• fabianlau

What time is it ?

Updated: Apr 8, 2020

Many of us own watches, or at least one watch in our life till date. Some may have a few for different occasions - for your day to day work image or attends business and formal event, different colour to match different outfit. There are many types of watches to choose from: luxury watches, fashion watches, dress watches, sport watch, analog, digital or a mechanical watch.

“What time is it now?”

Well, whatever your choice may be, whether it’s a Rolex submariner or a retro Casio watch, it tells the same time.

The function of watches is the same - it tells time. That’s why it is call a timepiece. The make (manufacturer) and feature (details) are what make the key difference on watches. And interestingly how these make and features can cause such a huge price gap on watches. It’s just like having a Kopi-O at a traditional neighbourhood coffeeshop or a brewed coffee at a classy lounge. The same function - energy boost. But the make (coffee bean supplier) and feature (design and ambience) is what makes the key difference, in price.


Do you really believe that financial

instruments are all the same?


Let me bring this analogy to financial planning. Needless to say, we are all exposed to a vast selection of financial institutions offering thousands of financial tools and solutions. As the economy advances and country develops, the needs of an individual increased and becomes more sophisticated. That explains the never-ending creation of financial products in the industry to meet changing needs. Just looking at insurance itself, there are hundred and one to choose from.

A common myth that many financial representatives, unfortunately, would have brainwashed consumers to believe is that when it comes to financial planning, there is nothing to compare: they are all the same. The focus is often directed to their well-heard brand and over-promised personal service. Do you really believe that financial instruments are all the same?

Yes! Let’s agree that the function of insurance is the same: insurance provides monetary compensation when crisis happens. However, the make and feature differs across different insurance provider. Every insurance company has their own product development team, expertise, pricing model, profit margin, etc. Thus, the difference in cost of insurance, also known as premium rates.


The function of insurance is the same but

the make and feature differs across

different insurance providers.


When you embark on your financial planning journey, it is for the long term purpose in mind, it usually involves a large sum of money contribution over time, and long term commitment. Make an informed decision, don’t be naive to make quick agreement over the counter or street canvassing as if you are buying bubble tea.

A financial product is a legal contract between the consumer and the insurance company. Take personal responsibility to understand how certain instrument works and if it fits your unique situation because financial products are different across different institutions. Do the comparison, look at the make and feature, not just the function, speak to an independent financial adviser, they are the “Agoda” in financial industry where they will have access to a range of manufacturers for your comparison request.

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