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Financial Planners

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Career

Financial Planners

CFP

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 2. Rookie
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 3w ago
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.

Investments

Financial Planners

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.

Savings

Endowment Policies

Financial Planners

Investments

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.

Financial Planners

Retirement

Investments

AMA Christopher Tan

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.

Financial Planners

Investments

Insurance

AMA Christopher Tan

Christopher Tan
Christopher Tan,
Top Contributor

Top Contributor (May)

Level 6. Master
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.

Financial Planners

Investments

Retirement

AMA Christopher Tan

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.

Financial Planners

AMA 1M65

Investments

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.
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