Friday, February 29, 2008
Sunday, February 24, 2008
I went to "Yi Wen Fang" at Simei Eastpoint to see my fortune few days ago. It don't usually believe in such thing but when we are worried about our future and don't know what God to pray, I feel that its no harm just to go and listen to the "Shi Fu".
This "Shi Fu" was featured in many newspaper and appeared on Channel U before. Her name is "Xu Yi Ting". She used my name and "Ba Zhi" (Birthdate and time) and used several methods to predict my destiny.
Our meeting took 15 minutes and what she said sunk my mood and heart. Following are some extract:
1) I am destined to slog harder than most people for my whole life. Every cent earned is very tough.
2) My fortune with money is bad. I will lose a lot of money in investments and my income are always unstable. I have a "Po Cai Min"
3) I have a lot of "Xiao Ren" and no "Gui Ren"
4) Even when there are "Gui Ren" around me, they will not realise my presence
5) The "Xiao Ren" will make you go astray and make you a poorer man
1) When my career looks ok, somethings will happen to make it go out of course. It is seldom stable.
2) I may have a lawsuit in 2010. Tell me to be careful.
3) I talk too much and it will invite trouble.
4) My career especially in 2008 will be extremely shaky
Marriage and Children:
1) If my wife is a Singaporean, I'll end up in divorce.
2) If I have chance to have Kids. It will be at age 34 and 35.
1) My lung and Kidney is no good
2) Not to eat sweet stuffs and I must never smoke
3) Do not eat Chicken and Seafood, especially those with shells.
She told me that fortune can be improved if I get their crystals necklace and put it on me daily. I can also considering changing the fengshui in my house and even changing my name.
Days after the Fortune Telling
My mood was terrible and life seems so depressed after the session. I can't sleep well for few nights thinking what she says seems to hold some truth especially with my career. I lost confidence about myself. I was very tempted to engage her services which doesn't comes cheap but eventually hold back. I start analysing.
1) Why should I believe that destiny is determined by Birthdate and name? If its true, why do twins have such different lives.
2) If I follow my set of properly diversified portfolio of investment, how will I lose money? If I lose money, that means a lot of people will lose money with me also.
3) My fortune telling only cost me $41. She may be telling me the negative things about me so that I can engage her service and buy their things which in the region of several hundreds.
I really regret going for this fortune telling session and I urge you guys not to go for one. It had affected me negatively and now I must keep telling myself to get out of these thoughts and be myself.
Friday, February 22, 2008
Thursday, February 21, 2008
Beside Mr Lee Yi Shyan Minister of Trade and Industry, we had also invited Mr Chia Ngiang Hong, General Manager of City Developments Ltd as well as Mr Yap Chin Beng, Director of Estate Administration and Property Dept. More details below:
Our 3 panelist including Mr Lee Yi Shyan, minister of state for ministry of trade and industry will be there to field questions about how rising prices affect financial planning and how you can own your home.
There will also be a lucky draw where you stand to win 3D2N free and easy package to Bangkok, includes airfare and accommodation. The afternoon will end with a tea reception where you can mingle and interact with panellists.
You may call 6442 5317 (Bedok CC Office, Ms Alicia) to register with us.
Monday, February 18, 2008
Insurance and Investment products are distributed mainly by 3 channels: Tied Agencies, Bancassurance and Independent Financial Advisers with Tied agencies and Bancassurance as the current major players.
So what are the problems?
1) All 3 channels are very Sales Oriented
* No commission = No Salary
* The process becomes "Transactional" and advisors have to close more sales to hit their quotas.
* To get a sales done quick, no proper fact-finding is conducted and plan may not be suitable for the customer
* Under the Tied agency and Bank channel, there are no benefits to ensure that their customers are on track to their investment objectives.
2) Lack of regulators effort in controlling the quality of advisers.
* Current minimum qualification for advisers is only 4"O" levels passes
* Part-timing is allowed as long as training hours and sales quota are achieved
* No dateline for an adviser to reach any Financial Planning qualification or standards
* If an adviser is not fully committed to his job and not interested to upgrade himself, he may not be in the best position to advice.
3) Fee based distribution structure is under establised
* Fee based structure appeals to the high net worth because the fee is usually only a fraction of their total assets.
* The lower and middle income people cannot accept a fee base structure because they expect the advice to come free. They don't realise that the commission given to the agent is sometimes higher than to pay that small fee.
* There are also no guideline on how much a fee should be charged. There is a lack of benchmark in this aspect. Advisers cannot pluck any figure from the sky and tell the customer to pay for his advice.
a) Bolder steps must be adopted by the Regulators to control the quality of advice.
b) Quality advice can only be given by competent and professional Financial Planners.
c) Advisers must be properly paid for good advice and not due to good salesmanship.
I look forward the era when the unqualified agents are shipped out of the industry and the industry properly regulated. Such environment will ensure that Singaporeans get solid advices that will benefit them.
Saturday, February 16, 2008
Thursday, February 14, 2008
Wednesday, February 13, 2008
However, they also contain insulting remarks that scold agents, insurance company or some particular individuals. Some comments even contain vulgarities.
I am not able to post such comments even with the good points that you have. Hope you can refrain from such remarks.
(This posting will be removed 7 days later)
Tuesday, February 12, 2008
Monday, February 11, 2008
* Many of us contributed 20% of our income and additional 14.5% from the employers into the CPF.
* We purchased a whole buffet of insurance and probably at least 10% of our income.
* We have so many investment choices ranging from Bonds, Stocks, Unit Trust, Structured Products, Endowment Plans, etc
* We have a good cohort of professional Financial Planners where advice is easily available
* Our government spend to much money to educate us
* We have a good disposable income, regular employability and lots of capacity to save.
I'll be putting up a series of postings in the next 1-2 weeks to analyse this problem.
