Mr. Chan T F, a retiree, came to my office to tell me about his bad experience in investing his retirement savings. Based on my encounters with many retirees, this story sounds quite similar, and is not confined on to the bank that Mr. Chan dealt with.
Most retirees are not willing to share their experience, as they were embarrassed or did not keep a proper record of their transactions. In Mr. Chan, he wished to share his story and to advice other retirees to avoid this type of situation that he had encountered.
This video is split into three parts, due to the 10 min limitation on Youtube.
Part 1
Part 2
Part 3
My advice to consumers, especially retirees, is to avoid investing in the complicated investment products sold by the banks. Most of these products have features that are baffling to consumers, and can result in the unexpected outcome experienced by Mr. Chan.
Most retirees are not willing to share their experience, as they were embarrassed or did not keep a proper record of their transactions. In Mr. Chan, he wished to share his story and to advice other retirees to avoid this type of situation that he had encountered.
This video is split into three parts, due to the 10 min limitation on Youtube.
Part 1
Part 2
Part 3
My advice to consumers, especially retirees, is to avoid investing in the complicated investment products sold by the banks. Most of these products have features that are baffling to consumers, and can result in the unexpected outcome experienced by Mr. Chan.
1 comment:
My advice to retirees is
1.to know that you don't know about investment.
2.to know that RMs and insurance agents are salesmen and NOT advisers
These people have no intention to put your interest first because they are not qualified. They shouldn't be giving 'advice on retirement' in the first place if they are honest.
Retirement planning requires them to have investment planning knowledge. It is not just about throwing in a few so called retirement products for you to buy and you expect to retire with financial freedom.Many retirees need planning carefully and have no room for mistakes.
Many insurance companies have so called retirement products, do not fall for their aggressive promotion.They are actually poor annuity certain endowment products with poor return, may be suitable for the rich but not good for the general public.My warning to you to stay away from the salesmen who pitch these products.
The RMs and insurance agents can screw up the rich and they can still retire in style but not the middle income and the poor.
Look for your retirement planners with proper qualification , like investment and estate planning qualification.Get the help from proper bodies and associations.Be careful not to fall into the traps of association of salesmen.As said salesmen cannot and won't help. You will be cleaned up by them.
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