As Financial Planners, we assist our clients in developing their own Financial Planning. Many people have no idea how to go about doing financial planning. Some clients demanded more complicating stuffs from us and we do our best in sharing our knowledge with them.

 One thing to note is that:
* Financial Planning is not Rocket Science that comes with complicating formulas. We are not Financial Scientist.
* Financial Planning is not about helping you make lots of money and to analyse all your stock holdings. It’s about how to ensure you leave a legacy for your dependents and how you can retire happily in future.
* Financial Planning is not about scrutinising every stocks in your Unit Trust and answer why was some shares selected. We are not Fund Managers.
* A good adviser is someone who is able to share your vision and helps you to save money in utilising your resources for maximum usage. Most important, he/she must LISTEN to your concerns.

I always consider myself more like a Counselor and not a Financial Experts with complicating formulae to impress others. I view my role as to guide my clients in a systematic way towards managing their finance and to ensure that they are disciplined enough to hit their financial goals and have comprehensive protection. I have often warned them about those agents who may use certain ‘pushing’ tactic to sell them certain policies. This is a form of educating them against product selling agents. I am also like a motivator, motivating and encouraging them to be focused on their goals through our regular reviews.

Important question that clients may ask: ‘How do you define my needs?”
To answer that question, I will share with you the following steps that I used with most of my clients

1. Understanding client’s needs. Be it short/mid/long term goals and priorities
2. Gathering relevant quantitative and qualitative data
3. Listening to client’s problems and concerns. 
4. Analysing Client’s Net Worth and Cash Flow
5. Calculate their insurance shortfall by using our company software. (On the spot)
6. Looking through Client’s current Insurance policies (If any) to ensure there are no duplicated policies.
7. Understanding Client’s Investment Strategy and Philosophy
8. Understanding Client’s Retirement needs (Applicable to older families)
9. Informing them what is really important to them ( Eg: Insurance protection)

Once the client feels happy with what I am providing him, we will go ahead with the Recommendations and the Implementation process. At this stage, I will have to make sure that all underwriting are settled and clients will be able to start the policy on time. Lastly our job involves doing a yearly reviewing of their progress and policies to ensure that all their needs are covered.

Related posts:

  1. Is there a need for second opinion?
  2. Buying insurance is simple but not easy.
  3. Singaporean Are Underinsured!
  4. Updates about me – Miracles!
  5. If you fail to plan, you plan to fail – Part 2