By: Patrick Lim
*(with apologies to william shakespeare)
On Thursday, I was referred to an elderly lady who is feeling totally lost at sea amidst what can be described at the perfect financial storm engulfing all the four corners of the globe.
My prospective client is a retiree in her 70s who shared with me that she has been trying to reach her financial adviser for some time but alas, her financial adviser was, in her own words, “uncontactable!”.
After some time, this was what I learnt during our meeting in 2 key areas consisting of wealth protection and wealth accumulation:
a. Insurance Portfolio
- One endowment plan
- An annuity plan paying $285 per month
b. Investment Portfolio
Consisting of unit trusts:
- Aberdeen Pacific equity
- Aberdeen Thailand equity
- DWS China equity
- First state dividend advantage
- First state global resources
- UOB united gold and general fund
As she was already in her early 70s, she had a host of medical conditions including diabetes, high blood pressure, heart and kidney disease.
What can be done for her?