First of all, happy new year to all my blog readers and clients. Regardless of how 2014 was for you – whether good or bad, richer or poorer, happiness or otherwise – 2015 is a new year for you to start with. The push factor I have been in this industry since 2006. 2015 will be my 10th year (9 years in the industry). Previously I was in a completely different occupation. My former occupation was … [Read more...]
Pioneer Generation Subsidies-read to clarify your confusion
Pioneer Generation subsidies for purchase of medications at Specialist Outpatient Clinics (SOC) at public hospitals and Polyclinics will take effect from 1 January 2015. This is good news for many as the cost savings can be quite significant since medication can be quite significant especially for those suffering from chronic diseases. Note that subsidies for polyclinic consultations already … [Read more...]
Budgeting for Marriage and Building Your First Home
You finished school for a few years already and now planning to get married. Before you even say “yes”, you have to make tough choices. Do you and your fiancé have a common understanding on financial planning? Have both of you discussed how you should make financial decisions? Should both of you have everything in a joint account? What is the appropriate amount to be set aside for marriage … [Read more...]
ST Forum: Regulate investment seminars
There are many investment seminars and courses being conducted. You will see such advertisements in the newspaper. Very often, these courses promise the attendees high investment returns if they follow the technique taught by the trainers. Most of these trainers are unregulated and do not have a license from Monetary Authority of Singapore to give financial advice. I decided to write a letter to … [Read more...]
Why accredited investors are in for a raw deal
Accredited investors in Singapore are high networth individuals. Accredited investors are also at greater risk of being mislead compared to others. Under the Securities and Futures Act, an accredited investor means (i) an individual — (A) whose net personal assets exceed in value S$2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in … [Read more...]
The target market for fee-based financial advice
I watched with great interest from this video http://www.international-adviser.com/video/ia-videos/international-insight/The-road-to-fee-based-advice-in-Singapore-and-the- in which that company said that the demographic of its 8 fee-based cases tend to be more mature clients and with some lump sum money to invest. My experience is different. Having done countless cases of fee-based financial … [Read more...]
Consumers are happy despite being cheated by financial advisers, says surveys conducted by the authorities
Insurance consumer's satisfaction is high - according to another consumer survey of 800 individuals conducted by LIA: 72 per cent are “Very Satisfied” and “Satisfied” with the life insurance industry as a whole. 69 per cent of Life Insurance Users rely on only one trusted agent. 92 per cent of Life Insurance Users who went through a full/partial fact-find in the past 3 years say they … [Read more...]
The financial adviser is knowledge gap filler, says MAS (Part 2)
MAS says [1]: The second key role is to help clients understand the specific products they invest in. In this, financial advisers play an important leveling role in a disclosure-based regime such as the one in Singapore. In a disclosure-based regime, the issuer or distributor of a financial product has the obligation to disclose all critical information about the product, but the onus is on the … [Read more...]
The financial adviser is like a teacher, says MAS (Part 1)
On the 6th July 2012, for the first time after FAIR, MAS gave a speech[1] on the financial advisory industry. MAS says: Why do we need financial advisers? In MAS’ opinion, financial adviser’s main roles are not to sell products. Instead, financial advisers’ roles are to impart basis financial planning skills; draw up saving plan, build investment portfolio, what kind of insurance protection is … [Read more...]
ST Forum letter: Financial advisers go beyond writing reports
I was shocked that the Vice-Present of the AFAS, Mr. Vincent Ee, can say that fee-based financial planners are only interested in “coming up with a nice report and charging a fee.” This shows his and AFAS total lack of understanding of the fee-based financial planning business. How did he end up becoming the Vice-President of the AFAS? No wonder the financial industry cannot excel. I was so angry … [Read more...]
