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

27 Oct 2020

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

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    Elijah Lee

    Elijah Lee

    26 Oct 2020

    Level 17Β·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.

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      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).

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

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