Thomas Phua's Blog: Independent financial advice

Saturday, October 4, 2014

Independent financial advice

Went to meet a client of mine to review her plans.I am disgusted with so call Independent Financial Planner who advise policy value is not good and to consider to take better plan.

Older insurance plans are under higher bonus scheme than new product in the market today.

This is not the first time I come across such. Many are doing review to provide alternative for self interest. A friend went to see a so call independent financial adviser. End up surrendering many policies including one maturing in 6 years. She told me the financial adviser just summarise and offer his views but did not sell her any plan but refer her to another financial planner for her alternative. I asked if they are related and was told is IFA's wife. How blinded ? When some one summarise your plans make sure you know your plans or talk to the person who did it for you. Independent adviser ? Think again. I am amazed at some people's ethics.

Please think again when an independent financial planner advise your old insurance plans as "not good" policy.

To Plan According to Client's Needs and not Wants

My mission statement sounds a little strange. I started as an insurance agent since 9th September 1988. I met many clients who bought insurance plan or have bought an insurance plan but did not fully understand what they have or how that insurance plan can benefit them and their loved ones. Of course, there are also those who know exactly what they need. I felt the most impact each time I handle a claim. This is the saddest part of my job. Such claims constantly reminds me of my responsibility towards planning to meet my clients' needs.