Financial Planners

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Financial Planners
  • Asked by Anonymous

    Sandra Teo
    Sandra Teo
    Top Contributor

    Top Contributor (Mar)

    Level 6. Master
    Answered 2d ago
    Hello! Here is a blog post by seedly comparing roboadvisor and financial advisor! https://blog.seedly.sg/choosing-a-financial-advisor-robo-advisors-vs-human-advisors/ Typically, roboadvisors are known to be cheaper due to the low management fees (many 0.50% or less) and low account minimums. This is great for millennials or people on tight budgets who cannot ordinarilty afford to invest.
  • Asked by Anonymous

    Vineeta Sonone
    Vineeta Sonone, Financial Assistant at Multi Management & Future Solutions
    Level 3. Wonderkid
    Answered 5d ago
    You can look for a financial advisor in the following cases: - You’re young and little confused where to start. - You are experiencing a major life event such as graduation, marriage or having kids. - You are lacking time to manage your money on your own. - Financial issues keep you stressed all night along. You need some good solution. - You have saved $500,000 in assets and want a comprehensive plan for future investment.
  • Asked by Huang Yixuan

    Jonathan Chia Guangrong
    Jonathan Chia Guangrong, Fund Manager at JCG Fund
    Level 6. Master
    Answered on 06 Oct 2018
    What is your purpose for signing into an endowment plan in the first place? Saving up for a big ticket item down the road? Retirement? Or just a form of "forced" savings? Personally, I won't recommend getting into endowments or any retail wealth management products out there, including ILPs/unit trusts/mutual funds. They cost too much to put in and you get paltry returns in the end. As alternatives to endowment plans, considering buying into Singapore Savings Bonds, or leaving a standing instruction to "force transfer" a sum of money each month into an account giving higher interest, such as POSB's SAYE, CIMB's FastSaver, or Citibank's Maxi Gain. You can also buy into a bond ETF through POSB's Invest Saver programme each month at minimally S$100. Hope this helps.
  • Asked by Anonymous

    Christopher Tan
    Christopher Tan
    Level 4. Prodigy
    Answered on 12 Feb 2019
    Dear Anonymous, thanks for the question and sorry for the late reply. As you might know, MoneyOwl is a bionic financial adviser. To be Bionic means to have the best of both worlds – humans and technology. Technology integrates complex financial models into your financial plan with ease and precision. But we understand that money is very personal and involves emotions, aspirations and life decisions. That’s why both our dedicated client advisers and our technology platforms come together to journey with clients throught their stages in life. One more thing about the importance of the human element in advice. While it is easy to design and recommend an investment portfolio using technology, what is tough is when the markets becomes very volatile, or when the markets tank, or even when the markets become exuberantly bullish, machines cannot help us stay invested or prevent us from making silly decisions. This is when human intervention is necessary, to do the risk/investment coaching to help us make sensible decisions. So I don't think that machines will replace humans. But it is really up to humans to work with machines. Hope this helps.
  • Asked by Vera Mao

    Josh Tan Jian Liang
    Josh Tan Jian Liang, Co-founder https://theastuteparent.com at Promiseland Independent Pte Ltd
    Level 3. Wonderkid
    Answered on 25 Jan 2019
    If you have started working for a few years only and still closer to a starting income level, I suggest postponing the thought of "retirement planning". Focus on growth, focus on learning. You are just starting out on your working journey. Retirement planning talks are easy once you are the right level of income and at the right stage in life. The conventional wisdom on the "power of compounding returns" is true but that should not be a reason to bring retirement into focus right now. That is mere discussion using math. I don't know where you are at right now. But from experience, there will likely be a lot of life changes for you in the next 10years. Wedding? First house? Kids birth? Kids cost? Home upgrade? Parental demise? Inheritance? Career change?.... Retirement planning needs assumptions and it's just easier at a slightly later stage. That's where I found a sweet spot with many. But I'm not saying you don't save and invest. It is a right habit to cultivate early on. Saving up gives you the room to do things. Pursue what you like and can hopefully develop a long term skill at that pays you well. Investing early on gives you room to learn how to be more savvy. Not many here have experienced the losses from 2008 financial crisis. But without the pain of losses, all talks of compounding returns are hypothetical. Putting some money aside to experiement with things early on is very useful. I started an ice cream business naively at the age of 26 and it flopped. It flopped hard and I burnt a hole in not just my pocket but my wife's pocket. But there were great learning points fromt this failure. It may yet be the best investment. All this can be done with saving and investing without ANY expectation of retirement. Again, retirement planning needs assumptions and it's just easier at a slightly later stage. Hope this sharing works.
  • Asked by Anonymous

