A Single Mom’s Concern
Annie was a single mother of a 9 year old daughter. As Annie was a businesswoman, her main concern was ensuring her daughter was well taken care of just in case something happens to her.
When we met 3 years ago, she briefly told me the insurance policies she had and how she believes everything is taken care of.
She has:
12 insurance policies Will and Trust set up Investments to cover cost of living and education fund
She worked with The Insurance Agent, The Unit Trust Consultant and her business Lawyer who set up the Will for her.Â
She looked me up because she heard from her cousin that I recently helped them to see the bigger picture of their current financial state and helped them to map out their family’s future financial plan.
She wanted a neutral perspective and a second opinion from a Licensed Financial Planner. Just to assure her that she has done the right thing for her daughter’s best interests.
We discussed more about her concerns. Through our conversations, she mentioned that she is separated from her husband. She does not trust her ex-husband to care for her daughter as he was often bad tempered and abusive in nature.
We had several rounds of conversation and having clarity on what Annie really wants, we discovered that:
There were huge gaps even though she had 12 life policies. She was under-insured. In the event of her early departure, her husband can claim custody of her daughter and challenge her Will as it was poorly written. Her Investments were not well diversified and were not aligned with her risk appetite.
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She was so happy that she got a second opinion by seeking the help of a Financial Planner.Â
She realized by looking into her overall finances in totality she has a clearer picture how her money is linked and how it impacts her decision making.
What results do you want to achieve financially? What is stopping you?
Having financial clarity makes it clearer what actions need to be taken. Just contact me to chat.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs.
Published By:
Pauline Teoh Poe Lin
Pauline was inspired and drawn to the wonders of proper financial planning when she lost a dear uncle to cancer in 2015. She experienced how proper financial planning can safeguard a family’s lifestyle and transfer the love of an uncle to his family.
She graduated from Monash University with a Degree in Bachelor of Business & Commerce. Pauline has over 15 years of working experience. She started her career in various global FMCG companies from marketing to market research, consulting in retail and property market and eventually moved on to financial service industry since 2015.
Pauline obtained Registered Financial Planning (RFP) certificate with Malaysia Financial Planning Council and holds Capital Market Services Representative License (CMSRL) from Securities Commission and Financial Adviser Representative from Bank Negara Malaysia.
Pauline is very passionate to help her clients to achieve financial freedom by identifying their life goals through structured plan. If you are looking for a unbiased and neutral opinion on how to achieve your goals, speak to Pauline to see if you’re a right fit to work together with her.
