| Investment Planning shifted to Comprehensive |
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| Written by Wilfred Ling | ||||||
| Monday, 26 October 2009 | ||||||
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With immediate effect, I'm removing investment planning from "Simple Financial Planning." Investment planning will be shifted to "Comprehensive Financial Planning." I used to help clients to invest even though they did not engage me to do a comprehensive financial plan (they selected "Specific Needs Advice or Product Advice option". But I realized that this is not the interest of the client. When the financial crisis plunge right to the bottomless pit last year, a few clients panic and pull the plug right at the bottom of the market. Among many reasons, the most important one is that they did not understand how these investments interact with their overall wealth and long term financial goal. So they pulled the plug. On the other hand, those who engaged me to do comprehensive planning, were not as worried when market crash (though they were still somewhat worried) and they did not pull plug because they understood the overall long term plan.
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