Thursday, June 26, 2008

A lesson learnt

I had learnt a lesson from my previous posting about the ILP charges. It generated quite a lot of comments in that posting unrelated to the topic.

I had wrote a comment about some people who die die don't want to invest and die die want to save via a traditional plan. Some who die die want a endowment plan will die die want the liquidity. i.e, They simply wants to save via an anticipated endowment plan like Prucash or Revosave. I mentioned that if I had given him the option and warned him the implication and he insisted on taking up the plan, I will still sell it to him. I rather that he do something than to do nothing and I rather that he become my client than other people's client.

I added "If I don't sell it to him, others will."

My lesson learnt is: Human tends to focus on the sentence that seems more negative and controversial (the above highlighted words) and ignore whatever I wrote before that. I am being attacked left, right, centre because of that few words. When people start writing negatively, the negativity will spread.

This topic is highly debatable but my conscience remains clear.


Anonymous said...

When people felt betrayed or cheated, they naturally acted strongly with their words or actions. Sometimes, unkind remarks are not really meant to hurt you in particular but in general terms.

I visit your blog daily because you are frank and your views on the subject you wrote are resourceful.

I just want to thank you and those who care to share so much knowledge on wealth management and to avoid pitfalls when choosing investment products. I am better aware now than before.

Anonymous said...

Adrain, the reason you give in to the customers' wishes because you are not assertive enough. Not assertive because you are not convinced what is good for your client. Not assertive because you fear losing the sale. Not assertive because you are not knowledgeable and comfident enough. Customers have fancifool and incorrect ideas gathered from thier uncles , aunties, friends, brother and sisters and these people are idiots themselves and fools. If you can get through this barrier of falsehood you win but you find it a hassle and troublesome and also you worry you lose the sale and the cleint to someone.You want easy way out and often compromise the cleints' interest.It will be too late in the future to tell the cleint what he bought is wrong and you can't contradict yourself.
Well,it is your future and you think your future can be achieved by joining the majority of unscrupulous and unethical insurance agents becuase you can't beat them. Go ahead. You risk your credibility.

Khiat Han Hwee Adrian said...

Thanks anonymous 8:55 for your kind comment and 9:41 for your advice.

Its true that I afraid losing the sales and I'm not able win the argument. They are normally quite insistent with their choice.

I'm not even capable to convince some people to invest regularly or diversify their portfolio. They will save in the bank or to punk in the stock market. I always meet 2 extreme group of people.

Understanding the problem lies with my capabilities in the planning and sales process. Just need to keep improve my knowledge and soft-skills.

Anonymous said...

don't be discouraged by all these comments. You had just step out from the NTUC shadow. Just focus on doing a proper job, honest and be true to yourself.

NTUC Joes are product sellers. They cannot survive without roadshows and all the funny antics. I bet none of them knows how do a proper financial planning.

Its good that you came out from this shadow. Learn and practice hard on the right way and project more confidence about yourself. People will start listening to you. They will trust you and want to get a solution, not product from. You need not worry about losing the sales. Its them worrying that you don't want to advice them.

I have been reading your blog. You are doing good for the people at large. Keep it up.

tanbl said...


I agree with anonymous 12.15pm. Keep it up. I've reading your blog for the past week and find you are honest in sharing your views and your feelings. Do what is right and your conscience is clear.

From reading your blog I am better informed about investment products.


Wealth Journey said...

I think you are all too harsh on Adrian. He may be a whiner but I admired his frankness on things.

Why not put yourself into Adrian's shoes for a moment..
Let us all be transported to the world of business... You are Adrian.. Adrian is running a shoe shop. A customer comes in and says she wants to take a look at Nike and Rebook.

You let her try on both and you suggest Nike as it is well known that Nike can last for years and is value for money. Rebook on the other hand is known for its looks but is not long-lasting and not value for money.

You have already told the customer the pros and cons of both... In the end, the customer decide that she wants Rebook even after she knows all the pros and cons of the 2 products.

You are Adrian. What would you do?

There is 2 component in the decision making process running thru adrian's mind now..
1) Is it ethical to sell to customer even when i know nike is better?
2) Is it your perogative to demand the customer to make a single choice.

For 1, I see nothing wrong with Adrain's far as I'm concerned, He have behaved ethically by telling the pros and cons of BOTH Products. He did not misrepresent.
For 2, He recognised that Customers have a choice. You give customers a choice and the customers make his decision based on his wants (not your percieved customer's needs).

The rapist example is not appropriate and I would go so far as to say that example should be more reflective of people who forced a choice down the customer.
(Eg, Adrian only gave 1 product to customer and said that is the best for her. in this case, he have behaved unethically and also deprive the customer of her right to choice).
Is similar to:-
The rapist made a choice for the girl... The rapist assumed the girl wants to be raped because she is wearing a sexy outfit.

Anonymous said...

