Putting Family First

Client: Sridharan Sirnath
Goal: Retirement planning

“Before I met Alvin, I only had endowment plans for my kids’ future education. I didn’t know what else I needed and what I was lacking. I knew I needed retirement planning as well but never knew where to start.”

Sirnath is a working professional. Between his family commitments and work, he did not have the time to understand and explore his financial planning options. His current priorities are to ensure that he has enough money for his kids’ education and to be able to plan for his retirement.

During their first meet-up, Alvin used Soul Wealthy’s Wealth Journey model to conduct a comprehensive financial review to understand Sirnath’s current priorities and needs. His objective was to ensure that Sirnath has enough protection and coverage as he is the sole breadwinner of the family.

“I was only focused on wealth accumulation when I first approached Alvin but he showed me the importance of having basic insurance to hedge against any potential financial risk. Having insurance secures my family financially if anything were to happen to me.” 

Alvin believes that wealth protection is the first stage of financial planning that most of working professionals tend to miss out on and, as an independent financial advisor representative, it is his duty to ensure that his clients are protected. Different families need different types of coverage. Everyone has their own views and milestones in life they want to achieve, so having a financial advisor who can provide solutions solely catered to your specific financial needs will save you time and money.

Alvin explained the importance of having wealth protection and gave him suitable financial solutions, having flexible plans that can be adjusted is important at his current life stage. Having enough coverage ensures financial security for his family.

By using Soul Wealthy’s Wealth Journey, Alvin was able to show Sirnath a holistic financial planning approach. Financial planning includes wealth protection, wealth accumulation, retirement planning, and insurance. Alvin also suggested that he should diversify his existing investment portfolio by investing in instruments such as bonds, equities and mutual funds. By investing in several instruments with different levels of risk, the risk would be lower. Sirnath invested CPF after the session and his invested funds are earning higher returns than the current Ordinary Account interest rates.

“Alvin understands where I am coming from, and he acknowledges my financial aspirations by planning around them. He also made relevant recommendations to help me achieve my financial goals. He provides me with the options without thrusting any of them upon me.” 

With Alvin’s help, Sirnath has been continuously allocating income towards retirement and other forms of investments instead of only focusing on endowment plans.

If you would like Alvin to assist you with your retirement planning needs, contact us now.