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Chin Guo Qiang (ITIL4 / CSPO / CSM)
05 Aug 2020
Assistant Vice President, IT Operations at Bank of China Limited
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Convince them that the professional advisors did no good.
try to start with part of their funds.
BUT: be sure that You do good.
Can be catastrophic for the family if You implement a wrong investing strategy.
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Pang Zhe Liang
07 Dec 2019
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
Responsible track record.
The best way to allow your parents to be confident with you on their money is to prove to them that you are responsible enough to handle their money and you have the knowledge, skills, and experience not to lose them.
Use an excel to track it. That is what I did. Simple. π
Here is everything about me and what I do best.
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Bjorn Ng
06 Dec 2019
Business Analyst at 10x Capital
It's tough, I admit. Hahha. But what I did, is literally just purchase stock using my parents' money (I didn't ask for permission), and I just told them I bought it, and explain my rationale on buying. Specifically for my parents, it's better to ask for permission rather than forgiveness hahah. But anyway, for my parents, they have went through different experiences, like MLM, scam investments etc, so it's very understandable why they are resistant - often times I tell myself like why are they so resistant even though I have done my research. It's really about looking from their point of view, accepting that, and sharing with them your POV. And what's better than that, is showing results of the investment making results. That creates the trust between yourself and your parents that hey, my kid knows what he/she is doing!
For the payout, usually I just keep it as it is. But what I promised myself is no matter what happens, the capital they have initially gave to me, I will give it back, and more. Nothing to calculate exactly between family, just give because there is something more than $. Personal take by the way!βββ
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End of the day, I would say its about communicating your strategy to show that its logical (to do th...
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I did Singapore Savings Bonds (SSB) for the sum of money my parents are comfortable for me to manage on their behalf.
Next, I give them some projected numbers (ie. the interest sum gain or dividends in this case) and showed them that the profits will be transferred back to their savings accounts via recurring payments from my OCBC 360 account (up to 24 months per setup).
Review every 2 years from date of set-up, rinse and repeat.