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Unit Trust

Financial Planners

Insurance

Stocks Discussion

Hi anon, $500/mth into UTs to get $200K in 20 years is doable, but this is provided that you are investing directly and not via an insurance policy. Reason being you do not want to be locked in to the terms and conditions of the policy. You should be able to withdraw the investments at any time should the need arise, switch around the UTs freely, and not have to pay for a fee to maintain this arrangement. If your portfolio is being overseen by an advisor, a 'wrap' fee as a per cent of your total would likely be payable, this is ok. Sales charges should be zero. No bid-offer spreads too, UTs are not stocks. I do UTs myself and to reach $200K is quite doable in 20 years. However, to justify the amount, consider that $500/mth is 20% of your take-home pay after CPF, so that is really the maximum you should be putting into savings/investment, under my 4-3-2-1 expense framework. Make sure your insurance portfolio is sorted out first and at least 6 months of emergency funds ready before you commence any investments. I'd actually suggest that you consider splitting the $500/mth over guaranteed and variable investments if your purpose is to prepare for retirement. You can always step up the injection into variable investments later as your salary increases. By starting something guaranteed now, you benefit from having time on your side. Feel free to reply to this post if you have further queries or need to clarify any part of my answer.

Stocks Discussion

Investments

AXA Life Insurance

Financial Planners

Unit Trust

Hi anon, You bring up a very interesting question. I tried to find more info on the fund and managed to dig up the factsheet here: https://webcms.finexisam.com/assets/publication/factsheet/201908Factsheet-FGOPlus.pdf Seems like the fund is rather new and seems to be buying into a basket of funds and ETFs. I would advise treading with caution. I'll update if I can find out more. A 60% allocation to equities is a bit on the aggressive side, but not overly so. What else were you told about this fund? In theory, you could buy a number of the sub-components of the funds yourself, such as the Eastspring Japan Dynamic fund. The minimum entry seems high, regardless of share class. There doesn't seem to be any further information on the weights of each of the top 5 holdings, which makes it a little hard to analyze. Having exposure to Asian/US equities is okay, as there are bonds to balance out the portfolio.

Supplementary Retirement Scheme (SRS)

Financial Planners

Savings

Retirement

Hi anon, yes, contributing to SRS is still a good idea to reduce your chargeable income and by extension, your tax. Actually, with a $150K income, if you have CPF relief (assuming you are a PR or SC) and earned income relief, you'll have at most, an assessable income of around $129K and therefore in the 15% tax bracket. Just contributing $9K would take you out from the 15% tax bracket and into the 11.5% bracket already. I would personally find the 15% savings on tax quite attractive, as that's savings $1350 on a $9000 contribution. Your SRS monies can be used to invest (please don't leave it lying in the bank) in various asset classes, and you will need to know the pros and cons of each asset class to see what suits you, along with how this ties into your overall retirement planning.

Financial Planners

I met my initial advisor years ago by chance while doing my reservist, so perhaps it was a little different compared to Hariz. Then I found another advisor some years back who provided me with an alternate viewpoint of his principles and I found that when I decided to step into this industry, I subscribed to his ideals and vision. So he's my director now, as opposed to the first advisor. I was recommended my aunt's agent from a tied agency, but I opted not to talk to her as I was pretty certain that I wanted the best range of financial products instead of just products from a single firm. And now I'm my aunt's advisor. That's just how things work. While Hariz has shared most of the key things to look out for in an advisor, just know that in the end, you need to be comfortable enough with your advisor in order to share the most intimate details about your situation financially with him/her as your advisor can only rely on what information was provided to plan for you. I'd encourage you to speak in person to the advisors to gauge your ability to connect and share info with them. Then you can see which advisor you are comfortable to work with. That will be more beneficial in the long run as we are here to take you through the ups and downs in life, at least financially.

