Getting a Second Opinion
Client: Yong Chunk Cheun
Goal: Financial planning, Retirement planning
“My friends asked why I would pay for a portfolio review as most agents would do it for free. I was willing to pay for a professional review as I wanted someone who could provide an all-in-one solution for my financial needs from an unbiased point of view. I respect the hidden hours a good independent financial advisor representative puts into analysing and planning for my needs.”
Yong Chunk Cheun is a senior director in his late 40s. As the sole breadwinner in his family with a young child to care for, he wanted a competent independent financial advisor representative who would be able to provide him with a one-stop solution for all his insurance needs. He knew that this would save him a significant amount of time and give the independent financial advisor representative a more complete, holistic view of his needs. Chunk Cheun also wanted a second professional opinion on his current portfolio.
A client referred Chunk Cheun to Kelvin. Kelvin used Soul Wealthy’s Wealth Journey to conduct a comprehensive review, identifying potential shortfalls and gaps in his portfolio.
During the review, Kelvin recommended a variable universal life plan based on Chunk Cheun’s current life stage and needs. A variable universal life plan is a type of life insurance policy with a built-in savings component, which allows the cash in the savings component to be invested for greater returns. Chunk Cheun was surprised as it was not a common type of policy and definitely something he had not considered before.
Chunk Cheun was convinced by the variable universal life plan but eventually bought it from another advisor.
“Even though Kelvin was the one that proposed the variable universal life plan, I ultimately bought the plan through my wife’s relative because of the family relationship. Kelvin reassured me and told me that I did not have to feel bad about it as I was the one that paid for the plan.”
Later, however, Chunk Cheun felt that his variable universal life policy was not being properly implemented and maintained, so he went back to Kelvin for help.
If you would like Kelvin to assist you with your retirement and estate planning needs, contact us now.