    Christopher Tan
    Christopher Tan, Executive Director at MoneyOwl Private limited
    Level 4. Prodigy
    Answered on 26 Jan 2019
    Hi anonymous, thanks for your question and sorry for the late reply. $4 million seems like a huge nunber. It will be difficult for me to answer this question unless I know 1. How much are you able to set aside per month to accumulate towards that? 2. How much lump sum capital can you set aside now to invest towards that? 3. What is your risk appetite? There are various instruments such as bonds, equities and properties that can help you achieve your goals. But without knowing the details as stated above, it would be difficult to suggest. I generally will not suggest using insurance as an instrument to save towards retirement (except for annuities, which is a useful instrument in retirement). This is because insurance is an expensive instrument and it is really meant more for protection rather than investment.
  • Asked by Anonymous

    Andrew Fong
    Andrew Fong, Associate Partner at St. James's Place Wealth Management
    Level 3. Wonderkid
    Answered on 19 Nov 2018
    Just 2 questions: 1. Is the person a licensed representative of a Financial Advisers? 2. Is the product licensed/regulated to be sold in Singapore? If the answer is No to either question, walk away as it just sounds too good to be true and is probably a scam.
  • Asked by Shaun Goh

    Christopher Tan
    Christopher Tan
    Level 4. Prodigy
    Answered on 24 Jan 2019
    Hi Shaun, thanks for your question. It is a very good question. My short answer to you is no. Please do not simply leave your finances in the hands of anyone, including financial advisers. As in anything, there are financial advisers and there are financial advisers. There are ethical ones, competent ones, independent ones and there are dishonest ones, incompetent ones and those that are just interested to sell your a product. Furthermore, no one should be more interested in your finances than you. As a guide this is what you can do: 1. Look for a good adviser. These are the traits that I will look for: a. Conflict-free - The adviser should either be fee-based or is a salaried-based adviser. This is not to say that all commission-based advisers are bad. It is just that the commission structure creates such great conflict of interest that as a client, you cannot be fully assured that the advice given to you is to your best interest b. Competent - He should be financially trained, at the least, an associate financial planner (AFP) certified c. Comprehensive - He should not just advise you and only recommend you say insurance products but is able to advise you holistically covering budgeting, insurance, investments, estate planning. He should also spend sufficient time incorporating national schemes such as CPF, SSBs (things that does not attract a commission for him) into your plan. d. Team-based - The financial advisory industry is such that many advisers operate very much like an "agent". While there is nothing very wrong with that, the one thing I know after 20 years in practice is that no adviser can be an expert in all areas. Therefore, I will suggest that you look for a financial adviser that comes from a firm that is team-based. By that, I mean that the adviser (being a generalist) is supported by a team of specialists that specializes in different areas of practice such as investments, CPF, insurance, estate and so on. Look for a adviser that comes from a firm that every adviser in the firm uses the same planning methodology, process. After you have engaged an adviser, I would also strongly recommend that you continue to educate yourself in the areas of personal finance and meet your advisers about once a year to do a review and ask your advisers questions on why certain decisions are taken. Hope this helps.
  • Asked by Anonymous

    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
    Top Contributor

    Top Contributor (Mar)

    Level 7. Grand Master
    Answered on 13 Dec 2018
    There are plenty on Seedly's FB group. I am one of them. Check out my replies to other insurance posts to have a sense of my planning for clients. I like to work with rules of thumbs to begin with so that we both do some preliminary financial health checks and understand the need for the different insurance products. I'm in a true Independent FA, and one of the only ones in Singapore that can call themselves so as well if that helps.
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