As a licensed Financial Adviser, this is the association for all FAR ( Financial Adviser Representative), an event that we shouldn't miss.
Thank you AFA.
Saturday, November 2, 2019
20191031- AFA 8th ANNUAL CONFERENCE
AFA- Association Of Financial Advisers
As a licensed Financial Adviser, this is the association for all FAR ( Financial Adviser Representative), an event that we shouldn't miss.
Thank you AFA.
As a licensed Financial Adviser, this is the association for all FAR ( Financial Adviser Representative), an event that we shouldn't miss.
Thank you AFA.
Monday, October 21, 2019
20191021 OA GROUP MEETING
While we need to sharpen our saw and having the effect of synergy, the group meeting discussion is the best for it .
Today, we have talked about
Today, we have talked about
- Autism kid a future doctor today- effect of Autism know case in future insurance application
- PA medical expenses compare- hazardous sports- oversea residents etc
- travel ins some key area- Nepal mountain climbing talk
- Budget 2020
- hospitalization claims rejected in food poisoning , why & how
- How to save paper, save space and save ink - online scanner & cloud storage
- Drug addicts- previous life policy matters.
BACK TO MY LONG LOST BLOG....
I have not written any post since years even though the team & i still in the same industry serving the public, time flies!
Finally i revisit this blog, i will pick up this blog again, at least as diary for my thought!
Thank you for visiting my blog.
Finally i revisit this blog, i will pick up this blog again, at least as diary for my thought!
Thank you for visiting my blog.
Tuesday, March 25, 2014
No Medical Insurance Needed If You Afford It
No Medical Insurance Needed If You Afford It
Real case sharing :
A client ( Madam Tan , breast cancer patient for years , mother of 1 girl and 1 boy ) took up the life and medical insurance policies for the kids in year 2006 .
She passed away in year 2010 .
Right before her passing , i managed to see her to have the policies transfer as such :
Elder girl by then age 18 ,absolute assignment the policy to elder girl directly
Younger son age 14 , conditional assignment the policy to father ( Mr. J) as policy owner .
Unfortunately the father (Mr. J )passed away last month due to acute heart problem . At this year of 2014 , the younger son reach majority age of 18 .
I manage to contact the deceased client 's sister (Ms. Tan ) , in order to have policy ownership transfer back to the son since he is qualify to own his policy now .
Ms. Tan has shown great concern of the children ( her niece and nephew) 's insurance policies as now both parent passed away and both children still in study . In order to avoid any potential termination of the policies , she pick up the responsibility as payer role for the continuity of the policies.
In this meet up , i was trying to understand the estate distribution progress done since client (Madam Tan ) passed away in year 2010 . I have provided the will writing services to her via Rockwills . The distribution completed by Mr.J who is first appointed executor and trustee in her will .
Mr. J did not have a proper will in such short emergency fatal heart event . I have explained the small estate distribution method in land office if he fit in the criteria , or else seeking lawyer for high court submission will need to be done.
Mr. J 's emergency admission , by-pass for blockage arteries , discharge , readmission and warding in ICU due to virus infection till his passing in total duration of 6 weeks , the total medical bill amounting to RM220K( Ringgit Malaysia Two Hundred Twenty Thousand ) . Mr. J did not own any medical insurance .
As the children are young and studying , this hefty medical bill was settled by Mr.J 's sister , Ms.J.
Ms. J , a single and approaching her retirement age , kind-hearted to pick up this brother's hefty medical bill using her retirement fund .
The boyfriend of the daughter ( age 22 now) , has seem trying to help her claiming father estate , including only 1 life insurance policy and EPF .
Its a blessing both children still having Ms.Tan ( Aunty from maternal side ) and Ms.J (Aunty from paternal side ) to help them out in recent events , and provide guidance to these children ( at the age 22 and 18 respectively ) for future undertaking .
Question to ponder :
(1) What if Mr.J do not have relative afford to pay medical bill upon his passing ?
