How to politely reject product recommendation from a financial advisor who is also a friend? - Seedly
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Asked by Anonymous

Asked on 11 Dec 2018

How to politely reject product recommendation from a financial advisor who is also a friend?

So far my friend/agent has been respecting my plan helping me to get term plans, low cost hospitalisation plans etc.

Now he is recommending endowments, retirement income etc.

I feel CPF or SSB is better but he seems quite firm on recommending. How to nicely reject without spoiling the relations?

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Leong Wen Fong
Leong Wen Fong, Community Lead at Seedly
Level 6. Master
Answered on 11 Dec 2018

The same way you would reject him if he asked you to start smoking. Just say it's not something you are looking for, and that you are satisfied without it.

But thank him for taking time out to show it to you, because unlike smoking, he is only recommending these because he wants to help.

After which, go for some event together/do something, so that the memory of whatever you guys do together will over run the memory of "rejection". Thus making a much less awkward follow-up encounter.

If he is insisting on it, then you have to think through why he is pushing something that you feel is not good for you, on you. If he wants to keep the friendship, I don't think he will do that though!

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Daniel Ling
Daniel Ling
Level 4. Prodigy
Updated on 07 Jun 2019

You seem to have already rejected him due to your beliefs.

Have you given him a chance to explain why his still recommending? If no, consider that. After which you can firmly reject without having to be polite.

If you are plain not interested, just be firm.

Friend is friend. Work is work. He is advising you as a professional. Rejections are part of being professional.

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Question Poster

on 11 Dec 2018

yea, there is still second meeting for quotations. Told him I will consider but he asked me to see quotation first and decide. Can't spoil the relations too much cos all my policies done by him so far.
Daniel Ling
Daniel Ling

on 11 Dec 2018

If you are worried about relations, then you have to find a new FA. Like right now.

It seems that you think a lot. Your friend must be very close to you but at the end of the day, you must know how to deal things personally and professionally. Rejecting something which doesn't suit your current status is absolutely fine. You friend should be able to understand you.

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Elsa Goh
Elsa Goh
Level 5. Genius
Updated on 07 Jun 2019

Say you don't have any more spare cash to plow into more plans. It sounds like you've already bought a number of plans so it is an acceptable reason.

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Question Poster

on 11 Dec 2018

cannot leh...he know my savings rate is damn high...
Elsa Goh
Elsa Goh

on 11 Dec 2018

Alamak why you tell him hahaha. Then i think u follow wen fong's suggestion below.
Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 6. Master
Answered on 12 Dec 2018

Mm can consider rejecting on the basis of long term lock in periods and relative high cost of the plans as compared to DIY. On the side, I'll suggest that you learn how to invest on your own so that you can achieve better returns that what any wealth manage product can offer you.

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Alan Kor
Alan Kor
Level 5. Genius
Answered on 13 Dec 2018

just reject, its ur hard earned money after all.

never mix insurance with investment, period.

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