One of my business commitment is to get more clients onboard the financial planning process that I have packaged to help clients be clear regarding their existing circumstances, and using reasonable assumptions to project an accurate future lifestyle. From our client experiences, we realised that there are 2 major problems consumers face – Frustration & Confusion. FRUSTRATED by the lack of service and advice, and CONFUSED by the different policies that had been put together by perhaps different advisors. The ongoing changes to government schemes (like CPF, MediShield, ElderShield & CareShield) coupled with endless stream of products from financial institutions only serve to send the problems into a downward spiral.
We realized that what clients really wanted and needed was financial clarity and confidence. This formed the basis of The Clarity Program, which systematically analyses the financial status of our clients, and create comprehensive solutions to value add to their portfolio. Through this unique process, we want all our clients to be clear of their current situation and be empowered to create a better future, financially, for themselves.
Financial Planning is not rocket science. However, many people do not have either the TIME or KNOWLEDGE to go about it. Furthermore, most clients are focused on things that they are more passionate about, like spending more time with family and their personal hobbies. Unfortunately, many are also increasingly consumed by their work.
The Journey of Mr Tan
In 2015, I reconnected with a school mate after more than 15 years since we left school. As he was based overseas for quite a number of years, he had not updated his portfolio for years. Incidentally his existing financial planner was also planning to leave the industry for good. For a start, we plugged in the holes for his immediate concerns. Over the next few years, as I began to put my client meeting experiences into a systematic process, The Clarity Program was formulated.
Taking a holistic view of a client’s circumstances is time-consuming, and based on our current culture and how we are incentivised by the company, we often neglect to tie up the loose end. I hope to be able to change the way we give advice, after all, from my Chartered Financial Consultant course, I learnt that the purest form of financial advice is one that is not tied to any products. On the other hand, without the implementation of any financial products, we cannot improve the client’s situation over the long term.
Long story short, in 2017, I proposed to Mr Tan to embark on The Clarity Program, which focuses primarily on advice. Products, if necessary, will be secondary. We agreed on a flat fee and renewal fee based on the time that is required for me to put everything together, and to deliver easy to understand reports. The process involves a total of 6 modules – Big Picture Clarity, Portfolio Clarity, Safety Net Clarity, Lifestyle Clarity, Legacy Clarity & Clarity Review. Meeting quarterly over the first year, we had conversations over his immediate goals, got clear about his existing financial plans and portfolio, and conducted a financial health check to determine his cashflow and net-worth. We also had a first draft of his retirement plan, via the Lifestyle Clarity module, and made a note to arrange for his CPF nominations and nomination of his insurance policies. Over the years, as his personal circumstances changed, we continue to meet regularly every quarter to update the details in the different modules of planning as required, as part of the Clarity Review. Job promotions, housing arrangement, maximising CPF and tax savings were always part of our ongoing review. And most of the time, products did not even come into the picture. Over these years, we charted the progress on his net-worth, and started to get clearer on his early retirement plan. With reasonable assumption and projections, we had a good picture of how likely the early retirement plan is possible leveraging on his current assets, and hopefully when the milestone comes, he could work on business ventures that he is truly passionate about while having the confidence that a comfortable retirement is almost guaranteed.
Your Clarity Program
Essentially, every client’s circumstances is unique, and with a systematic and unique process in place, we want to be able to give clients the financial clarity and confidence that they are looking for. Via this process, I truly enjoy working with each and every clients because we know that we are coming together regularly to make everything clear. I hope to be able to use my Unique Process as the foundation of all my clients’ financial plan.
Find out more -> www.theclarityprogram.com
Wee Khai,
Chartered Financial Consultant
“Your Journey to Financial Clarity”
Wee Khai 