Hope you can leave some short comments here for my reference in the next few postings?
(Pls do not leave any insulting comments, vulgarities or personal attacks on any individual and companies)
Friday, February 8, 2008
Today, I like to share the Origin, Mythology and the 15 days of the Lunar Chinese New Year.
Chinese New Year is the first day of the lunar calendar, so it is also called the Lunar New Year. And it is also referred to as the Spring Festival since it is the beginning of the Spring term.
It was recorded that Chinese started to celebrate Chinese New Year from about 2000 BC, though the celebrations were held on different times under different emperors.
According to legend, in ancient China, the Nián (年) was a man-eating beast from the mountains (in other versions from under the sea), which came out every 12 months somewhere close to winter to prey on humans. The people later believed that the Nian was sensitive to loud noises and the colour red, so they scared it away with explosions, fireworks and the liberal use of the colour red. These customs led to the first New Year celebrations. And people often use the term "Guo Nian"(过年), which may originally mean "passed or survived the Nian". Now everyone loves Guo Nian.
The 15 Days of the Chinese New Year
First day of New Year:
* The first day is for the welcoming of the deities of the heavens and earth and is a time when families visit the oldest and most senior members of their extended family.
Second day of New Year:
* The second day of the Chinese New Year is for married daughters to visit their birth parents.
* Some Chinese pray to their ancestors as well as to all the gods. They are extra kind to dogs and feed them well as it is believed that the second day is the birthday of all dogs.
Fifth day of New Year:
* In northern China, people eat dumplings (饺子) on Fifth day of CNY morning . This is also the birthday of the Chinese god of wealth. * In Taiwan, businesses traditionally re-open on this day, accompanied by firecrackers.
Seventh day of New Year:
* The seventh day, traditionally known as renri (人日), the common man's birthday, the day when everyone grows one year older.
Ninth day of New Year:
* The ninth day of the New Year is a day for Chinese to offer prayers to the Jade Emperor of Heaven (天公) in the Taoist Pantheon. The ninth day is traditionally the birthday of the Jade Emperor.
Fifteen day of New Year:
* The fifteenth day of the new year is celebrated as Yuánxiāo jié (元宵节). Rice dumplings Tangyuan (汤圆), a sweet glutinous rice ball brewed in a soup, is eaten this day.
* Candles are lit outside houses as a way to guide wayward spirits home.
* This day often marks the end of the Chinese New Year festivities.
(extracted from Wikipedia)
Wednesday, February 6, 2008
You are eligible to do so if you are below 55 yrs old and your Special Account is less than the prevailing Minimum Sum, currently set at $99,600.
In doing so, you could enjoy the higher interest rate in the SA. With effect from 2008, the balances in the SA will be pegged to the yield of the 10-year Singapore Government Security (10YSGS) plus 1%. To help members adjust to this floating rate, the SA interest rate will be maintained at a floor of 4% for 2008 and 2009.
It will be suitable if
1) You have no intention to get a property or you have reserved enough money for your current mortgage repayment
2) Your investment risk profiling is of very low risk and you have no intention to invest your CPF monies
3) You have reserved enough money for your children education and will not be using the CPF.
Do note that the transfer is not reversible. You may transfer your funds online using your Singpass or download the form the CPF website: http://mycpf.cpf.gov.sg
Before you do anything, talk to your Financial Planner with about this.
Tuesday, February 5, 2008
This scene reminded me of my Army daze where many of my platoon mates regularly report sick whenever there is a tough training that day. I never dare to do it because I know my eyes will betray me when I tell a lie. Think that this is my conscience at work.
This is just one of the many traits that makes me unsuitable for a "Sales" position. My parents know me well and they are very against me joining the industry in 2003. My friends were equally surprised with my career switch.
Monday, February 4, 2008
Sunday, February 3, 2008
* Adrian, how many of your clients are rich and can splurge on low return and expensive traditional products.
* When you mentioned the word 'needs' i think you are confused with 'want'.
* Example. client tells you i cannot take risk or i prefer something with saving. The client is actually is expressing a want or a wish or a desire. This is not needs.This is where you make the difference as a planner, an adviser and not an insurance salesman.
* Secondly, client is in no position to know which is better for them. You, their adviser is an expert, should advise which is better for them. Often clients are advising themselves.
* It is sad that agents sell according to the wishes of the clients.
* The problem is agents don't work harder for their client. They just give what the customers want. Worse, most of the clients are poor people who need a lot of help to give the best run for their money so that they can achieve some kind of financial independence.
* Do you know $20 can give a coverage of $500,000? Which is better for the client? How much saving and coverage can you get with $20 for a whole life?
1) Its a good comment to remind advisers to work harder for clients' interest.
2) Planner should build up trust during the Fact-Finding process.
3) We must also be firm during the Recommendation/Implementation process
4) When Clients see your professionalism, they will most likely take your recommedation.
5) When they know that you work for their interest, long-term trust comes about. You can ask for referrals.
6) However, not every client is the same. It is virtually impossible to use the same approach for every individual. Different type of plans might still be used to achieve the needs of the client.
I spent nearly an hour cleaning up deframatory and uncalled comments today. The deframatory comments are against the company and some specific individuals.
I could have posted another article today if I had not wasted my time finding and deleting these comments.
Thank you for your participation in my blog. I will continue sharing my knowledge with you through layman terms.
Friday, February 1, 2008
House of Representatives passed a recently proposed stimulus package of tax rebates. US consumer spending showed the weakest growth of only 0.2% in 15 months in December with Americans cautious about the economy. Inflation only rose 0.2% in December and disposable income rose 0.2%.
Recession fear is stronger than a market upside currently. If you are investing for long term, stay invested but look out for opportunity to top-up into your existing portfolio, a bit each time.