(2) What if died insolvent and kids having difficulty for study continuation?
(3) What if he left hefty asset that will be inherited by children as this young age , and could potentially cause bad intention from friends ?
(4) Ms. J 's retirement fund is shrinking quickly since RM220K has used up for brother's medical bill , will she face problem in retirement age ?
(5) Is Mr. J 's estate enough for the kids reimburse the aunty settlement help for this RM220K ?
The recommended steps that we could have arranged in advance as such :
(1) If you are rich and budgeted enough sum for potential health hazard , by all means you do not need to have the medical insurance .If not , please do not save a penny , lost a dollar , and create life anxiety for your family .
(2) Put your dedicated assets ( such as cash account , insurance policies , immovable properties) to a living trust . This trust can be designed in priority for settlement such as :
(a) own medical expenses
(b) funeral expenses
(c) Estate distribution expenses
(d) others estate debts settlement ( eg: home mortgages , personal loan , credit card debts etc .)
(e) children living expenses payable monthly
(f) tertiary education funds disbursement
(g) others ( eg : own parent old age need )
(h) balance funds distribution method ( to hold till beneficiaries age 30 or partially distributed in different age band ...)
With this method , you avoid unnecessary potential third party eyeing on the inheritance a young person may have .
Real case sharing :
A client ( Madam Tan , breast cancer patient for years , mother of 1 girl and 1 boy ) took up the life and medical insurance policies for the kids in year 2006 .
She passed away in year 2010 .
Right before her passing , i managed to see her to have the policies transfer as such :
Elder girl by then age 18 ,absolute assignment the policy to elder girl directly
Younger son age 14 , conditional assignment the policy to father ( Mr. J) as policy owner .
Unfortunately the father (Mr. J )passed away last month due to acute heart problem . At this year of 2014 , the younger son reach majority age of 18 .
I manage to contact the deceased client 's sister (Ms. Tan ) , in order to have policy ownership transfer back to the son since he is qualify to own his policy now .
Ms. Tan has shown great concern of the children ( her niece and nephew) 's insurance policies as now both parent passed away and both children still in study . In order to avoid any potential termination of the policies , she pick up the responsibility as payer role for the continuity of the policies.
In this meet up , i was trying to understand the estate distribution progress done since client (Madam Tan ) passed away in year 2010 . I have provided the will writing services to her via Rockwills . The distribution completed by Mr.J who is first appointed executor and trustee in her will .
Mr. J did not have a proper will in such short emergency fatal heart event . I have explained the small estate distribution method in land office if he fit in the criteria , or else seeking lawyer for high court submission will need to be done.
Mr. J 's emergency admission , by-pass for blockage arteries , discharge , readmission and warding in ICU due to virus infection till his passing in total duration of 6 weeks , the total medical bill amounting to RM220K( Ringgit Malaysia Two Hundred Twenty Thousand ) . Mr. J did not own any medical insurance .
As the children are young and studying , this hefty medical bill was settled by Mr.J 's sister , Ms.J.
Ms. J , a single and approaching her retirement age , kind-hearted to pick up this brother's hefty medical bill using her retirement fund .
The boyfriend of the daughter ( age 22 now) , has seem trying to help her claiming father estate , including only 1 life insurance policy and EPF .
Its a blessing both children still having Ms.Tan ( Aunty from maternal side ) and Ms.J (Aunty from paternal side ) to help them out in recent events , and provide guidance to these children ( at the age 22 and 18 respectively ) for future undertaking .
Question to ponder :
(1) What if Mr.J do not have relative afford to pay medical bill upon his passing ?
(2) What if died insolvent and kids having difficulty for study continuation?
(3) What if he left hefty asset that will be inherited by children as this young age , and could potentially cause bad intention from friends ?
(4) Ms. J 's retirement fund is shrinking quickly since RM220K has used up for brother's medical bill , will she face problem in retirement age ?
