In Aug 2008, a client's father stricken with multiple myeloma, one type of cancer of the white blood cells . With this incident , he realised a bigger sum insured on critical illnesses insurance of 1 mil coverage was very important for himself as added protection since the family member carry the cancer genes which might be inheritable, and ask a proposal from me.
At that moment , i have just gotten the Financial Adviser License from Bank Negara Malaysia, and officially can have multiple choices of insurers not only confine to HLA policies whereby i have been represented as a tied agent before that . He has requested me to propose the needed policy , and expected that i need to explain the types of policy differences from different insurers for him to choose from.
With such request, i have carefully went through all type of policies illustration from different insurers, printed out the best option from each insurer , categorized them to traditional and investment link policies , participating and non-participating , life and term policies type , and present to both client and wife.
After presented the proposals in few visits with the differences , pros and cons , and my recommendation of the selected one type which was suite his need and budget . As usual, both client and wife said will confirm to me again.
Upon follow up , the client said already insured the million policy with another agent , the plan that he chosen was the same plan that i recommended .My heart sunk and patiently ask the reason , he commented that i am already a financial adviser definitely has earn very good income now , and thus would like to give other agent the opportunity for business, he hope I still will continue the good service to his family even though this business is not placed to me. While I can’t said much but accepted the truth that my effort being taken for granted.
I am just a normal self employed and working for my best to serve my clients in financial services sector, I too need to survive by working out the needs for clients , exchanged my time and expertise for the income needed for life . Transition to a licensed financial adviser doesn’t mean the income will come without working on it , in contrast , a licensed financial adviser need to spend much more time to source the better policy among many insurers , much more stringent compliance needed by goverment regulatory body , need more times for market development and all kinds of training , all this added requirement which taken up much more time doesn’t generate an extra a cent of income automatically.
In“ The Four Principles of Spirituality “ from India , the first principle states :” Whomsoever you encounter is the right one” This means that no one comes into our life by chance. Everyone who is around us, anyone with whom we interact, represents something, whether to teach us something or to help us improve a current situation.
Yes, with the unpleasant experience, I had learnt & surely I will improve .
Sunday, February 27, 2011
Saturday, February 12, 2011
My Passion
In Jan 2008, I did a single need service on estate planning for my client who was at the age of 58 .He is successful in business now after years of hurdle during early days .
Upon completion of the estate planning work, we have chatted over topic of career and business .
He said “ i don't think you can earn much in your work , selling insurance is too common , too many insurance agents around, selling unit trust also too competitive , will & trust still not common...” . I reckon his point of view which is valid in this competitive market , however , I explain to him that I am moving forward transition myself from tied insurance agent and tied unit trust agent , to become a licensed financial adviser after completion of my exam in next few months , with independent position, I will work differently from tied agent who only offer limited choices .
“what's the different ?” he asked
“ with this licensing ,I can work out full set financial plan for client by understanding their asset, liability , goals and objective .Advise on solution which is independent and not bias, since I can then access to multiple insurers , multiple fund houses, local & overseas "
Not exactly convinced , he challenged further " the rich wouldn't need this service since they don't have problem , for the poor , they wouldn't like to let you know they are in trouble ... How to work or survive ? "
I patiently explained this industry still in infancy in Malaysia, much more education and public awareness needed to move forward .
" I plan to open another branch in KL , why not come to help me in business , in business only you can have good fortune ."
I politely rejected the idea, independent financial planning work still my passion since year 2000 while I still worked in corporate world. Without knowing where to go and how to start the career of " independent financial planning " , I have been recommended by my brother who is ING insurance unit manager to join HLA as part time insurance agent in 2001 . With hectic work load in big corporation, part time gradually become no time and about being terminated due to no case and can’t full fill quota to sustain as an agent in HLA in 2004.
With much sleepless night in thought of my passion, thought for those friends who are my pioneer clients supported and trusted me , they are KC , Lee , Cherry, Jerry ,ChoyNyi , Grace, Mrs.Fong, SK, Mary, Janice & Teacher Lee ( heart felts thanks to all of you in this time of recording ) . I have decided to resign from corporate world to concentrate fully in insurance , investment and estate planning related career.
Since then, I actively buck up my knowledge in insurance, investment and estate planning, work as an insurance agent, unit trust agent , will writer for clients who in need of single aspect service ,not having total integration of planning for client with this position .
In 2005 , I have started research in financial planning firms in Malaysia and landed in Standard Financial Planner Sdn.Bhd. (SFP). With further qualification needed, I have completed Registered Financial Planner courses by 2008 & being confer the Financial Adviser Representative (FAR) licensed by Bank Negara Malaysia , Capital Market Services Representative (CMSR) licensed by Security Commission.
To practice as independent financial adviser , resigned from tied agency is a must . With this, I started the new journey to have better equip myself to service all my clients. A bumpy road moving forward , not smooth till now , but I believe I can do it !
Upon completion of the estate planning work, we have chatted over topic of career and business .
He said “ i don't think you can earn much in your work , selling insurance is too common , too many insurance agents around, selling unit trust also too competitive , will & trust still not common...” . I reckon his point of view which is valid in this competitive market , however , I explain to him that I am moving forward transition myself from tied insurance agent and tied unit trust agent , to become a licensed financial adviser after completion of my exam in next few months , with independent position, I will work differently from tied agent who only offer limited choices .
“what's the different ?” he asked
“ with this licensing ,I can work out full set financial plan for client by understanding their asset, liability , goals and objective .Advise on solution which is independent and not bias, since I can then access to multiple insurers , multiple fund houses, local & overseas "
Not exactly convinced , he challenged further " the rich wouldn't need this service since they don't have problem , for the poor , they wouldn't like to let you know they are in trouble ... How to work or survive ? "
I patiently explained this industry still in infancy in Malaysia, much more education and public awareness needed to move forward .
" I plan to open another branch in KL , why not come to help me in business , in business only you can have good fortune ."
I politely rejected the idea, independent financial planning work still my passion since year 2000 while I still worked in corporate world. Without knowing where to go and how to start the career of " independent financial planning " , I have been recommended by my brother who is ING insurance unit manager to join HLA as part time insurance agent in 2001 . With hectic work load in big corporation, part time gradually become no time and about being terminated due to no case and can’t full fill quota to sustain as an agent in HLA in 2004.
With much sleepless night in thought of my passion, thought for those friends who are my pioneer clients supported and trusted me , they are KC , Lee , Cherry, Jerry ,ChoyNyi , Grace, Mrs.Fong, SK, Mary, Janice & Teacher Lee ( heart felts thanks to all of you in this time of recording ) . I have decided to resign from corporate world to concentrate fully in insurance , investment and estate planning related career.
Since then, I actively buck up my knowledge in insurance, investment and estate planning, work as an insurance agent, unit trust agent , will writer for clients who in need of single aspect service ,not having total integration of planning for client with this position .
In 2005 , I have started research in financial planning firms in Malaysia and landed in Standard Financial Planner Sdn.Bhd. (SFP). With further qualification needed, I have completed Registered Financial Planner courses by 2008 & being confer the Financial Adviser Representative (FAR) licensed by Bank Negara Malaysia , Capital Market Services Representative (CMSR) licensed by Security Commission.
To practice as independent financial adviser , resigned from tied agency is a must . With this, I started the new journey to have better equip myself to service all my clients. A bumpy road moving forward , not smooth till now , but I believe I can do it !
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