Is it true that only person with high net worth and capital requires a FA? (Not as much of a value-add for lower-income personnel) ?

I don’t think FA’s service should be limited to only wealthy people. Even for lower income folks, a good FA can help with budgeting, protection (insurance), and setting up smart investment steps. Over time, these small decisions add up and boost your overall Net Worth.

I think this is a common problem for a lot of people. Especially in their minds.

We may want to look at the reason first.

(1) Middle and higher income have good positive cash flow. They can build a bigger golden "goose" which can lay eggs. They are not afraid to pay for advice (since that advice of maybe even $3,000) can earn them back easily from their $100,000 investment for the next 20 years.

(2) Lower income usually do not have net positive cash flow, especially if expenses exceed income. In order to literally "money grow money," you need something.

(3) let's say we resolve the cashflow issues. Next, comes the protection element. People who bought 1 million coverage policies naturally have more discount (20% perpetual discount), and higher sum assured. While lower income buys at $100,000 coverage, but no discount. This also comes into play, the premiums paid ratio to coverage

(4) lower income group may also gear towards free advice, and have less network to know the better advisors. I would suggest going to MoneyOwl to have a good chat with the advisors, as they have a social cause to help everyone. Do approach others, and see whose beliefs can align with you.

(5) The main game is, increase your income, and reduce your expenses. Low income has to focus on doing better for their job and invest in skillset upgrade. That would enable them to break the cycle and have more disposable cash (nett nett after expenses and all)

(6) Hard work. Singapore Social mobility is much higher than in other countries. We should take this opportunity to try to improve our own situation.

I hope this helps...