facebookI'm 21 this year, will AXA Wealth Harvest be a good idea to grow money in the long run? - Seedly

Advertisement

Anonymous

Edited 10 Sep 2021

Insurance

I'm 21 this year, will AXA Wealth Harvest be a good idea to grow money in the long run?

I'm a 21 y/o undergrad student, starting FT work in May 2023. I currently work part time and have spare cash of ~$700 a month and would like to grow this amount.

Talked to my FA from AXA, and he reccomended Wealth Harvest (trust fund) as I am still young. I do invest in stocks currently but I would like to have a sum invested in avenues where I do not have to keep a close eye on. I'm kinda against the idea of robo advisory as I would like more strategy in my investments.

Heard many many negatives about ILPs and virtually no pros. Is there a better alternative out there? Please advise, thank you!

Discussion (13)

What are your thoughts?

Learn how to style your text

Robin

11 Sep 2021

Administrator at SG

Insurance

Best to seperate insurance from investment. Get insurance from insurance agent with the key focus to insure. Hybrid products are usually not the best. Not here and not there. If wanna take profit, you lose the insurance and vice versa if you wanna claim insurance, you lose the profit.

Investment

If you want to invest fuss free, I also recommend roboadvisor such as MoneyOwl and Endowus.

Hi. An ILP is great if you really do not wish to do any research into investing. Some people hate talking about investments and would rather let their agents do everything for them.

If you are actually interested in taking charge of your own investments, you can look into investing with a roboadvisor. Their fees are much lower, but you do not get any advise.

If you are really into investments, you can also look into ETF investing. However it will require you to really do your own research and have a general understanding on how the stock markets work.

Some may say that ILP investing is stupid, full of fees, blablabla. It is true that ILPs are expensive. But you are paying for advise. The cheapest form of investment you can do is ETF investing. If you do not want to select ETFs by yourself, let a Roboadvisor do it for you, at the cost of additional fees. If you lack the knowledge to choose which robo portfolio is suitable. then go with an ILP. You get a dedicated adviser, but at the expense of higher fees ofcourse. I would say, dont worry so much about fees. Think of your needs. How much knowledge do you have about investing? Can you plan your own finances? Are you willing to research on your investments? At the end of the day, all 3 methods helps you grow your wealth.

Happy inesting!

View 3 replies

Best not to, im already taking one ilp can see my profile. Get a robo, my preference would be syfe given their new selections

ILP high fee. Eat into profit.

if you miss the premium they charge u. Get penalty for not investing your own money...

So answer is NO.

Solution: RSP

choose the ETFs (u can set your strategy) , money deduct money automatically from your banks. (u dont have to keep a close eyes)

https://secure.fundsupermart.com/fsm/regular-sa...

Tan Choong Hwee

10 Sep 2021

Investor/Trader at Home

Well, do note that robo advisors have progressed to provide both advised portfolios based on your ri...

Write your thoughts

Advertisement