facebookHalloween is coming! πŸŽƒ Any personal finance horror story to share πŸ˜‚ ? - Seedly

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Anonymous

27 Oct 2020

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Halloween is coming! πŸŽƒ Any personal finance horror story to share πŸ˜‚ ?

Discussion (14)

Elijah Lee

Elijah Lee

26 Oct 2020

Level 18Β·Independent Financial Advisor at Phillip Securities (Jurong East)

Hello anon,

Yes, I have one.

Years ago, before I became a financial advisor myself, I was introduced a product with extremely high fees.

We're looking at 6% a year for the first few years. But it was oh-so-elegantly worded as 1.5% per quarter, not that it matters anyway.

Sure, there were bonus units ("limited time only!") and the fund was supposed to be "opportunity seeking" (Must have heard that one multiple times during the pitch).

Being busy and all that, I didn't due a lot of research on this product. Only after my work entered a lull period did I go and read up a bit more and I'm just...speechless about it.

I won't say too much here, but suffice to say I got out once I figured I'd been taken for a ride. Suffered a 5 figure loss on that one. Don't make the same mistake I did.

View 3 replies

Chan Ze Ming

Chan Ze Ming

26 Oct 2020

Level 7Β·Accountancy and Finance Student at Nanyang Polytechnic

Well, i listened to forums and lost some money, so basically i speculated. Technical won fundamental at that time (or rather shortist or something).​​​

View 4 replies

This is not exactly horror but it’s extremely shocking. A financial advisor introduced me an investm...

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