Yes , you need to unlearn or shed off the ntuc income mentality. NTUC agents are ruthless product pushers and have no qualms at all to rob their customers in broad day light. Just watch their antics at the roadshows. They behave like wolves pouncing on their preys.
You must consider yourself professional and don't do what these unscrupulous and heartless agents do.
We have been reading your postings and we find you honest like Mr. Tan Kin Lian. Don't be discouraged by some small setbacks. See your bigger goals.

Anonymous said...

Wealth Journey appears to be another IFA, albeit more experienced than Adrian. I believe Adrian is an honest person and what I like about him is that he shares his knowledge without insisting on payment. I tried visiting wealth Journey blog but was blocked as it is only by invitation only, presumably after paying a fee?
In reference to wealth journey's dismissal of the rapist example as inappropriate, let me put it in perspective. The sexily attired girl is actually looking for a boyfriend, possibly a rich and handsome young man. Along comes the wolf and he has a choice, to introduce a rich young man to her, to introduce himself to her, to introduce a handsome young man to her or to introduce her to a match-making company which he knows. He should, if he is honest, to do one of the above and give her a free look for 14 days or maybe more, in order for her to make up her mind.Instead, his greed and lust motivated him to use his experience and strength to rape her. And after the foul deed, he rationalise it by saying she would be taken anyway, sooner or later, before or after marriage, with a handsome, rich, young man or him. How is this different from the choice given to a potential policyholder, who is actually looking for a cheap and good policy that meets her needs but is instead given something that gives the insurance agent lots of commission but is not suitable for the policyholder?, through manipulation of his mind and in the case of the rapist, the body?

Wealth Journey said...

Your example is still the same outcome. In your story, the rapist still did not introduce the handsome man nor a match agency to the gal. (ie, Adrian did not tell the customer of term policy or other choices. He just market his whole life policy). The rapist still forced himself onto the gal (adrian made the choice for the customer). After the rape, rapist justify his action. In your story, the rapist is still behaving unethically by not giving any choice to the gal.

Let's not use the rapist case study.. it is not too appropriate. U must remember Adrian is running a business, he is self-employed. So the shoe shop story with adrian as the owner is more appropriate. Try using that.

Or if you want, you can use Adrian as a Doctor (Surgeon) -self-employed again. You need to undergo an operation - life threatening. Even though there is a cheaper ops procedure that can be perform on you with the same results. Adrian did not tell you that.. but tell you that the ops need to be done with a more expensive method. The doctor behave unethically.

But what if the doctor tell you that there is 2 methods.. explain to you the pros and cons... and in the end, you still want the latest more expensive method.

Adrian is the surgeon? What should he do?
Should he reject you and tell you to go find another surgeon? Or should he operate on you? He have told you the pros and cons.. You, the customer, still wants the more expensive ops method. Did Adrian behave unethically? Should he forced his choice of cheaper ops onto the customer even though the customer insist on the more expensive one?

Adrian, come on. Be firm with your stand. Speak up and let everyone know your stand.

You have to internalise into you that You will always propose the best solution for your customer. Because the solution will be a lifetime commitment and the outcome is his retirement or the money when needed.

You have to tell the customer and advice them based on your Financial needs analysis the best solution for them(not for your pocket).. Try to convince them. If they don't see the light at the end of the tunnel, you know you've done your best.

Some people will never see the light. This is human beings. We all have our own perception, our own bias and it's hard to convince them of something ingrained into them.

I am one of those. I believe in Buy Term, Invest the Rest. I believe there is a always a conflict of interest between customers and sellers(be it Bank, insurance, shoe shop people). It all ultimately lies on the interaction between the two. the buyer must make an informed decision. The Seller must give the buyer choices and tell the pros and cons without bias.

Khiat Han Hwee Adrian said...

The rapist example is definitely not appropriate and I find it crude and offensive. I'm quite angry when I see that example. However, I also agree that using a retail item may not be the best too.

I'm currently talking to more people on how they convince people out of the traditional policies especially cashback plans.
To many people, their impression about savings are those traditional plan they often see. It need more effort and skill to convince people out of it.

I just need to work on this and I seriously need help on it. I'm still not capable enough to bring across an impactful message to convince people on the advantages of savings via the investment way.

The debate is good. I have something to work on in the few weeks.

Anonymous said...

Everyone expects everyone else to be good and make every single sacrifice possible to be a good person, yet how many people are actually willing to pay the price? Ignore the critics, Adrian, since you've already made certain sacrifices and are way ahead of your critics in this aspect.

A person who's driving an SUV with V8 engine preaching the rightness/goodness of driving hybrid or CNG cars is about as convincing as Sun Yanzi telling people not to smoke. Not convincing at all.

(Yanzi is/was a smoker, for those not in the know)

Anonymous said...

I met a friend by chance at Standard Chartered Bank recently. He shared that many elderly people are puting their money in Jubilee Series Notes. This investment is selling like hot cakes to the old aunties and uncles? Is it true that this investment is so good an investment?

Anonymous said...

You still have the ntuc baggages. Go and wash yourself in a reservoir and cleanse yourself of the filth. Only then you will have a new start, a new mind and attitude.