The thing about finance is that it’s the one topic that affects us all.
No matter how rich or poor, what job you have — or even if you’re unemployed — money matters are important in everyone’s lives.
However, how many of us really have in-depth knowledge about finance?
Maybe you know the basics, but most of us are likely too busy with our various responsibilities to spend time deep diving into the intricacies of money.
That’s probably why blogs and YouTube videos about “maximising your money” are so popular.
But even then, you could fall prey to misinformation or even scams.
So if you’re confused over the myriad options over insurance, investment options and financial plans, what’s the solution?
Consultant, not agent
“When I wake up, the first thing is to see what are the urgent client enquiries,” said Peh Teng Khun, a Financial Consultant with Infinity Financial Advisory.
After settling urgent matters, Peh might deal with questions about an investment product, or perhaps requests for travel insurance.
Making and keeping appointments takes up most of his day until late in the evening.
Peh, who turns 28 this year, works as a financial consultant where he provides personal financial consultancy for various financial services.
Financial consultants are able to represent many different providers and companies, which enable them to offer a wider range of products to suit their clients’ needs.
This flexibility suits Peh down to the ground.
"It kind of goes against my moral conscience to tell everybody that ‘my company’s product is the best’, because I believe there is no one single company that is best at everything," he said.
An economics graduate from NUS, Peh has been in this line of work for about three years. And it all began “by chance.”
Avoiding the MLM trap
During his university days, he was part of a Telegram group chat that shared information on various job opportunities.
At the time, he wasn’t even aware about personal finance management, or that there were financial consultants who could help people who were less financially-savvy.
However in his fourth year, he was approached by someone on LinkedIn.
After some conversation, Peh was recommended two books by entrepreneur and self-help guru Robert Kiyosaki, “The Business of the 21st Century” and “Rich Dad, Poor Dad.”
Upon reading the books, he was taken to a “training centre” to attend a presentation.
Unfortunately (or fortunately), Peh recognised that he was being set up for a Multi-Level Marketing (MLM) position.
Such endeavours are not actual jobs and their activities may be prosecuted under Singapore’s Multi-Level Marketing and Pyramid Selling (Prohibition) Act.
After being dissuaded by his then-girlfriend (now fiancee), his brother, and his sister-in-law, Peh decided not to join.
In a twist of fate, his sister-in-law happened to be a financial consultant herself.
Instead of joining MLM, Peh was invited to become a financial consultant.
Teng Khun and family. Photo courtesy of Peh Teng Khun.
Why use a finance consultant firm?
But why even engage the services of a financial consultant in the first place?
For those of you who might be more financially savvy, you may be wondering if you can just read up online and watch YouTube videos, or speak to friends.
As Peh points out, finance consultants are professionals who do this for a living, so they’re more up-to-date on the latest financial instruments or developments.
Certain products may also be a little complex for the average person.
“It’s just like if you’re sick, you go to a doctor,” Peh said. “For wealth protection, estate planning, preservation, accumulation or distribution, I think it would be better to find a trusted consultant for help.”
While you could discuss finances with friends, you may not want to discuss such serious topics at light-hearted gatherings.
Less so if personal details such as income and life habits are involved.
And while you could find information online, you may be overwhelmed by the sheer volume of advice available, that may not necessarily be tailored to your specific circumstances.
Why Infinity Financial Advisory?
And if you want both flexibility and specificity, Peh would recommend starting their financial planning journey with Infinity Financial Advisory (IFA).
“Our focus is to help our clients navigate this whole financial universe,” he said.
With each financial consultant receiving regular training on comparing different products, they are able to provide detailed solutions applicable to each individual client.
Infinity FA also went the extra mile to provide clients with a unique app.
Unlike apps of specific companies, which only allows you to explore the policies and products of that company alone, the i-NITIATE Client App allows you to do so with multiple providers.
The app will also alert you to key developments via SMS or email, ensuring that you don’t miss out on any payment deadlines or great offers.
Clients are also able to file their claims via the app, a more convenient way of doing things, especially since the pandemic.
It’s a seamless way to manage your financial portfolio.
It will also be useful in emergency situations, such as when needing to refer to an insurance policy after an accident, as the information is at your fingertips.
Flexibility
Being part of Infinity FA gives Peh the flexibility to manage his working hours, thus enabling him the freedom to work and set up meetings with his clients at his own accord.
In doing so, Peh is able to spend more quality time during the day (as his clients are usually only available after working hours) with his elderly parents; taking them for this hospital appointments and having leisurely lunches and also, being able to accompany his fiancee for her medical appointments without needing to take an official day off from work.
This flexibility is responsible for one of Peh’s happiest moments of his career – managing to secure an insurance policy for a client with a pre-existing condition.
Due to his condition, he was rejected by other agencies.
However, after coming to Peh, he was able to apply to multiple different companies at a time and eventually succeeded in getting an insurance policy.
For Peh, whose fiancee has medical conditions of her own, this was one of the highlights of his career thus far.
“Instead of them going online, or meeting multiple (consultants) and having to do their own comparison, we help them to save the time,” he said.
For personalised financial advice to suit your needs, visit Infinity Financial Advisory and make an appointment with one of their dedicated consultants today.
This is a sponsored article brought to you by Infinity Financial Advisory.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Top photo from Peh.