Financial Advisory Business Update 6th Feb 2020

JC Project Freedom Financial Advisory Business

On 3rd February Monday, I visited an orphan client. An orphan client is assigned to the adviser and in industrial terms called servicing. Servicing usually involves helping the client to take stock of their insurance portfolio what they have previously purchased. Then it will involve signing forms to update address and payment method.

I met up with the daughter and mother. The mother depended on the daughter to explain to her and point to the right place to sign. The mother used to have NTUC Income Shield Plan and she visited Singpost AXA on a fateful day. An AXA agent sold her AXA Shield Plan with riders and an investment plan using her CPF OA. The risk of switching from NTUC Income Shield Plan to AXA Shield Plan will involve a 90 days waiting period when the new plan is in place. It means benefit will not be paid during this period if you are hospitalized. This is the key risk which I hope the agent had warned the poor aunty. I hope she was informed about the opportunity cost and potential losses for using CPF OA for investment. I do not want to be deemed narrow minded and smear another fellow agent in the industry. I feel that the agent may not be acting in the best interest of the customer but just closing a sale to hit his KPI. Closing a sale is equivalent to commission.

I did not made any sales for the visit but I enjoyed educating them by spending an hour answering their queries. The daughter asked whether I drove here, I told her,”Nope, I took MRT and bus, it took me about 1.5 hours to reach here.” I left the place at 9.30 pm and reached home around 11 pm. I was on the road for a total of 3 hours and 1 hour to serve. Can I say this is passion? However, not making a sales mean I am not bringing home any commission. Nonetheless, I am gaining experience and building trust with customers.

The very next day on the 4th February, there were 3 job offers which came in together. Out of the 3 job offers, there is an opportunity which is very near my house within 10 minutes walking time and another is to relocate to KL, Malaysia. Near my place offers the lowest pay but I have the weekday evenings and weekends to myself and job offer in KL pays the highest but I will be away from the family.

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