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Anonymous
Hi,
I recently graduated from university and am looking to invest my savings before I set out to find a job. I am not familiar with investment and such, so I'm considering to hire a financial advisor to manage a portfolio for me. Would like to know more about the profession and how can they help me. I am looking to put in 30K of my savings and any financial advisory firms I should take note of?
Thanks.
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Fergus Tan
22 Jul 2019
Senior Partner at Vision Advisory Management
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The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers' yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers.
Just subsitute the bankers and brokers with insurance agents.
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Elijah Lee
20 Jul 2019
Senior Financial Services Manager at Phillip Securities (Jurong East)
Instead of investing your 30K savings, secure your job first, and grow your human capital. Analyse y...
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There are many types of financial services representatives. You have stock brokers (or formally called trading representatives), you have financial adviser representatives (which can market insurance, unit trusts, alternative investments), you have robo advisory (which essentially invests in ETFs most of the time, though there are some doing a hybrid human-robo model).
My suggestion is to shop around. Talk to a few people. Don't feel pressured to buy anything.
There is a difference between a tied representative from an insurance company, a tied employee from a bank, and a representative from a financial advisory firm. If you are looking purely for investments, you can probably skip the rep from insurance company, and the employee from the bank. Unless you just want to get some insights.
I don't know if you have covered your protection needs, or how savvy you are on holistic financial education. Hence, the best is really to talk to a few people. Don't feel like you owe them anything if you think their philosophy and style differs from your own.
In everything, there are always pros and cons. Be it a human financial advisor, a robo advisor, or diy investment. Understand the pros and cons and make a choice thereafter.
Most FA firms in Singapore are pretty okay. It's really the individual representative you want to take note of, and not necessarily the firm.