Investments

Bank Account

Financial Planners

Robo-Advisors

One of the primary reasons is that through a private banker, you would have access to products more customized to your needs than what the retail market can offer. The retail market, while having quite a number of products, still remains a market that aims to serve the mass market and mass affluent. Examples include special structured products, access to institutional level products, better rates on FD, etc. Also not to mention intangible perks like preferential banking hotline, priority queues, etc. However there are restrictions such as the range of products too, e.g. bancassurance whereby DBS only carries Manulife products, OCBC has GE, etc. In the end, there is no right or wrong, but choose someone you can work with and trust to give the advice that will benefit you.

Investments

Financial Planners

I gave some of my personal thoughts here on Christopher and the company as people. Structurally and professionally, I was very impressed. You need to be of high net worth to pay for the fees, though. I can only assume you will get top quality advice because they take their end product extremely seriously - which you should since a fee is fixed regardless of affordability. You pay for results. https://www.moneymaverickofficial.com/post/money-maverick-vs-providend

Career

Financial Planners

CPF

You can join an IFA. There are a few in Singapore. I'm from Promiseland Independent one such IFA. And I suggest waiting on CFP and just taking the CMFAS exams first and get on the ground experience. Liking the industry and surviving the industry is a different game altogether. Prospecting and getting clients is the hardest part of the business and CFP doesn't help you with that. CFP is definitely good to have but not mandatory to start.

Investments

Robo-Advisors

Financial Planners

Eddy Cheong
Eddy Cheong, Chief Advisory Officer at Moneyowl
Level 3. Wonderkid
Answered on 09 May 2019
Thank you, Anonymous, for the question. Essentially both have the same objective of helping clients in discovering their financial needs and providing suitable recommendation so as to achieve their financial goals. The difference is the medium to which you get the advice. The traditional way of getting financial advice is via a human adviser. That is understandable because it has always been the case, until recently with the emergence of robo-advisors. Because money is so personal and involves emotions, aspirations and life decisions, we like to talk to a human adviser who we can relate to. One issue with human adviser is the uncomfortable sales process whereby we might feel the pressure to buy something. Then comes robo-advisers, that essentially have the ability handle complex algorithm to provide advice that is accurate, fast and at your own time. The main issue with robo is that it lacks empathy and human wisdom which is often needed when we talk about money, dreams and trade-offs. Moreover, most of the robos out there are basically investment only, hence not comprehensive in planning approach. There is actually now a third category - Bionic Financial Adviser. Instead of having to choose between a human adviser or a robo-adviser, you can have the best of both worlds with a bionic financial adviser. MoneyOwl is Singapore's first bionic financial adviser. By bionic, it means we combine the precision of tech with the wisdom of human advisers to give you the advice you need. What that means is that you can browse our insurance, investment and will-writing robos for your planning needs and if you to speak with an adviser, our client advisers are there to journey with you at every stage of your financial life. You can read more about MoneyOwl at www.moneyowl.com.sg.

Financial Planners

Insurance

MoneyOwl

Shawn Lee
Shawn Lee
Level 3. Wonderkid
Updated on 07 Jun 2019
Hi. Thank you for your questions and I hope to be able to help with your doubts. On your question if MoneyOwl is a non-profit, as mentioned in the recent Business Times article (3rd Nov by Genevieve Cua), MoneyOwl is not a non-profit organisation. However, we do not seek to maximise profits. What we really hope to do is to balance between being financially sustainable and yet still able to give good advice in an affordable manner. We believe that there is this gap that needs to be closed and consumers will appreciate it. It is not illegal to provide commissions rebates. In the case of MoneyOwl, what we are doing is to only rebate to consumers when they have a need. We can do that because we lower our cost through tech and hiring salaried advisers, and we pass on this savings to them. On your other queries, may I ask what your doubts are, what you are worried about, what you are fighting against and what do you mean, "it does not work very well from my knowledge of business operations"? This will help us better address your questions. Thank you.

Robo-Advisors

Investments

Financial Planners

Explicit costs, most probably. Even if both platforms use the same underlying instruments, robos would charge lower AUA fees especially for bigger portfolios. However, implicit cost, maybe not. Human advisors can add value by coaching you to stay invested and giving suggestions to top up your investments during a bear market, while robos won't really stop you if you panic and exit your positions. Sometimes the latter can be a bigger reason for your overall portfolio gains.
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