Penguin International

[Corgitator]

It is a useful skill for those who need to write recommendation/justification papers and the like in their work.

Thank you lonewolf for the nice recommendation.

Other than that, I have been throwing away those booklets since i don't need IFA when buying a stock so why do i need one when selling.

How independent can the present times ifa be when they are hired by the target company in which a few of the board/bosses sits in offering entity? It's like ownself write ownself good story. It's would be better if sgx can require a pooled fund contribution from sgx itself together with the listcos, and then a pre-selected list of recognised ifa, and then allows non conflicting minority shareholders electronically vote by certain timeline on the ifa selected, there seems still a long way to go towards truly independence in corporate governance

I doubt any IFA would want to offend the listed companies, even if the IFA fees come from the pooled fund. Because as far as I know, IFAs don't only do IFA work, they are usually just one arm of a corporate finance firm, and IFA brings in less revenue than M&A/IPO fees. So unlikely the corporate finance firm will want to hurt its other (and bigger) revenue streams by burning bridges. The business is after all a lot about connections and maintaining relationships.

I agree more with donmihaihai in this regard - when investors buy the business, they (probably and hopefully) did some valuation work themselves. So when it's time to sell, I don't see why they should need external help (especially since the "help" in this case isn't that helpful anyway). I think it's important not to spoon-feed retail investors too much, and have them understand that investing is risky, and that they are solely responsible for their wins, as well as losses. If they are of the view that equity investing is just too risky, then there's always the option of indexing.

PS: as pointed out, there's probably a few isolated instances of IFA's going against the offer. But I still think that there's the exception, rather than the norm.