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Anonymous
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!
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Robin
11 Sep 2021
Administrator at SG
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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!
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Best not to, im already taking one ilp can see my profile. Get a robo, my preference would be syfe given their new selections
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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)
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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...
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Investment
MAIN OBJECTIVE
10 to 35 years
PREMIUM TERM
Till age 99
POLICY TERM
Death
COVERAGE
>90
NO. OF FUNDS AVAILABLE
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If you want to invest fuss free, I also recommend roboadvisor such as MoneyOwl and Endowus.