(5) Is Mr. J 's estate enough for the kids reimburse the aunty settlement help for this RM220K ?
The recommended steps that we could have arranged in advance as such :
(1) If you are rich and budgeted enough sum for potential health hazard , by all means you do not need to have the medical insurance .If not , please do not save a penny , lost a dollar , and create life anxiety for your family .
(2) Put your dedicated assets ( such as cash account , insurance policies , immovable properties) to a living trust . This trust can be designed in priority for settlement such as :
(a) own medical expenses
(b) funeral expenses
(c) Estate distribution expenses
(d) others estate debts settlement ( eg: home mortgages , personal loan , credit card debts etc .)
(e) children living expenses payable monthly
(f) tertiary education funds disbursement
(g) others ( eg : own parent old age need )
(h) balance funds distribution method ( to hold till beneficiaries age 30 or partially distributed in different age band ...)
With this method , you avoid unnecessary potential third party eyeing on the inheritance a young person may have .
Thursday, January 30, 2014
Wednesday, January 1, 2014
Friday, December 13, 2013
Saturday, September 7, 2013
Alibaba MaYun . Risk Management Talk
For a respected, adorable, lovely alumna sister Tracy Tee Chee Yuen's request on translation for below article :
Many people lose in life
for life new events' point of views :
The first `invisible; second` despise; Third `can not understand; fourth` too late
MaYun talk about the insurance , to described him : domineering!
He said: Insurance is a posterior, plan strategically when you are in financial good time , when in life distress there is embattled way.
Have money, the money is worthless.
No money, the person is worthless.
To be a valuable person , we must now use our ability and time,
a portion of the money earned for planning of the uncertainty in future.
You put money in the bank and insurance company, the money is your money,
The difference is: Bank is fat now, lean in the future; Insurance Planning will win in the future!
Let your money now help you work toward a valuable you in future , life insurance can do it.
The earlier we plan, we will have peace in mind earlier . Lets be a man without worries.
With this , we can really flex our muscles in our careers!
The first `invisible; second` despise; Third `can not understand; fourth` too late
MaYun talk about the insurance , to described him : domineering!
He said: Insurance is a posterior, plan strategically when you are in financial good time , when in life distress there is embattled way.
Have money, the money is worthless.
No money, the person is worthless.
To be a valuable person , we must now use our ability and time,
a portion of the money earned for planning of the uncertainty in future.
You put money in the bank and insurance company, the money is your money,
The difference is: Bank is fat now, lean in the future; Insurance Planning will win in the future!
Let your money now help you work toward a valuable you in future , life insurance can do it.
The earlier we plan, we will have peace in mind earlier . Lets be a man without worries.
With this , we can really flex our muscles in our careers!
Saturday, January 5, 2013
Sunday, December 23, 2012
Wednesday, December 5, 2012
Malaysia Private Retirement Scheme
Frequently Asked Question on PRS :
http://www.sc.com.my/main.asp?pageid=1156&menuid=1038&newsid=&linkid=&type=
Private Retirement Scheme, manage by private sector , not government.
As announced in Budget 2012:
http://www.sc.com.my/main.asp?pageid=1156&menuid=1038&newsid=&linkid=&type=
Private Retirement Scheme, manage by private sector , not government.
As announced in Budget 2012:
- personal tax relief up to RM3000 per annum will be given for an individual's contribution to the PRS; and
- employers will also be given tax deduction on contributions to PRS made on behalf of their employees of up to 19% of the employees' remuneration.
 | |
| One of the world leader in private pension scheme- Manulife Asset Management |
Wednesday, November 28, 2012
Tuesday, November 13, 2012
Sunday, October 14, 2012
SWOT Analysis For Independence Financial Adviser Industry
On 13 Oct 2012, Avillion Port Dickson.
Practice Manager Meeting .
