Financial Advisors ?
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Do you think they act on your interest or their own?
When you walk into a bank, what they try to do is to SELL you a financial product rather than ADVISE you. The financial Fact finder is designed to always show a need for some knid of financial product.
Even if you have all the products and all the money in the world, you are definately short of something...
So beware when you meet these people, either as individuals or at Banks.
Remember, you need to have money before they are your friends.
If you don't believe me, try this.
When you are approached to buy insurance, try to steer towards Term insurance.... (Term insurance has very low commission to the seller.)
They would most probably cite that Life insurance has a return and etc etc.
(Also better for them because they get better commission).
Once you sign, you sign for life.
Buy only what you can afford, not based on what you are projected to earn.
You should be comfortable with your monthly payments. In today's world, I would suggest less than 3%.
Any comments -
If possible, talk to an independent FA who is not bound to any company or product. This way, you will get a better deal.
And yes, a lot of FA are not professional enough. Sometimes, I have to even educate some of them
And there is one arena which FA never explore into, but should really do - advising you on which loans to take and repay, including possible switching of banks etc..... -
hmm thats where i wanna goOriginally posted by Qitai:If possible, talk to an independent FA who is not bound to any company or product. This way, you will get a better deal.
And yes, a lot of FA are not professional enough. Sometimes, I have to even educate some of them
And there is one arena which FA never explore into, but should really do - advising you on which loans to take and repay, including possible switching of banks etc.....
an independent FA
but... now, i'm lost on how to get there.. i use to be sure of the way there
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Sorry, can't help you.Originally posted by shinta:hmm thats where i wanna go
an independent FA
but... now, i'm lost on how to get there.. i use to be sure of the way there
Given that I have not come across a FA that truly impress me both in terms of knowledge and integrity, I come to realize the best person to rely on is myself. But it does take a lot of effort to study all the possible options out there on the varies financial needs. -
Originally posted by Qitai:Sorry, can't help you.
Given that I have not come across a FA that truly impress me both in terms of knowledge and integrity, I come to realize the best person to rely on is myself. But it does take a lot of effort to study all the possible options out there on the varies financial needs.
wat about the last part of ur post?
i'm sure u can help me with this partOriginally posted by Qitai:But it does take a lot of effort to study all the possible options out there on the varies financial needs.
hmm i wanna be a financial advisor, advising only, with no products to sell
u think there's such stuff available? -
i prefer self directed investment esp if u do not have high enuff net worth...
there are tons of information on investing out there which most people can find out if they take the time to do it...
once u are in possession of such knowlegde, you would never ever want to buy any of the products that banks offers or insurance agenets offer
if anyone need help can post them here we can share with each other -
No $$ business who do? Of course must earn something out from it.Originally posted by shinta:i'm sure u can help me with this part
hmm i wanna be a financial advisor, advising only, with no products to sell
u think there's such stuff available?
Information is out there, but as with all information in the wild, you got to read, digest and decide for yourself which of those information makes sense to you. -
Anyway, if you got question and if I can answer, I try loh. Knowledge acquired is base on my circumstances and interest which may very well be different from yours.
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hmm maybe i rephrase bah.. provides just the service.. got?Originally posted by Qitai:No $$ business who do? Of course must earn something out from it.
Information is out there, but as with all information in the wild, you got to read, digest and decide for yourself which of those information makes sense to you. -
Not sure since never found one. Nearest I know of is the independent FA I mention earlier. Those are the ones who has agreement with the actual provider for selling those product for them. Some of these independent FA have access to a wide range of product from various company I think. I never approach them before. So, I do not know enough on this.Originally posted by shinta:hmm maybe i rephrase bah.. provides just the service.. got? -
Anyway, don't think it make sense from a business point of view to just advise. It does make a lot of sense to also help you with the actual paper works.
Issue is do they define what is the best product for you, then help you with the buying or do they start with a product and try to fit you into that product no matter what.
