Let a professional do the job. Because free can be the most expensive price tag.
“My friend said….” And that’s how many real-life horror stories begin. In this particular incident, it nearly cost someone $1.8 million.
Shirley Lim-Yam, a Private Wealth Consultant at Prudential Assurance Company Singapore, recently shared her experience here.
It was another great reminder for consumers to seek professional advice. And for financial practitioners to remember the invaluable role you play in the life of your client and their family.
(Source: Shirley Lim-Yam facebook)
Shirley, 2019 Court of the Table and MDRT Qualifying & Life Member Honor Roll, shared:
(Source: Shirley Lim-Yam LinkedIn)
“And so this is the story:
Many years ago, I asked this client to get more protection plan.
His reply to me was: “My friends said that I am single and I don’t need any more income protection plan.”
My response: “Would your friends give you money and take care of you if critical illness happens?”
I left it to my client to decide if he would depend on his friends or family for help if any eventualities should happen.
My job is to give advice and to educate.
I leave it to people to take ownership and act on what is supposed to be their responsibility.
One day he called me to say he rather be safe than to be sorry.
And so the rest is history.
As I am writing this, my client is at home, probably staring into space, into his very own world.
At times he would forget almost immediately what he has read.
Other times he loses his sense of directions.
Hunger is not something he can experience. He has forgotten what hunger is like.
It is challenging and heart rending for his family to care for him.
At only age 52, my client was diagnosed an early onset disease - Alzheimer.
Life has changed completely for a man who once used to be a high flyer in the market place.
Although life has also changed for the family, but financially they don't have to worry,
He is taken care of because of this payout of about $1.8 million.
Those friends he mentioned? Never to be heard again.”
You can read the post on facebook here:
“My friend said…” is probably an objection that most financial practitioners are familiar with. And it is hard to swallow especially when it is bad advice coming from friends who are neither qualified nor accredited to do so.
If this resonates with you, share the article and share Shirely’s facebook post. But do respect her request: “For those who are sharing my article, please do not link this to promote your products. Let’s share so someone can understand and take action.”
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