This is worrying, especially for those who trusted his consultant. If you ask any consultant on the street if he would stay in this business for long, they will all answer yes. It’s like asking a chef if his food is good.
Let’s be honest, there is no guarantee. It’s like asking if your spouse will always love you. There is always the possibility that your consultant may become ill or even die. Even if a consultant is convicted of loyalty to his financial company at that time, it does not mean that things will change in the next few years. We won’t know the future, and who knows? Maybe my business is so bad that it makes me want to sell hot dogs.
According to the wise, change is the only constant. The president of the United States said, “Change is inevitable” and that we will continue to change, consciously and subconsciously. This ever-growing economy means that we are constantly adapting to meet the needs of society, especially ours. And this often leads to change within ourselves.
What happens if your financial consultant leaves? There is nothing to be worried about, even if the worst happens. Really. First, the financial firm will always be there. What happens if the financial firm goes bankrupt? This is how it works: If a financial company falls, all other insurance companies and the entire financial industry will follow suit. All financial companies are regulated under MAS. If MAS does not have the financial power to withstand a financial firm’s fall, MAS will most likely be crippled. Trust me, if that happens, insurance is not something you should worry about.
Think of each domino as a financial company in Singapore. MAS is where all the dominoes are standing.
Let’s get back to the topic. What happens if your financial consultant leaves? There is not much you can do. You don’t have to be worried at all. Your policy will not be affected as long as your financial company remains intact. You can still claim, collect your dividends upon maturity, and you can still collect your coupons. There is one drawback to this: if you have any questions or need to make claims, you will not be able to get personal assistance.
You can call the help desk even though they might not be as helpful or friendly (I have had a bad experience with one financial company’s help desk; I am declining to identify the company). But you can still go to the office and make an inquiry, no matter how difficult it may be. Wait, there’s less to worry about!
Many major financial companies offer online portals that allow you to log in to view your financial portfolio. It’s much faster than asking your consultant. Even if you don’t think you are IT-savvy, which I strongly doubt, you can always call the office and head down to check.
There is really nothing to worry about when it comes to claims or servicing. There are many people available in the city to offer advice on financial matters. 😛
It is more important to receive the advice your consultant gives you at the right time. Ask your consultant to touch your heart. Do you feel you can trust him? This is more important than whether or not he will remain in the industry for a long time. Once you are able to do this, everything else is secondary.