Encounter with the disgruntled

On Sunday, I went to Ang Mo Kio food centre to buy a packet of satay bee hoon. The stall owner asked me why I was dressed so formally as I was wearing a nice shirt with cuffs and pants. I told her I was doing sales. When I told her I was doing insurance and real estate she cried out in mandarin

"Insurance cannot! Cheat money! I put my money in then never get back! Invest all lose all!"

I was really hungry but I had to stand up for an industry which I love dearly. I queried her about her policies and realised that she did not realise what she was getting into. Also, her former agent did not do consistent reviews of her policies and thus the value of investments fell during the Lehman Brothers crash. I assured her that she actually bought the wrong investments and that insurance policies do actually work. Many people have been spreading inaccurate rumours that certain insurance companies do not pay out when there is a claim. I would like to ask for empirical truth before such baseless claims are made. It only serves to frighten the already timid risk adverse individuals.

Anyway, after half an hour of calming her down, she asked for my contact and told me to meet her next week to go through what she has bought. Even if I do not earn a single cent from this I know that my effort to educate this individual will have a positive multiplier effect on the financial planning industry. This lady is a nice person. Polite and even during her mini out burst she did it with a smile. (plus she gave me more tao pok for my satay bee hoon! haha)

p.s. I'm studying for CFP (certified financial planner) examination. If anyone out there is serious about doing advisory work on risk management and different asset class management, you should read up on CFP stuff. It is comprehensive.