Alvin Soong’s Blog

The Beginnings…

My father has been in the financial planning industry for more than 30 years. Back then, they were called Insurance Agents. My father did not start off being an Insurance agent right out of school. He was an engineer with Port Authority of Singapore, a statutory board, for a decade before embarking on to this 2nd career. As the eldest child of 9 siblings, he started working at a mere age of 5, doing all kinds of odd jobs just to make ends meet. It was through sheer hard work and perseverance with a positive attitude in life, which enabled him to earn enough to see him through polytechnic.

Insurance was not well understood during the 1970s. Premiums were often expensive and affordable mainly to the well off Singaporeans. Those of the masses were busy earning just enough to get by and so insurance was always at the back of their minds – something good to have, but not of eminence.

The government saw this problem and in November 1969, Dr Goh Keng Swee of the People’s Action Party initiated a co-operative insurance society which was formed in 1970. This co-operative society, as we all know today, is called NTUC Income. My father joined this co-operative society part-time while being an employee as he supported the social philosophy and visions behind this society.

I still remember how he would return home everyday bursting with energy after a long day’s work, telling me about how he had convinced the other union members of the hawker stalls and people he had met in taking coverage for them selves and their families. There were times where he was shooed away, avoided like a pest and suddenly friends he thought he had, disappeared overnight. He did feel dejected and doubted his decision to join the insurance industry. However, it was when he helped a client make his first death claim for his family, that he truly felt the nobleness of his work. He described to me the eyes of gratitude from the widow and young children when she received the unexpected cheque from him. Her husband had bought the plan from my father after much convincing and his wife didn’t know about it. Although it was not a large amount, the token sum was enough to see this widow and her children through a couple of years before she can get a job and fend on her own.

I had a classmate in junior college that died of Leukemia at the tender age of 17. Although my father wasn’t the servicing agent, he assisted my classmate’s father his claims. I will never forget that very grateful expression with eyes brimming with tears as my father gave him a cheque to clear his deceased son’s hospitalization bills.

My father made insurance make a difference in their lives.

Since then, he has remained evangelistic about spreading the goodness of insurance. He felt great meaning in helping others get protected while making a living and the additional income he brought home made life much more satisfying. This fervor has influenced my sister and me through our growing up years and thus, it is no surprise that we both eventually joined the company too. Never have I seen anyone more psyched up and up-beat about his work. I was simply eager to have a taste of this work and inspired to continue the social goodness his profession brings.

About Myself…

Another factor which propelled me into joining this industry was the discovery of my own genetic disorder. I had been a very fit and active child, involved in swimming, canoeing, dragon boating, and I even won the best recruit for fitness in Army. Physical exercise was engaging for me and I loved the agility sports brought. Alas, upon the discovery, I was shocked and devastated. How could this happen to me?! Haven’t I been so fit all these years?? How did this happen and why only now? Those were the thoughts that kept running through my 21 year old mind.

Very fortunately for me, my father, being aware of the importance of insurance, had taken up quite a number of policies for me. This incident only fortified my belief in getting people to cover themselves while they are young and healthy.

In 2006, I read in the newspapers on the sudden death of a young investment banker in his early 30. This man was my ex-captain of the dragon boat team and he was the fittest person I’ve known, both mentally and physically. He was someone who could do pull-ups within a breath the number equivalent to his age. Yet, he passed away unexpectedly due to an unknown sudden cardiac attack. It was very saddening and a rude shock to remind us that Death knows no bounds.

You cannot imagine the number of young people contracting illness which was previously known only to affect the elderly. Each day, and even right now as you’re reading, new forms of illnesses are around us without our knowledge. I have encountered friends of my age group who already had hepatitis B, sudden death from brain hemorrhages (breakage of blood vessels) and several disorders that they only discovered in their late 20s or 30s, very unexpectedly.

A lawyer friend of mine of the same age I’ve known for many years never fully believed in insurance.

“I am young” He said,” I don’t really need life insurance.” He looked healthy and was pretty well-off, no doubt. Life was going great for him. Married to a beautiful wife, enjoying a great career, he felt invincible.

On the account of our friendship, he took up the lowest coverage for inpatient hospitalization plan, thinking he was “supporting” a friend. Although I had fervently nudged him to look into his financial planning and coverage seriously, he simply flicked me off by saying” I can take my time since I’m still young. It won’t happen so fast. Besides my company has coverage. When I need it I will call you.” He stressed again, with the usual same “objections” I have been hearing all these years.