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hmm i remember readin about insurance brokers when i was in sch last time..Originally posted by Qitai:Not sure since never found one. Nearest I know of is the independent FA I mention earlier. Those are the ones who has agreement with the actual provider for selling those product for them. Some of these independent FA have access to a wide range of product from various company I think. I never approach them before. So, I do not know enough on this.
they have access to all products offered by all insurance companies... except the 4 major ones, john hancock, aia, great eastern n prudential...
do you mean insurance brokers when u mention independent FA?
hm or maybe there are FA firms in sg just that i have not heard of them
hmm.. time to start readin newspapers liao ... -
Nope. Not insurance brokers.Originally posted by shinta:hmm i remember readin about insurance brokers when i was in sch last time..
they have access to all products offered by all insurance companies... except the 4 major ones, john hancock, aia, great eastern n prudential...
do you mean insurance brokers when u mention independent FA?
hm or maybe there are FA firms in sg just that i have not heard of them
hmm.. time to start readin newspapers liao ...
There are FA firms in SG. At least, this is what I have read. There is this FA company call New independent I think. Just read it a couple of days ago. I am not promoting them since it is just something I read a few days ago. In fact, what I heard is that there is a lot of small players around currently. -
ah!!!!!Originally posted by Qitai:Anyway, don't think it make sense from a business point of view to just advise. It does make a lot of sense to also help you with the actual paper works.
Issue is do they define what is the best product for you, then help you with the buying or do they start with a product and try to fit you into that product no matter what.
that's wat i wanna do!!!!
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hmm...Originally posted by Qitai:Nope. Not insurance brokers.
There are FA firms in SG. At least, this is what I have read. There is this FA company call New independent I think. Just read it a couple of days ago. I am not promoting them since it is just something I read a few days ago. In fact, what I heard is that there is a lot of small players around currently.
time to start readin papers liao
but i can never finish them in a day
it usually takes me like 2 days? to finish Straits Times... -
I strongly feel that there is no such thing as a true independent FA.
No matter what firm you join, you are still bound by the products that your firm carry. Also, not even Fund managers possess that kind of knowledge.
You can try asking them, and most probably they would not be able to answer your questions out of their scope.
The financial world to put it simply is just another form of gambling.
Whatever advice that even brokerage houses put out would be beneficial to them one way or another.
Try looking at the buy recommendations.... one minute buy, next minute sell, then hold. -
You may also want to spend some $$ to buy some financial magazines and newspaper to know about the financial market better. There are many methods of investment. The other fields which I think a good FA should know are insurance (all kinds) and loans (all kinds).
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any recomendations?Originally posted by Qitai:You may also want to spend some $$ to buy some financial magazines and newspaper to know about the financial market better. There are many methods of investment. The other fields which I think a good FA should know are insurance (all kinds) and loans (all kinds). -
Just buy all. There aren't many SG based financial magazines around anyway.Originally posted by shinta:any recomendations?
If you want the real gurus to answer difficult questions, try go www.sgfunds.com. It is a new sg based funds forum. There is quite a few experts there. -
buy all...Originally posted by Qitai:Just buy all. There aren't many SG based financial magazines around anyway.
If you want the real gurus to answer difficult questions, try go www.sgfunds.com. It is a new sg based funds forum. There is quite a few experts there.
hmm business times, financial times.. these 2 are the only ones i can think of >.< -
I think better to read forums. They have both positive and negative feedbacks.
That way, you can make a better decision. ( I hope) -
depends bah..Originally posted by edenboy:I think better to read forums. They have both positive and negative feedbacks.
That way, you can make a better decision. ( I hope)
if i'm gg to buy anything, i wouldn wanna hear feedbacks frm my mother.. cos she noe nuts about these stuff..
i wouldn give advices too.. cos i noe too little to say anythin at all -
Magazines first. It contains more long term articles rather than day to day business news.Originally posted by shinta:buy all...
hmm business times, financial times.. these 2 are the only ones i can think of >.< -
what are the mags? hmm i've only seen asian wall street journals before worOriginally posted by Qitai:Magazines first. It contains more long term articles rather than day to day business news. -
Currently, there is fundsupermart which is a unit trust fund magazine. Also, there is this smartinvestor magazine. Go to the bigger bookshops. You will find a lot more variety of magazine than those neighbourhood magazine stands. Not sure if there is any others. Try look around more.Originally posted by shinta:what are the mags? hmm i've only seen asian wall street journals before wor