Financial Planning Problems

[Chennie]

I'm finding it difficult so far to actually break into the market, there are very few places where you can actually meet people who interested in this.

Any tips on how I could find people who are interested in looking at their finances and would like an opinion?

Thanks in advance guys (and girls lol)!

 

[Keverus]

thats why u r here with us

 

[Chennie]

thats why u r here with us

Yeaaaah, hoping I can find an answer (T3T)

It's tough when like 40% of people are covered, 40% have no money to be covered and the rest of the 20% live in Narnia where I can't reach them anyway =_=

 

[Keverus]

so how do u manager ur finances at the moment? also ur demographic?

 

[Chennie]

I manage my own finances, since I'm actually an FSC myself.

Demographics...I think you're asking me how I apply it.

Generally, I always recommend health first no matter what the person's age, since they need the coverage. Doesn't matter if you're young or old, young is best since premiums will remain cheap and affordable if you start while you're young.

After that, I have a general recommendation for each age group which I can then modify based on what they want.

For younger people, term life and investment products are a must-have (not for the returns) but because they provide a basic accumulation. They allow you to enter the market without the large amount of capital needed. Later in life, they can build their portfolio more easily.

For young families, savings plans geared towards their child's education is key. They may also choose limited pay life products and PA plans since they must think about their families. Retirement saving can also be done only at this stage

Lastly for older people, the only thing they should be buying is legacy products. Everything else will be too expensive or useless due to pre-existing conditions etc.

 

[Keverus]

FSC? wads that.

financial services consultant?

 

[Chennie]

Yes, financial services consultant, pretty much just the same as a financial planner, just with a bit more work to do here and there.

 

[Keverus]

u got sell insurance?

sry to be blunt

 

[Chennie]

Haha, it's okay. Yes, of course I do.

However that is not the main focus of my business. I actually prefer to sell employee benefits...because everyone loves that LOL

 

[zachary123]

an objective advice, to be successful, one must gain credibility 1st. nowadays, most young people are quite savvy on financial products and planning and won't take the words of financial advisors easily.

consider the way you approach potential clients, are you approaching them from a 'im an expert here to advise you' perspective? i dont think people readily accept that just because someone signed up with a FS co and received some product training, one instantly becomes an expert qualified to advise on financial planning, not to mention that these 'planning' usually involve merely buying Financial products only

 

[Keverus]

which insurance agencies are u under?

 

[Chennie]

an objective advice, to be successful, one must gain credibility 1st. nowadays, most young people are quite savvy on financial products and planning and won't take the words of financial advisors easily.

consider the way you approach potential clients, are you approaching them from a 'im an expert here to advise you' perspective? i dont think people readily accept that just because someone signed up with a FS co and received some product training, one instantly becomes an expert qualified to advise on financial planning, not to mention that these 'planning' usually involve merely buying Financial products only

Yes, I have noticed that most people (even amongst my colleagues) may not be capable of giving proper financial advice.

I do not think I approach people in the manner of an expert. Rather I try to find out more about them and what they are trying to achieve with their money.

If I do not have a product to help them, I will give the best advice possible and walk away.

Amongst those who have used my services, they are well aware of market conditions and the present state of finance around the world. Hence, I like to discuss with them about what they think they should do with their money.

Thanks for the advice, I will keep it in mind with how I approach (^_^)/

 

[Chennie]

which insurance agencies are u under?

One person can only be under one by law x'D

I'm with AIA at the moment.

 

[Keverus]

One person can only be under one by law x'D

I'm with AIA at the moment.

sry typo.

but maybe u under finexis/IFA, so in a way also under many agencies...

if u interested...
http://forums.hardwarezone.com.sg/m...e-should-young-working-adult-get-4530813.html

 

[Chennie]

sry typo.

but maybe u under finexis/IFA, so in a way also under many agencies...

if u interested...
http://forums.hardwarezone.com.sg/m...e-should-young-working-adult-get-4530813.html

Ooo thanks! good topic. I'll go post over there now (=^_^=)b

And yes haha, in a way those under IFA are under many agencies...but I think that removes the power of specialisation (T3T) Jack of all trades, master of none.

One man, one firm, so says our MAS x'D

 

[Aerial86]

You might also want to also take a look at this thread.. There will be no end saying which is the best, Insurance Agent, IFAs.. End of the day, it is the mindset of that person that counts.. No matter how specialized a person is, if the end in mind is not correct, he/she is still a salesperson afterall..

http://forums.hardwarezone.com.sg/money-mind-210/advice-needed-plan-get-retirement-cum-protection-plan-4529891.html

There is also a reason why IFA are governed under different set of act to be differentiated with insurance agents..

"[Financial Advisers Act] will create of a new class of licensed financial advisers. These professionals will be able to provide investment advice on a wide array of financial products, and also sell unit trusts and their close substitutes, such as ILPs. In some cases, these financial advisers will not be connected to any product providers, such as fund managers or insurance companies, and will act independently of them. Such independent financial advisers will represent the interests of their clients, rather than the interests of specific product providers.”

