I got a cold call from an unknown insurance agent recently asking for a short meeting. Since she kept saying it’s an interesting twist to my EPF contribution, I decided to give her the benefit of the doubt.
She came with the husband, let’s call him Mr. K and they presented a very classic investment plans which I heard many times before. Well, there are always pros and cons in those plans but I wont get into the details. There were something else which made me uneasy.
At the start, Mr. K saw my name card which reads “Daryl Chew, ACA” and said,” You are Daryl Chew Acaaaaa…..” and started gigling, thinking that he was very funny.
“So can you tell me what is this Acaaaaaaaa…..You are the Acaaaaaaa of the company, so what do you do?” he added on while still giggling.
I began to feel annoyed by that derogatory tone of pronouncing my ACA designation. Well if he is my close friend, I would be totally fine and I would even joke around with. Imagine if I get an interview with a Tan Sri whom I have not met before and I try to break the ice by saying, “What is this Tan Sriiiiiiiiii thing on your name….hahahhhaha!”
Mr. K continued his presentation, “……bla bla bla…..you only pay the premium for eight years then stop for the rest of your life. We give you a premium holiday. You usually only get public holiday but now we are giving you a prrrremmmiummm holiday…hahaha!”.
At that point, I almost pulled my hair out. I almost had to tickle myself to force a smile.
“You pay RM30k per annum for eight years and stop. Then you can get back RM725k in 15 years! That’s almost 3X return and our fund has average 16% return…..bla bla bla….” he continued.
“Ok, it’s such a long period, so what’s the actual internal rate of return for that or IRR as you guys always call it. I guess it’s around 5% based on my quick look at it” I asked.
“No way, our investment fund return is much higher at 16% and I can show you on this chart. What is IRR by the way? I never heard of that,” he replied.
By that time, I knew it’s probably not worth to delve too much into it as we were not on the same page. The whole thing ended not long after that, thank god.
I really admire people who have the balls to do cold calling and pay random visits to their business prospects. That’s part of being an entrepreneur and I have a lot to learn on that. On the other hand, I keep reminding myself that I need to keep sharpening my social skills. One thing is for sure, no stupid lame jokes.