Few days back, there’s a road show near my home, as usual a group of financial planners were trying to seek attention to the passersby to understand their existing needs.
Whereas, I understand there’s this product from them which allows the majority to invest only 10 years of premiums and collect lifetime coupon. Thus, this plan could also pass to his/her descendant to collect the coupon as per normal.
Sound attractive right? Lifetime passive income! However, such plan is not as attractive compare to the plans available in Taiwan, even though I have not come across such plan from other insurance providers in Singapore. If a person fully understands how this plan works is, the premiums have to invest, the payback period and others. There are better ways to invest your money. And dividend investing is one of them.
So, what it go to do with the financial planner?
In order to gain more information to confirm my research on this product, I approach one of them to gain further understanding.
After few questions, I started to lose my interest because the person could not answer to my doubt. It seems that he is unsure and dun understand this product, at the same time, the surprise comes from, he told me, he has been in this field and company for 13 years.
And my questions are, how long have this product been in the market? What’s the track record for its return? During the bad times, what’s the return?
He tries to find the answer from the sheets of paper available from his folder and start looking at it. He starts giving me some brief answers. The other way round, I have to tell him the answers since I already took some glimpse from his paper. Which years, this fund is launch and what are the total returns for the past 3 years, average return for the projected growth and others.
I told him to send me an email the other information for my reading & till date, he has not send it over after I reveal to him what I invest, what returns I am getting from my investment, etc.
Yesterday, I still get to see him near the train station where their road show is situated, the moment, he saw me, I can sense that he starts to act blur & look at other direction where he is standing. Obviously, I also can’t be bother with him since he lacks of professionalism from his work.
Seriously, most of the financial planner I have come across dun really qualified to design, advise and manage other people wealth. Starts looking for another one, if the current one dun suits your need but it will take knowledge and experience to identify a good one.
Or the alternative way, you could pick up some financial planning on your own by reading or taking up some courses which is available in the market.