Facilitator :Mr.Mark Toh- Head Strategic Agency & Private Retirement Scheme, AIA Berhad
SWOT analysis (alternately SWOT Matrix) is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a business venture.
It involves specifying the objective of the business venture and identifying the internal and external factors that are favorable and unfavorable to achieve that objective.
STRENGTH
Practice Manager Meeting .
Facilitator :Mr.Mark Toh- Head Strategic Agency & Private Retirement Scheme, AIA Berhad
 |
| Mark Toh with practice manager of Standard Financial Planner S/B. |
SWOT analysis (alternately SWOT Matrix) is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a business venture.
It involves specifying the objective of the business venture and identifying the internal and external factors that are favorable and unfavorable to achieve that objective.
 | |||||||||
| Reference: http://en.wikipedia.org/wiki/SWOT_analysis |
STRENGTH
- Provide choices to customers and independent advice.
- New business mode - transformation from tied agency business.
- Wide acceptability.
- Integration one stop center services.
- Team work
- Need base process / advise driven sales
- Duty of care
- Client ownership
- Consolidation of client portfolio
- Many unhappy clients in the market
- Large pool of people to recruit for practice team, eg :70K tied life agents, 40K unit tust agents, 5k relationship manager in banking industry
- Timely- right time, right people , right business environment , unlimited income potential.
- Branding
- Financial resources / capital constraint
- NATO ( know too much, think too much, no action)
- Complacency
- Flaunt business model
- Lack discipline & activities
- Identity crisis
- Institution competition
- External/offshore investment institution competition, eg : in ASEAN Financial Forum , may allow off shore brokers coming in Malaysia to compete.
- Survival
- Stricter compliance requirement from regulator (in fact turn to opportunity to win clients services with quality advice and solution provided )
- Increase cost of operating business with types of licenses / continuous education hours to maintain yearly.
- FA messes with own mind.
- Products provider inpatient and might stop the supports should FA progress in Malaysia too slow in development .
Saturday, August 18, 2012
Sunday, February 12, 2012
Financial Planning Career Perspective In Malaysia
On 16 Jan 2012, Grand Imperial Klang , CNY dinner invitation by Allianz General Insurance Company (M) Berhad .
I was sitting with a group of strangers , they are all peers for Allianz business . After self introduction & icebreakers , some conversation went on.
" Ah, you are financial adviser... not easy in Malaysia .... Am actually accountant running own small firm , doing general insurance for existing customer only " Mr.Lim said.
Looking at my name card , Mr. Ng ask " Are you working with Standard Chartered Bank ?"
" no , Standard Financial Planner is an independent license financial adviser firm in Malaysia , we are not banker "
Mr.Ng is a remisier with a renown investment bank then understood and said " oh IFA group .." by raising his voice tone and continue " actually i would like to understand what you all can do & what can't "
I have briefed the authority by Bank Negara Malaysia for risk planning and Security Commission on investment planning. With this license, we can then provide written fees base financial plan for clients . I can't advise on tax matters & legal matters .
" Malaysia not ready yet, no market for financial planning industry. May be next 10 years only .. " he commended .
" Its true still in infancy stage , yes we may need another 10 years to develop . We have to start somewhere some point , if we neither lead this nor start this , 10 years later our industry still as at today , no market " after some red wine , i felt my positive energy growing to fight with all the negative commend on us .
He was stunning for few seconds and start nodding his head " o.... need to start now for 10 years later ....."
I was sitting with a group of strangers , they are all peers for Allianz business . After self introduction & icebreakers , some conversation went on.
" Ah, you are financial adviser... not easy in Malaysia .... Am actually accountant running own small firm , doing general insurance for existing customer only " Mr.Lim said.
Looking at my name card , Mr. Ng ask " Are you working with Standard Chartered Bank ?"
