Tuesday, June 22, 2010

2 million visitors

Will the person who is recorded as the 2 millionth visitor to my blog take a screen shot  (or print out the webpage) of this achievement and send it to kinlian@gmail.com. I will give you a prize (i.e tangram book or financial planning book..

Tan Kin Lian

Occupants of a property

Read this letter.

It seems that a person who did not update his address can still borrow money using a NRIC showing the old address. The new occupant at that address faces the harrassment by the loan shark. It seems that nothing can be done about this matter by the authority (i.e. NRIC office).

I suggest that the name of the occupant of an address should be available for checking by the public (and it is already public as shown in the telephone directory), unless the occupant wish it to be kept private. This will allow, for example, a party to a transaction (e.g. loan) to search that a correct address has been given. It will also allow the legal occupant to identify people who are using the address without authority, and for the name to be removed from that address.

I wonder if the NRIC office is still keeping to the old mindset that the address is "confidential". This mindset is causing difficulty to the new occupant at the address.

Tan Kin Lian

Impartial financial advice

Dear Mr. Tan,
Is there any independent financial firm that provides:
a. product neutrality
b. financial planner measured NOT by financial product sales revenue

I would like to be a true financial planner where I can advice my clients base on what I think is right for them rather than being influenced by:
a. product commissions
b. management pushing for sales numbers for a certain product
c. management pushing for overall sales numbers

Thank you for much! I am a newbie in financial sector and trying to break into it.
Richard

REPLY
There are a few independent financial firms. You have to meet and talk to them. I do not know whether they are target driven or focused on giving impartial advice.  You can try to talk to (names removed).

China - success story

Dear Mr. Tan
Here is an interesting article.
LN

INTERESTING SUCCESS STORY OF CHINA
US President Obama visited China recently, primarily to find out what exactly & how exactly China is doing things that makes it such a success story, surpassing all the so-called "expert economic planners" of the US & Europe. His team found these 5 basic lessons behind China 's success.

LESSON No 1 - BE AMBITIOUS
The Chinese believe in Setting Goals, Making Plans, & Focusing on Moving Ahead - there is always the sense of foward motion. As an example, a huge 6-lane highway in Shanghai took only 2 years from planning to ready for traffic. In the US, 2 years will only get you the environment and local authority permit if you are lucky.

LESSON No 2 - EDUCATION MATTERS
The Chinese are obsessed with ensuring kids get the right education - English, Maths & Science. They made sure that their education system reached even the most remote rural areas - today the literacy rate in China is OVER 90%, surpassing even the USA 's 86%. According to American Educationists, the Chinese kids are way ahead of the kids in the USA .

LESSON No 3 - LOOK AFTER THE ELDERLY
The Chinese DO NOT send their elderly to nursing care centres - they personally look after & care for their parents. In the US , nursing care of the elderly is now costing each resident USD 85,000 annually, & this is rising. The Chinese also believe that the grandparents at home make the best tutors for their children. It also provides a sense of cultural continuity - this helps bind society.

Here its a growing trend to have children brought up by maids, of the lowest educational & moral quality - so our children (the future leaders) grow up with similar language & outlook capability.

LESSON No 4 - SAVE MORE
In the USA , savings dropped to zero in 2005, and is only now slowly rising to 4%. In China , the savings rate for every household has exceeded 20%. The Chinese believe that fugality & a healthy savings rate are a sure indicator of a country's financial health. High savings lead to increased investments - results in increased productivity, innovation & job growth.

LESSON No 5 - LOOK OVER THE HORIZON
In China , eveyone is foward looking - never backwards. New graduates make a vow - never ever will their children & grandchildren ever work in the fields again. With this kind of foward mentality, people are always thinking & planning how, not just to succeed, BUT how to be the best in the world in everything they do.

Customer Service

Customer Service is neglected by most businesses. Some think that their customers are just B2B.
Everyone is a customer to anyone, including our children and our parents and friends. We are trying to sell ourselves everytime there is an interaction.

Some key points about customer service:
A) There must be passion about the work
B) There must be empowerment
C) There must be rewards and recognition
D) There must be involvement from management ( from CEO to toilet cleaner)
E) There must be feedback.

Employment of mature workers can be effective only with redesign of the job or that the product warrants a mature employee. Grooming, tone of voice and service language is sadly lacking. These qualities can be infused quickly only if managers devote more time in ensuring all employees go through a short course in appreciation of customer behaviour and trends.

Much money is spent on market research, buying franchises and renting of retail space.However, the best investment is in employee training in customer care. It does not matter if the business product is fibre optics to oil rigs and trendy handbags. There is a customer within and without, internally & externally.

The moment of truth turns magical when an employee establishes rapport and is fully aware of the customer's needs, aspiration or fears. We can achieve this magic. Managers are responsible to induct these skills from the top right down to every segment of their business. Its called passion and belief.

The obstacles are usually: what is the ROI? Well, imagine the ROI when you lose 15% of sales to your competitor who gains 15% recurring sales.. all from your base just because it is not important that your employee smiles and says hello with energy and passion.

All products do almost the same function: notebooks,air travel,telephony, spaghetti , pizza. What makes them different? and what tempts and beckons the customer to return?

Front end sales and image... pure allure of brand may not bring in the sales anymore.. but imagine if you combine great branding with great customer care!... pure magic!

AIA? Prudential? great brands.. but what about their customer service from the agents?.. yeah.. right!
Ronnie Eng