Meeting up with an OCBC advisor next week, may I know what kind of questions should I be asking? - Seedly
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Anonymous

Asked on 01 Jul 2020

Meeting up with an OCBC advisor next week, may I know what kind of questions should I be asking?

This is my first time meeting any Wealth/Financial Advisors so I just want to know more about what to expect and not get myself into something I do not need. I am a firm believer of investment and looking at BCIP as one of the option for RSP. May I know what kind of questions I should be asking and what should I avoid? Thank you to anyone who responds.

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Hi anon,

As Arron has so succinctly put it, we are here to provide advice, but it is ultimately your choice to act on it (or not). So go with an open mind and remember not to commit anything on the spot; always take some time to go home and think it through.

On a side note, is there a reason why you are meeting the advisor? Did you ask to meet someone, or was this a cold call? Did you have some specific query that this advisor contacted you to answer and subsequently arranged this meeting? If you could provide more details, I could give you some questions that you would want to ask.

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Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Answered on 02 Jul 2020

Hi Anon,

I feel the most important thing you should tell yourself is to have the mentality that you are not obliged to buy anything from the advisor! This will help to prevent you from making an impulse buy on any policy that the advisor promotes to you.

If the advisor promotes any policies to you, it would be best to read the terms really carefully. Try to ask as many questions as possible to clarify any doubts you have, especially if you are committing to a long term plan.

I don't think that there are any questions to avoid asking! Just try to ask as many questions as possible to make sure you understand the product, and to also be sure that the advisor understands the product too!

With regards to BCIP, I think it really depends on your age to decide on whether you should use it or not. If you are less than 30 years old, the fees are pretty reasonable at 0.88%. If you are more than 30 years old, the fee is at 0.3%, but a minimum of $5, so it's really hefty!

I'm personally using the BCIP now, with the aim of cancelling it before I reach 30 years old.

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John Lee Hong En
John Lee Hong En
Level 2. Rookie
Answered on 07 Jul 2020

1st Meeting:

  1. Check license & credentials of advisor

  2. Assess your needs & objectives

  3. Analyze your cashflow & networth

  4. Discuss a suitable budget to be set aside for your objectives

Meeting 2

  1. Discuss proposed options

  2. Discuss the advisor's unique selling point (USP)

  3. Discuss alternatives and opportunity cost

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"How much commission you're getting?" It's like the elephant in the room.

Also, check whether there's any fee related to receiving dividends.

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We are advisers. Not decision makers. It is our job to advice, but it is your job to make the decision.

Make decisions which you feel comfortable with, and do not be pressured to make a hasty one. Ask what you feel uncomfortable with.

You have the right to ask any questions you want. And if we are unable to answer your questions, you have every right to not make a decision because of it.

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