Exclusive interview with NTUC Income Executive Financial Consultant, Linda Oh

Financial planning can seem daunting at first glance but given the right tools and the right person, the process can be simplified and completed in a much more fuss-free manner. The key is in ‘right’.

However, with the rise of financial consultants in the industry, the sales-driven attitude and ‘hard-sell’ tactic further puts one off from the prospect of financial planning, resulting in fewer people seeking out the right plan for themselves, just to avoid the hassle Hence, in a bid to create seamless access to financial advise without obligation to take up plans, NTUC Income launched Adviser Connect, an online portal that allows anyone to interact with a financial planner of their choice. Additionally, the advisers behind the chat are actual financial planners who are more than qualified to dispense financial advice.

The main allure of the platform though is the freedom to chat anonymously with the planner and through the online chat decide if they want to take the conversation further in person, giving one ample time to see if they’re comfortable with the adivser they’re talking to. Now that it’s easier to attain financial advice from a credible source and essentially pick the right person before venturing forth, the last bit lies in understanding the importance of financial planning and starting early.

So to learn more about financial planning and saving challenges in Singapore, we spoke to Linda Oh, NTUC Income’s Executive Financial Consultant for her expert tips.

Marie France Asia: How did you get started as a financial planner?

Linda Oh: I started out as a part time insurance adviser while working as a material planner in a semi-conductor MNC. After five years as a part time agent, I decided to quit my full time job to better serve my customers. I am glad I made the right decision and I have not looked back since. The best thing about being an NTUC Income financial consultant is I have total control of my time. I treasure the flexibility and I enjoy interacting with people from all walks of life. Through this interaction, I am able to understand their financial needs, provide professional advice and help them ensure that they have sufficient insurance coverage.

MFA: What does it take to strive in this challenging field?

L.O.: It is indeed a challenging field because it’s an extremely competitive industry. As financial advisers, we have to be very knowledgeable about the products we sell. We must also have an intimate understanding of the policies’ objectives and the specific needs they address in a holistic financial plan. Above all, this career requires plenty of determination and commitment as well as a passion for people to succeed.

MFA: What are some of the advantages of seeking advice from a financial planner?

L.O.: Responsible and competent financial planners will always ensure that their clients have adequate financial coverage. They are trained to understand their needs and recommend the appropriate solutions. I hope more people will seek professional advice from qualified financial planners because they are under no obligation to purchase anything if they do not find that the plans recommended are suitable for them.

MFA: What are some of the available financial plans suitable for career women?

L.O.: The most common financial plans suitable for career women are those that provide a good source of funds as a lump sum or a steady stream of income. Such funds offer financial security to meet both immediate and long-term needs.

MFA: What are some of the common challenges women face when managing personal finances?

L.O.: The common challenges are a lack of discipline in personal spending and the tendency to procrastinate when it comes to financial planning, which have resulted in either early termination of the insurance policies they already owned or insufficient coverage in the later years of their lives.

MFA: Your top tips to managing personal finances in Singapore?

L.O.: Always get professional advice from a qualified financial planner. Understand the importance of personal financial planning and start as early as possible. The earlier you start, the more you will accumulate. Constantly review your plan with a financial planner especially when you are in a different stage of your life where your needs and priorities change.

MFA: Do you think it is hard to save in Singapore?

L.O.: Saving is not hard, it just requires discipline. All you need to do is to spend less than what you earn, put aside the surplus and invest them in instruments according to your risk appetite and circumstances. These savings will come in handy on a rainy day or as a retirement nest egg.

NTUC Income Adviser Connect can be accessed under the ‘Contact Us’ page on its website at http://www.income.com.sg/AdviserConnect/index.html