I am a single unwed mom with a 3 year old child looking for advice. Should I engage an IFA or FA?

Hi anon,

There are many FAs/IFAs who do not charge for consultation. You can speak to them, there is no obligation of any sort. Work with someone whose advice makes sense to you, and you trust, and can openly share financial information with him/her, as we base our advice on what information we receive.

Even a simple chat may help you gain clarity on what you can do for the moment to improve your situation, such as cashflow management, budgeting, and maybe even tips to maximize your current situation.

I would say that in general you should minimize expenses to the best that you can at the moment. Track and examine all outflows and determine which are essential needs and which are wants. During this difficult period, you would want to conserve your emergency funds first. Admittedly landing a job during this period may not be easy, but there are many resources and aid provided by the government. Take a look at this website: https://www.supportgowhere.gov.sg/

Do all you can to land a job first, even a contract one will provide much needed cash flow and stem the outflow from your emergency funds. While searching for a job, you can concurrently do a review of your policies with an advisor to tidy up your portfolio with respect to which policies are still relevant for your situation. Once your situation improves, you may look at beefing up your coverage since you are the sole breadwinner. A lot will fall on your shoulders in this period, but this is the time when you must stand strong.

I wish you all the best.

Hey there!

I'm sorry to hear about your plight. I think its brave of you to grow yourself in this area. The best investment you can make is in yourself and that is what you've been doing.

I think what you might want to do is to find someone, whether IFA or not, that you can trust. The best FA ultimately will be one that will journey with you through the toughest moments and offer genuine need-based solutions.

I think what you might want to do is to do up a review and settle on the insurance portion that is affordable. You might want to look at a term plan that covers death and TPD (you shouldnt be spending a bomb on that) and hospitalization (since its partially covered by CPF). Anything else.. can come later. There are ways for you to invest without you expending a huge capital at the start as well.

Will love to help you in any way possible. Take care!
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