As a friend, I really felt the need to share with him that Insurance is like a parachute. When you need it, and you don’t have it, you will never need it again. Gleaning from my own experience, I had told him countless times the importance of covering himself while he’s still young and healthy. The moment he had any problems, insurance companies would reject him. It all fell and deaf ears and I did not want my relentlessness cause my friendship with him.

In 2006, he had called me when a blood vessel in his leg suddenly burst. Blood specks and swollen areas were detected around his face and body. Doctors diagnosed he has IVT Blood Disorder. He was transferred to a private hospital which charged very high hospital rates. The plan which he had bought from me was only entitled to Government/Restructured hospitals and so the payout for claims was greatly pro-rated. The discovery had happened so suddenly and without a single warning. Worse still, was that his law firm had actually forgotten to insure some of their staff and he was one of them!

You can anticipate how the rest of the conversation went when I visited him at the hospital.

Now in 2010, 9 years into the industry. This same friend came back with his conditions, in which we tried very hard to appeal and approve. Subsequently he too now believe in the importance of both medical and life insurance. I felt all the more convinced that the work I am doing now has helped and impacted his life and many others.

It’s all about the Money…

Are you in for the money?

If I tell you I am not, then I am a hypocrite. I am authentic about the whole thing I’ve shared and it’s my conviction to help people in the most basic form of risk management – insurance. Money is only a part of the equation. Who doesn’t want a better paid career anyway?

With the evolution of the financial industry and mergence of banking and insurance products, entities known as Independent Financial Advisories have come up. They are able to represent various types of insurance from different insurance companies and at the same time deal with investments from banks and fund houses.

As a young man exploring my career in this industry, I have considered the pros and cons of working for tied agencies and IFAs. In the past I had misgivings of Financial Advisory Firms where consultants charge high rates compared to banks, and promote insurance plans which gave the highest commissions. While the structure of such IFA firms is very ideal in promoting independent financial advice for the welfare of the clients, I was still in search for a mentor who deals the system with high ethics and integrity.

Having stayed in NTUC Income for a good 7 years, I remain a great advocator the co-operatives’ vision and role in promoting good value insurance for the social mass. Thus, I was ecstatic to find an IFA which allowed me to continue marketing NTUC Income’s plans while exposing me to a plethora of several other insurance companies and investment platforms. The manager was also someone whom I felt comfortable as he, too, upholds similar values of work ethics and integrity. I was ready to move and expand my learning curve. I am very grateful to Chief Executive Tan Suee Chieh of NTUC Income for steering NTUC Income to newfound heights and giving me blessings to explore new horizons in my current company.

The new company I’m with now is called PIAS, Professional Investment Advisory Services. Besides NTUC Income insurance plans, I am now able to offer insurance plans and investments from an array of insurance companies and banks. The rest of my family members including my wife stayed on in NTUC INCOME. They too give the blessings.

In this company, compliance is very stringent and financial planning advisory has to be neutral and objective. While banks charge as high as 5% p.a. for certain investments, we incur much lesser and we rebalance client’s portfolio consistently. I am really happy that I have found Financial Advisory (FA) which promotes utilitarian goals and offers objective financial planning advisory while having the variety of choice to suit client’s needs.

If it is just for money, I would have pursued another business… I wouldn’t need to live with stigma of friends and people avoiding me or persuading someone to take up a plan for his own good! It is the sense of fulfillment and satisfaction seeing people having a peace of mind while earning a living and striving for their final financial goals; like a marriage, child’s education and comfortable retirement.

This is not just another job. It’s through my ability to accumulate, consolidate and simplify financial knowledge for others to understand and take action about financial planning that make me feel like I’m making a difference.

Vision

With my wife, father, sister, uncle and cousin, and now my wife in the financial planning industry, this blog serves to enable connectivity with our clients. Many have interacted with us through these pages, at home or abroad and they have found this site very useful to stay updated on financial planning matters.

We hope that the information here would foster greater understanding of the importance of financial planning. It also contains the latest investment updates. Coming from a person who has experienced firsthand that the Life’s enemies can strike regardless of age, I know the importance of insurance and how it has made a difference in my life. Seeing how my father has worked so hard through the years and saving up enough for his retirement today, inspires me and hopefully you all to know the importance of retirement planning while we’re young. We never want to live in regrets.

While we’re accumulating, saving and investing to achieve our financial goals, let’s ensure that we have sufficient life protection to see our goals come to fruition. This, my friend, is known as the Science of Risk Management, and the Art of Investment Analysis in its simplest form.

Recognition and Awards (right click to view):
fame-awards-ntuc-income.pdf

Trackback URI | Comments RSS