Sunday, March 11, 2007

Similarity between a medical and financial checkup

I was jogging 8 laps around Yio Chu Kang stadium this morning.

I wondered, "why the jog damage my knees?" I heard that many joggers had this problem.

The solution? See a doctor. Each person is different. So, the doctor can give advice that is suitable for me.

I pay the doctor a fee for the consultation. The doctor is required to give advice in my best interest and not to prescribe treatment that earns more money from him (at my expense).

The same situation applies to financial advice. Each person should have a financial checkup that is appropriate for his needs. The financial adviser should earn a fee for the consultation and should not recommend a product that earns the highest commission (at the expense of the customer).

Actually, financial matters may be quite straightforward for most people. They can learn some basic tips, and take the best decision for themselves.

My tips are simple. They are covered many times in my blog. Read about them. I advice my family and friends to follow these tips.
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1 comment:

Khiat Han Hwee Adrian said...

From a Financial Advisor point of view, we know the importance.

From a consumer point of view, it may seems like another saleperson preaching to them.

We have not create enough fear into them and let them know the seriousness of not planning.

Most insurance companies advertisement are not impactful in this aspect.
My most memorable advert is still the one from John Hancock which shows the man who have to find a new job on his retirement day.

March 13, 2007 12:05 AM

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