To be honest...was really angry and disappointed today.
I found out a couple of days ago..I just lost some 40% of my Capital of my CPF investment...and all the funds that I have invested in lost 50% of their original value.
Worst...1 fund is at only 34cents....down from 90cent when I brought it....so I call my Insurance Agent to find out how this is so....and wonder why I have not been inform earlier?
(FYI...my sis agent and a friend's agent have already inform their client to Sell or Park the funds)
Was really surprise by how my agent response....
Me : How come I was not inform of my the funds are not doing well?
Agent : Call u numerous time...but u did not want to meet!!
(Yeah...but it all because I lapse in payment and the regular Annual meet-up, I wasn't told of any info on my funds performance)
Me : You should have highlighted this concern via a voice mail or sms with regards to this matter !!
Agent : our regular meet-up include this review of fund performance. Furthermore we are investing medium to long term!!. So this "paper Loss" is inline with your profile.? You are not getting a house soon right....told u before if u plan to get a house...we can seat down and discuss which fund can go while other fund are still in investment
(Lame reason to give...Paper loss is still a loss. Furthermore...does medium to long term means I put in the funds....stay there forever and ever without getting profits at the correct time...aka maximise returns...she is so protective of her capital...kept stressing me not to dissolve the policy even if I want to buy house....)
Me : It would have been better if u could advise me on prices so that we could manage this loss better.
Agent : Prudential does not speculate on the prices. I would not know when the price is going to go up or down.
(Speculate mean guess..? but the funds has been going down for over a year, why is this consider speculate? I seriously think she know nuts about investment)
Me : I meant Advise me on prices. Leaving the decision to sell, hold or switch to me.
Agent : I don provide this kind of service. My role is to provide Insurance Coverage. This job that u mentioned is the role of the Financial Consultant. Furthermore U cannot expect me to go thr all the client investment prices to ensure all their funds are doing well.
(What so difficult to provide me with prices...since u are paid to do so. I don liaise with your so call Financial Consultant which loss my $$. If I know u just provide Insurance Coverage...Why Sell this product and not updates on prices...I am better off monitoring this myself....SO WHY I NEED HER FOR?)
As this is really dragging...and she(Agent) refuse to admit that it due to her poor follow-up...keep saying I am Accusing her of this.
(Seriously...if u would at least tell me something about the loss in my investment....like prices drop...I would have not be "Blasting" her so hard...the problem is not even a single mentioned and update on this...I have to do the Calculation myself...and call u to find out....)
Me : Moving Forward, I want to be updated on prices of my funds and I want the focus to be on Investment...since a large part of the portfolio is in this. Update quarterly.
Agent : My Role is to focus on Insurance Coverage. But since this is your request. I can do that. But During Bad times like this u Complaint about my poor follow-up (Which in this case, she think is not her job)....what have u done for me during good times?
(Bloody Hxxx, didn't I give u some >$xx,xxx worth of capital for you to tax on?...really don understand how come she is so protective of her income when my investment in at risk..isn't the Customer..feedback of concern to her...or I am just some "Peanuts" which can be loss.)
After this incident....I came to know that It still better to monitor my own investment....I nt his way...I can only Blame myself for my foresight. This investment policy is a mistake to begin with....Cos I realise in the first place...noone ...including myself and agent is doing any form of monitoring for me...and the way this works....the agent just want your $$ to be there so that they can have more income....
The only consolation is the Insurance Coverage it provides....but my CPF investment does not really allow me to see the benefits....
Seriously considering of switching agent. If not...I will wait for my investment to recovered and terminate the account. The way I look at this....having been with her for 4 years...I don see her putting my benefits to serious thought...but only her income is of concern.
This is in conflict with my Investment direction and also I have loss my Trust and confidence in her.....(even insurance) :-(
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