Hi Fellow Automated Millionaires,

Last night, I spoke to one of my close friends and was quite sad about the things she encountered regarding the Financial Planning Industry.

She told me that she and her friends went for an overseas trip and she bought N company Travel Insurance policies for her and her friends. However, one of the policies had the name spelled wrongly. Hence, she asked the Advisor about this and the Advisor said, "Nevermind one and even with the typo, her friend can claim one lah!"

Recently, she bought her son a Travel Insurance with the same N company again. She was referred by her sister to a N company Advisor as her sister bought a lot of policies from this Advisor. Hence, She told the Advisor that her son will be going to Bangkok, Thailand. However, her son changed his itinerary to go Phuket, Thailand. Unfortunately, the son met an accident at Phuket. The medical bill was less than S$100 and she decided to claim under the Travel Insurance with N company. To her very surprise, the Advisor told her that N company wouldn't be able to claim as the son has changed his itinerary! Luckily, she was able to claim against her A company insurance for her son medical bill.

So now the question is that who is responsible for the client in both instances? Is it the company or the advisor? Well, realistically, in my humble opinion, it should be the advisor rather than the company. Why? because in most instances, we know and trust the advisor rather than the company. Though we as customers paid both the advisor and the company for the service and the policies, but it is the advisor who advised and recommend us the policies. Yet in both instances, the advisor should have stand from the customer point of view rather than just take the commission and bo chap (don't care) about the customer.

My mentor once asked me when I needed a direction in life (vision),"What do you feel unjust about?". I thought for quite sometime and finally came back with how customers, especially my friends are treated in the financial services industry and really wanted to help these individuals to get better service and financial planning so that they too can become an Automated Millionaire! I really hope that I have the power to do that :) Will you help me too?

Yours Sincerely,
Max Tay - The Automated Millionaire