not sure if this is the right avenue to pursue )

  2. #12

    Join Date
    Nov 2020
    Posts
    5

    Thanks to those whom have responded.

    Sage... its a big one yes (actually that's what got my interest as at first as I naively believed it would be working directly for them) it´s not the blue or the green one. God only knows what I have signed so far .

    I did get a UK legal contact of mine to glaze over it and they couldn´t quite believe the conditions of the contract. Like LifeinHK said it´s definitely scrapping the limits of Labour laws.

    I also read they are on a recruitment drive and have increased the FP headcount by around 20%... and pushing. No doubt bombarding many ex Cathay employees....


  3. #13

    Join Date
    Oct 2005
    Posts
    14,414

    Massive churn rate on these jobs.

    I’m admin of a working in HK Facebook group, I see the same old ads week after week.

    If you don’t have a large network I.e outside of friends and family then don’t do it.


  4. #14

    Join Date
    Feb 2019
    Posts
    3,240

    Out of interest, how much commission does one earn from selling an insurance policy to someone (rough range)?

    I remember some horror stories from people on the other end getting sold dodgy investment-with-insurance-wrapper products that weighed them down for years afterwards

    Definitely not something I'd want to sell to friends and family.


  5. #15

    Join Date
    Sep 2018
    Location
    香港特别行政区
    Posts
    2,841
    Quote Originally Posted by Sage:
    Hey Sammy

    I'm in the same situation and didn't take the job (just recently)

    Curious to compare notes. The insurance Co that the 'offer' is from, are they a big player? The one that approached me are.

    Do you mind saying who the company is? I'm happy to reciprocate.
    It's probably Prudential. They are famous for their "network marketing" scheme which mostly involves selling overpriced life and "savings" insurance products.

    They used to be very popular with mainlanders but have been branching out to foreigners now that the border has closed.

    I know a few people with this "job" and I feel that them asking me to help a friend out to meet their quota has cheapened our friendship. No I don't want a "savings insurance plan with a guaranteed return after 7 years".
    Sage likes this.

  6. #16

    Join Date
    Oct 2005
    Posts
    14,414
    Quote Originally Posted by aw451:
    It's probably Prudential. They are famous for their "network marketing" scheme which mostly involves selling overpriced life and "savings" insurance products.

    They used to be very popular with mainlanders but have been branching out to foreigners now that the border has closed.

    I know a few people with this "job" and I feel that them asking me to help a friend out to meet their quota has cheapened our friendship. No I don't want a "savings insurance plan with a guaranteed return after 7 years".
    The usual suspects AIA and Axa and Convoy are always recruiting, Massive Churn Rates.

    They’re all at it
    Sage likes this.

  7. #17

    Join Date
    Jul 2006
    Posts
    3,886
    Quote Originally Posted by aw451:
    It's probably Prudential. They are famous for their "network marketing" scheme which mostly involves selling overpriced life and "savings" insurance products.

    They used to be very popular with mainlanders but have been branching out to foreigners now that the border has closed.

    I know a few people with this "job" and I feel that them asking me to help a friend out to meet their quota has cheapened our friendship. No I don't want a "savings insurance plan with a guaranteed return after 7 years".
    Yes, it was Prudential for me, it's clearly a shitty gig, but when people have no other source of income I can appreciate why they get sucked in.

    Insurance by it's nature is fairly parasitic, just look at the mess it makes of US health care, and these jobs are the lowest end of an already grubby business.
    AsianXpat0 likes this.

  8. #18

    Join Date
    Dec 2008
    Location
    -
    Posts
    1,781
    Quote Originally Posted by GentleGeorge:
    Out of interest, how much commission does one earn from selling an insurance policy to someone (rough range)?
    Up to 70% of the first year's insurance fee.
    shri likes this.

  9. #19

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    5,585

    The right page to refer to in Geo to form an impression of whether to take up this job, are those threads that started off asking 'should i invest in this insurance product' and you will get very good impression after you see the quick bombardment of comments.


  10. #20

    Join Date
    Jun 2018
    Posts
    1,478

    I work in the industry, and the fact we don't do agency distribution helps me sleep a bit better.

    Very grubby business... costly for the agents from a personal perspective, for the customers, and even for the insurance companies. The bit you don't see is the parasitic layer of “godfathers”... basically middle men who run and recruit the pools of agents. They take just as much commission as their agents, which eats into what the companies make and what policyholders earn really badly.

    Sage, shri and AsianXpat0 like this.