Saturday, March 22, 2014

A Minor Setback

Three weeks into my RFP class and it's becoming more and more obvious that financial planning is so more than just crunching numbers. As one of the speakers said, financial planning is 10% numbers and 90% emotions. With psychology a much better skill to possess than mathematical kungfu powers.



I'll have to be candid and admit that this fazed me because I'm not exactly a people person. I don't go out of my way to meet new people and I suck at small talk. So the reality that this field I'm thinking of entering entails A LOT of social interaction makes me shudder.



More than calculating for the time value of money and knowing what investment vehicles to promote, I think my biggest challenge as a future financial adviser will be empathizing with my client or at least not to let my real feelings show. Because if someone tells me that she needs another designer bag and justifies such purchase as an investment, it will take a superhuman effort on my part not to roll my eyes.



Clearly, aside from being more social, I also have to work on the judgey part.





A Minor Setback

Three weeks into my RFP class and it's becoming more and more obvious that financial planning is so more than just crunching numbers. As one of the speakers said, financial planning is 10% numbers and 90% emotions. With psychology a much better skill to possess than mathematical kungfu powers.

I'll have to be candid and admit that this fazed me because I'm not exactly a people person. I don't go out of my way to meet new people and I suck at small talk. So the reality that this field I'm thinking of entering entails  A LOT of social interaction makes me shudder. 

More than calculating for the time value of money and knowing what investment vehicles to promote, I think my biggest challenge as a future financial adviser will be empathizing with my client or at least not to let my real feelings show. Because if someone tells me that she needs another designer bag and justifies such purchase as an investment, it will take a superhuman effort on my part not to roll my eyes.

Clearly, aside from being more social, I also have to work on the judgey part. 




Wednesday, March 12, 2014

For Shame RCBC!


For the record, let me just say that I love RCBC Bankard as a credit card provider.

First, it was the only bank that sent me a credit card when I started working, after 3 banks denied my application. Strangely enough, I never even applied for a credit card with RCBC (which reinforces my belief that banks pass around their clients' information among themselves). Second, I love how RCBC sends me an alert every time I use my card for an online purchase and when they notice a suspicious transaction, like the time I used my card when I went to the US. Lastly, for some reason I am now some sort of a preferred client so I was sent an unsolicited Visa credit card, I was offered a special loan rate and I get all sorts of promotional materials just because I'm their favorite person. Wowowee.

But despite my love for RCBC, I must speak up against its offensive TV commercial. 

In a nutshell, the kid is ashamed of being seen in his dad's old car, and apparently, that's more than enough reason for the dad to take out a car loan. And with the new car, the kid is now all smiles and is ready to face his crush.

Where do I even begin?

Why is RCBC teaching children to be materialistic? Since when is driving an old, but perfectly serviceable car, something to be ashamed of? I bet the next set of commercials will be about mortgaging your house just to be able to buy new clothes and catch that cute guy's eye. Yes, it's that shallow and insipid.

They make it look cute, and the way the kid can now wave to his crush while riding in his new car, is supposed to make us smile at the adorableness of it all, but really, it's revolting.

I pray that my son doesn't grow up equating his self-esteem with shiny and new things, and if he does, I'll be sure to give him a good whack on the head to set him straight.

For Shame RCBC!


For the record, let me just say that I love RCBC Bankard as a credit card provider.

First, it was the only bank that sent me a credit card when I started working, after 3 banks denied my application. Strangely enough, I never even applied for a credit card with RCBC (which reinforces my belief that banks pass around their clients' information among themselves). Second, I love how RCBC sends me an alert every time I use my card for an online purchase and when they notice a suspicious transaction, like the time I used my card when I went to the US. Lastly, for some reason I am now some sort of a preferred client so I was sent an unsolicited Visa credit card, I was offered a special loan rate and I get all sorts of promotional materials just because I'm their favorite person. Wowowee.

But despite my love for RCBC, I must speak up against its offensive TV commercial. 

Saturday, March 8, 2014

RFP Batch 38

I finally did it!

I signed up with the Registered Financial Planner institute of the Philippines and am part of Batch 38. We had our first session today and the first speaker was Randell Tiongson himself. I read his blog and articles, but I had no clue he was a very engaging speaker as well. Guy can't do no wrong it seems. I am now officially a fan.

It was also a pleasant surprise to see Lianne there (Hi Lianne!) and after two years of being "blog friends", we finally got to meet each other. I'm currently reading her new book "OMG! Where Did Your Sweldo Go?" and will have my review out in the next few weeks.

The majority of the attendees were from the insurance industry, but apparently, financial planning is so much more that getting insurance, and being affiliated with an insurance company might even pose some sort of conflict of interest. Case in point:

Randell Tiongson (RT): Does everybody need life insurance?
Crowd of insurance agents: Yes!
RT: No! If you don't have dependents, if no one is relying on you, why do you need to take out life insurance?
Crowd of insurance agents: (mumbling) because of this and that...
RT: As financial planners, you are to address your client's needs and NOT create a need.

Conflict of interest indeed.

Anyhoo, I'm off to dinner with my family. Happy weekend everyone!

RFP Batch 38

I finally did it!

I signed up with the Registered Financial Planner institute of the Philippines and am part of Batch 38. We had our first session today and the first speaker was Randell Tiongson himself. I read his blog and articles, but I had no clue he was a very engaging speaker as well. Guy can't do no wrong it seems. I am now officially a fan.

It was also a pleasant surprise to see Lianne there (Hi Lianne!) and after two years of being "blog friends", we finally got to meet each other. I'm currently reading her new book "OMG! Where Did Your Sweldo Go?" and will have my review out in the next few weeks.

The majority of the attendees were from the insurance industry, but apparently, financial planning is so much more that getting insurance, and being affiliated with an insurance company might even pose some sort of conflict of interest. Case in point:

Randell Tiongson (RT): Does everybody need life insurance?
Crowd of insurance agents: Yes!
RT: No! If you don't have dependents, if no one is relying on you, why do you need to take out life insurance?
Crowd of insurance agents: (mumbling) because of this and that...
RT: As financial planners, you are to address your client's needs and NOT create a need.

Conflict of interest indeed.

Anyhoo, I'm off to dinner with my family. Happy weekend everyone!