- There is life after retrenchment

There is life after retrenchment

Written by Wilfred Ling

Wednesday, 04 February 2009

This week I spoke to two persons who were retrenched from their job. Both were above 40s. Both were particularly interested in financial matters all along but now with the lack of job, considering this field as a full time job has become serious matter. The two persons got to know me through other channels and not because of what I posted HERE. Nevertheless if anyone who is retrenched or going to be axe from the company is keen to know more about the financial services industry, I'll be glad to brief them on this industry. There is no obligation for this meet up. I just want to play my small part to help others find a suitable job as I am one of the fortunate one who decided to change career years ago from a comfortable fixed salary job as I knew a major downturn would cause me to lose my job.

I was nearly axed (well most of my colleages were axed) from my job when I was in a big and famous multinational company during the asia financial crisis in '97 and I also axed myself from a job during the 911 period when it appeared to me that the company was having financial trouble (the company eventually collapsed due to cash flow problem). So I knew exactly how it feels to have a lack of a job.

I mentioned previously that financial advisers who were into sales (of products) are in for a big trouble as nobody is buying now. But financial planners who are problem solvers are hardly affected by the economy downturn. For myself, the average income I am getting for the past few months had hardly been affected because I had also focus on problem solving rather than sales. I don't need to make any sale to make a living.

For those who are keen to know more about the industry, I hope to brief them about how this industry works. How most advisers start with the wrong footing and how they couldn't undo their mistakes. I hope to brief prospective advisers how they can start their career in the right footing, what courses to learn from and the various marketing methods without resorting to unethical methods. Most advisers are still learning from old fashion methods that do not work anymore yet still being taught by senior advisers of yesteryears. When I started this field, I had the priviledge of being mentored by ethical senior advisers. They did not teach me how to sell but taught me about competency and professionalism and how to put client's interest first - not merely theoretically but practically. I would like to pay forward by helping others - nevermind if they should choose to join other firms.

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