- Speech by Deputy Prime Minister and Chairman, Monetary Authority of Singapore, Lee Hsien Loong for the Second Reading of the Financial Advisers Bill 2001 in Parliament on 5th October 2001

With this being said, I'm still sticking to my sayings in the first paragraph.. But people got to be clear why IFA exist in the first place even though insurance companies are already dominating the market... Search deeper and you could find more things said by DPM on his personal view on insurance agents.. Peace everyone! All of us are here to help..

 

[Chennie]

You might also want to also take a look at this thread.. There will be no end saying which is the best, Insurance Agent, IFAs.. End of the day, it is the mindset of that person that counts.. No matter how specialized a person is, if the end in mind is not correct, he/she is still a salesperson afterall..

http://forums.hardwarezone.com.sg/money-mind-210/advice-needed-plan-get-retirement-cum-protection-plan-4529891.html

There is also a reason why IFA are governed under different set of act to be differentiated with insurance agents..

"[Financial Advisers Act] will create of a new class of licensed financial advisers. These professionals will be able to provide investment advice on a wide array of financial products, and also sell unit trusts and their close substitutes, such as ILPs. In some cases, these financial advisers will not be connected to any product providers, such as fund managers or insurance companies, and will act independently of them. Such independent financial advisers will represent the interests of their clients, rather than the interests of specific product providers.”

- Speech by Deputy Prime Minister and Chairman, Monetary Authority of Singapore, Lee Hsien Loong for the Second Reading of the Financial Advisers Bill 2001 in Parliament on 5th October 2001

With this being said, I'm still sticking to my sayings in the first paragraph.. But people got to be clear why IFA exist in the first place even though insurance companies are already dominating the market... Search deeper and you could find more things said by DPM on his personal view on insurance agents.. Peace everyone! All of us are here to help..

I definitely understand that point of view, its one that I was given by the IFAs that tried to recruit me.

As such, I too also want to share my perspective on things.

It is good that IFAs exist with this theory in mind. However, their agents are humans. Unlike computers which can process and sort 200 different things, humans can at most process and sort a good 30 - 50.

As such, assuming that the same proportion of good and bad agents exist. The IFAs will have that proportion of bad agents, same with the tied, that simply look at the products and find those that give the highest commission and find ways to sell it.

Of course, this is very true of tied agents as well (hence why so many people push life and savings plans, commission is high, as opposed to health).

Hope I don't offend anyone, just sharing my opinion.

At the end of the day, the agent is what really matters and finding a good agent in the market is the key to getting proper planning done, irrespective of whether they are IFA or tied (^_^)b

 

[Chennie]

You might also want to also take a look at this thread.. There will be no end saying which is the best, Insurance Agent, IFAs.. End of the day, it is the mindset of that person that counts.. No matter how specialized a person is, if the end in mind is not correct, he/she is still a salesperson afterall..

http://forums.hardwarezone.com.sg/money-mind-210/advice-needed-plan-get-retirement-cum-protection-plan-4529891.html

There is also a reason why IFA are governed under different set of act to be differentiated with insurance agents..

"[Financial Advisers Act] will create of a new class of licensed financial advisers. These professionals will be able to provide investment advice on a wide array of financial products, and also sell unit trusts and their close substitutes, such as ILPs. In some cases, these financial advisers will not be connected to any product providers, such as fund managers or insurance companies, and will act independently of them. Such independent financial advisers will represent the interests of their clients, rather than the interests of specific product providers.”

- Speech by Deputy Prime Minister and Chairman, Monetary Authority of Singapore, Lee Hsien Loong for the Second Reading of the Financial Advisers Bill 2001 in Parliament on 5th October 2001

With this being said, I'm still sticking to my sayings in the first paragraph.. But people got to be clear why IFA exist in the first place even though insurance companies are already dominating the market... Search deeper and you could find more things said by DPM on his personal view on insurance agents.. Peace everyone! All of us are here to help..

Dang it, I hate when my comp sends a reply before I finish. Thanks for the thread link, I will have a look at it (o3o)

 

[JoePilot]

There is also a reason why IFA are governed under different set of act to be differentiated with insurance agents..

"[Financial Advisers Act] will create of a new class of licensed financial advisers. These professionals will be able to provide investment advice on a wide array of financial products, and also sell unit trusts and their close substitutes, such as ILPs. In some cases, these financial advisers will not be connected to any product providers, such as fund managers or insurance companies, and will act independently of them. Such independent financial advisers will represent the interests of their clients, rather than the interests of specific product providers.”

- Speech by Deputy Prime Minister and Chairman, Monetary Authority of Singapore, Lee Hsien Loong for the Second Reading of the Financial Advisers Bill 2001 in Parliament on 5th October 2001

With this being said, I'm still sticking to my sayings in the first paragraph.. But people got to be clear why IFA exist in the first place even though insurance companies are already dominating the market... Search deeper and you could find more things said by DPM on his personal view on insurance agents.. Peace everyone! All of us are here to help..

Not to burst yr bubble, but FAA has been a major disappointment. Just ask any MAS insider.

Besides, not many ppl give weight to what Pinky says anyway

 

[Aerial86]

No worries, it is definitely open for criticism.. Everyone is free to judge and express their views as end of the day it is still consumer's choice.. I do my best in my profession in advisory and planning by creating awareness and understanding my client, even if they choose not to work with me, they still left with more knowledge than before, which will help them in making more informed decision elsewhere.