The phrase Independent Financial Adviser (IFA) is used to describe an adviser who can (1) Source from at least 4 product manufacturers (2) Recommend according to reasonable basis and (3) Objective in recommendations. (4) Recommendation must not be because of favourable commission. Point #1 and #3 do not necessarily exists in all advisers although point #2 is a mandatory requirement for all advisers to fullfill. However, some people thinks of IFA as quite something else:

"Thus, even investors that could perfectly time their exit from stocks just prior to the beginning of a recession and reentry into stocks immediately upon the ending of a recession would have failed to benefit from such a strategy. And the analysis does not take into account the costs (especially taxes) of such a timing strategy. " - Larry Swedroe. Read what he has to say about timing the market especially in recession HERE 

FOR the past 1 ½ months, I had been making preparation to prepare what I want to do this year. This year, I want to focus on helping retirees to have their wealth well managed.

A few weeks ago, I had a meeting with someone who came to buy medical insurance from me. He told me that he had wanted to buy medical insurance for sometime already but none of his existing insurance advisers were willing to meet up with him. One of the advisers even told him blatantly that unless he also buys a whole life product, the insurance adviser will not meet him. When I received a call from this client, I told him that I’ll help him – just come to my office to sign up.

During the chinese new year period, I got to know a relative who is already 60 years old. He himself is not at the pink of health having some chronic sickness and schedule to have some surgery. His own wife was a ex-cancer survivor and has fallen thrice and thus is “problematic” in her own right. But this is not all.

On 21th Jan 2007 a big article was published in Straits Times article regarding a case which a cancer patient was refused claim against the Aviva Myshield plan because it was a pre-existing condition. Aviva stand was that the condition was pre-existing condition and hence they will not pay - nevermind that the condition was unknown to the insured. This causes an uproar in the public place.

As all know, I offer Protection Planning, Investment Planning and Estate Planning (this one with help of my colleague) services. To provide for greater efficiency and usage of time, I'll be referring some new cases to other colleagues in the firm to look at. I am doing this because

1. In the firm, we work as a team - there is no need for oneself to handle ALL cases alone.
2. I prefer to do well and pay attention to smaller number of cases (nevermind I earn less), then to handle large number of cases with less attention spent on each case. Client's interest must come first.
3. I have identified colleagues who are highly competent and knowledgable. I trust them fully.
4. I like to spent more time in research and special projects.

 Should I refer new cases to other colleagues, I will still be main coordinator of the case so as to ensure all matters are attended to. I'll review this arrangement periodically.