" no , Standard Financial Planner is an independent license financial adviser firm in Malaysia , we are not banker "
Mr.Ng is a remisier with a renown investment bank then understood and said " oh IFA group .." by raising his voice tone and continue " actually i would like to understand what you all can do & what can't "
I have briefed the authority by Bank Negara Malaysia for risk planning and Security Commission on investment planning. With this license, we can then provide written fees base financial plan for clients . I can't advise on tax matters & legal matters .
" Malaysia not ready yet, no market for financial planning industry. May be next 10 years only .. " he commended .
" Its true still in infancy stage , yes we may need another 10 years to develop . We have to start somewhere some point , if we neither lead this nor start this , 10 years later our industry still as at today , no market " after some red wine , i felt my positive energy growing to fight with all the negative commend on us .
 |
| IFA is an blooming industry in 10 years time |
Sunday, September 25, 2011
Notes from 2011 Joint Conference Taipei- Constructing The Future
20 -22 Sept 2011 // Malaysia & Singapore Financial Advisers combine conference :
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Lesson From Monopoly
A touching journey share from Mei Mei of Singapore , transition from banker to Financial Adviser , unexpected overwhelming ;
' no longer working for bank , but working with bank . ' . I salute you, Mei Mei .
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Brenda , a successful financial adviser share on her way in corporate and high net worth clients' financial planning with fee base services .
' Financial adviser is an architect of client's wealth , client's future '
'Human touch value in financial adviser , making different of people's life , is scorecard of successful future .
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
- Relationship = Money vs Time = Money
- People engage your service when they can't fill their own needs
- People buy using their own buying patterns, not your selling pattern.
- save => invest => then only spend , not save => spend ( beyond basic need )
- All individual having 5 area of health to take care with
- Financial health
- Mental health
- Physical health
- Spiritual health
- Emotional health
- Practice and ask prospect " what's the reason that stop you from becoming my client ?" ; " Is that all these reason stop you from becoming my client ?" ( get a yes from prospect ) ; " are you sure ? " (get a yes from prospect again ) ; " So long as I can resolve all these reasons you don't want to be my client, would you then become my client ? "
- Emerging Market Bull-Bear Tug of War // Look Beyond current volatility (check slides)
- Develop market
- Emerging market
- Frontier market ( emerging of emerging market )
Lesson From Monopoly
- Cash is king
- Passive income is the key to wealth
- Inflation risk- guarantee erosion of purchasing power
- Investment risk - Potential increase in wealth
- Debt Trap - Be careful with low interest rate environment // low interest rate mean low debt servicing cost // but market interest rate can change like the weather, cause increase debt servicing cost anytime.
- use 'jail ' as a time to reflect & refresh & come back stronger .
- Luck is part of life, take advantage of it
- Improve what you have
- Believe your believe, doubt your doubt
- successful people do what unsuccessful people don't
- every 90 days process, connect to your clients.
- Question are guaranteed in life . Answer don't .
- An idea share become ideal & ideal to reality .
Do you want to continue selling financial product ? or Do you like to change customer life to better financial position ? ( AHHA ! CHANGING CUSTOMER LIFE TO BETTER FINANCIAL POSITION IS OUR OBLIGATION ! )
- Walton predevelopment land investment - sustainable fundamental , sustainable solution
- Walton big picture on how to identify the predevelopment land opportunities :
- Population
- Employment
- Housing
- Infrastructure
- all of us having 3 age :
- 1st age : Education
- 2nd age : Employment
- 3rd age : Retirement
- ' Old Man ' vs ' Elderly Gentlement ' , the different in ' money '
A touching journey share from Mei Mei of Singapore , transition from banker to Financial Adviser , unexpected overwhelming ;
' no longer working for bank , but working with bank . ' . I salute you, Mei Mei .
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Brenda , a successful financial adviser share on her way in corporate and high net worth clients' financial planning with fee base services .
' Financial adviser is an architect of client's wealth , client's future '
'Human touch value in financial adviser , making different of people's life , is scorecard of successful future .
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