Frequently Asked Questions

Being quite a while in the insurance industry now, I have amassed quite a number of clients now. During our consultation sessions, they have posed me interesting questions that have reaffirmed my decision to be part of this journey with them. Allow me to list down a few of the questions that have been commonly asked.

1. You’re a Math and Excel Nerd. So, what’s your planning style and how is it different from other advisors?

EXCEL-lent question. To be frank, there’s no two advisors that plan exactly the same way. As you have rightly pointed out, I am one who provides you the math and facts, along with the experience I have with finance especially for investments. It’s better to be roughly right than accurately wrong - but I seek to be accurately right with your retirement plans.

Figure 1: Yearly Income & Expenses mapped out with different goals and scenarios

Figure 2: Elaborate logic and financial projections to charting

Figure 3: Monte Carlo to determine chances of survival

2. What’s so good about your company’s plans?

There’s no bad policy, no bad company, just bad advice. Products across majority of the companies are likely designed to serve a certain niche of people. One company out there may have very cheap plans but covers less or have caps to claims. Yet, another company may be the most expensive, but you can sleep in peace and claim in peace. It depends on what you are looking out for and how your advisor provides the justification. The advisor is meant to spot your needs and risk profile before packaging it beautifully for you. I tell my clients that if I’m approaching them, it means that I am able to help them out properly and is then up to them to decide if they want me.

3. How are you as a financial consultant?

Unfortunately, and I’ll be upfront that I’m not the type to be emotional or chummy - though, I’m still learning to inject a little more emotion. My organisation's leaders have always imparted that “Logic opens the mind, but Emotion opens the wallet”. I don’t mean to prove that wrong, but I do hope there is still some rationality in people to pick what is best for them, rather than being swayed with flamboyant words and emotions. I would say… treat me like a doctor. If you need a prescription, I’m here to provide you the cure.

4. Why you so smart want to be FC? Study so much not wasted meh?

- I get this question quite a bit. Simple answer would be that I want to fully understand how this industry works for my part-time academic pursuits in the future. Only being in the industry would I be able to do so. And, next time, maybe you all can address me as a financial DOCTOR (pun intended)! My scholastic endeavours of the past aren’t wasted in this line because I get to apply what I have learned and to instil trust in my clients that they have chosen a capable advisor. Not that past performance is an indicator of future results but rather, the sheer determination and hard work placed in school in the past is being translated to my work now.

5. Will you give me gifts?

- I’m a practical person. I can’t say that I love all my clients equally - that’s just simply being fake. All advisors have their A-list, B-list, and C-list clients. Naturally, I will have mine too although I don’t particularly list it out in my Excel sheet. Of course, it depends on how much the client supports me also! Especially with referrals. Nevertheless, I respect all my clients equally and will do my utmost to take care of them!

6. You so new, you know everything or not?

- Of course, I won’t know everything! Even if I get an A+ or full marks for my examinations in school, I am not the know-it-all. Of course, I still get the title of the “walking encyclopaedia”. But even encyclopaedias have different series, and they get updated all the time. What I can say is that the same diligence in school is translated in my line of work (and please ignore the times I fall asleep in class). Thankfully, it is open book here, I can check and get back to my clients. Even better, I have many “professors” around in the form of my seniors in the organisation that I can casually ask them a question in case of a doubt that I have too.

7. Why choose you over an Independent Financial Advisor?

So, for the benefit of those who don’t know what an Independent Financial Advisor is and a tied-up one, the difference will be that an independent practitioner can recommend products from various companies and some of them can just be fee-based only. Essentially, they are assumed to be unbiased. However, with so many products on hand, it is easy to end up with mistakes in numbers, terms, and claims conditions. And products and premiums are roughly similar – does it matter to have the plethora of products? Fee-based advisors may also turn up more expensive if the premium is small. With benefits comes disadvantages, it ultimately depends how the planning is done and how much you can trust the FC with your financial future!

If you're interested to chat on this topic or to exchange ideas, please feel free to drop me a message on Telegram @elijah2212 or through email elijah.thj@gmail.com!

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