General – Page 2 – CFP, representing Financial Alliance

Most Preferred Financial Adviser – Financial Alliance

Was happy to participate in the recent InvestFair and even happier to know that we are deemed as the most preferred Financial Adviser to work with. Life is especially sweet, when the we receive such actions and words of appreciation from our clients.

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Full feature here, extracted from BT Invest

Most Preferred Financial Adviser – Financial Alliance
Independent Advice, Fintech & You Put Financial Alliance in the Forefront

INDEPENDENCE

Being the largest independent financial advisory firm (“IFA firm”) in Singapore, “Independence” is a value we at Financial Alliance hold in special regard, and it resonates soundly with our consultants and clients alike.

To us, being “Independent” goes over and above fair dealing and being independently-owned. Our independence is demonstrated by our business relationships with product issuing business partners: we are under no obligations to meet any quotas they might have, so we recommend financial solutions only to match our clients’ needs.

We admit we are biased, but only in favour of our clients – and our organisation is built on this premise.

MAKING SMART CHOICES

Each one of our clients’ needs, desires and situations are different. Our large network of business partners, with thousands of product permutations, empowers every one of our clients to find a viable solution to meet their financial goals. What’s more, we hold regular educational seminars for our clients and the public to keep them updated and financially savvy.

Too many financial products complicate things? We agree. That’s why our clients bene t from the back-breaking analysis work done by our Wealth Management team. They painstakingly monitor economic situations as well as evaluate the thousands of products out there to create product comparisons – all in the name of making it easier for our clients to be recommended sound solutions.

With us, not only do our clients make smarter financial decisions, they also do so with much less frustration. Our unique suite of financial services that is delivered with a highly personalised touch is fast gaining popularity. As a client, your servicing consultant is only one phone call or one message away – you don’t have to spend precious minutes finding your way through a confusing maze of recorded messages to get to someone to attend to you.

FINTECH ADVANTAGE

Not believing in recorded phone messages doesn’t mean we don’t believe in Fintech. In fact, we were developing Fintech even before the word exploded into popular use. Today, we deploy our integrated proprietary technology in mobile client engagement, business processing and other key aspects of our operations to enhance client engagement experience, not detract from it.

Launched two months ago, our “Financial Compass” App enables users to find out their retirement funding needs based on their preferences and situations. Professional help to find real-world financial solutions is just a tap away. The visually attractive and educational App is available on AppStore and PlayStore now, and users are giving it a strong rating on PlayStore.

There are chunky sets of papers to plough through? We know. That’s why we are going electronic with our forms. Not only is the paper-free presentation less tedious, it is also our contribution to save the environment.

The App and electronic forms are just the tip of our FIntech iceberg. As a progressive organisation, the future is ours to accelerate. That’s why we strive to ensure that our deployment of technology is second to none.

IN ESSENCE…

Our clients are discerning individuals and organisations who treasure the value of a truly independent financial adviser who is aligned to their interests and acts for their benefit.

We are thrilled and honoured to be voted “Most Preferred Financial Adviser”. To our clients, our people and everyone who believe in us, we will continue making a positive difference to your lives. Thank you for your trust and support.

-end of article, extracted from BT invest-

Navigating rocky waters

Reached Singapore last night and spent bulk of the time catching up on the news ( i was mainly reading just headlines while I was in China) and I have to say that it has been pretty sensational.

More so because many investors have been watching the markets with bated breath – some are hoping to reap profits, while others are eagerly waiting for an opportunity to enter the market… Many are all waiting for a sign, any sign to justify their intended action. And this situation got me to really think about the attitudes that most people have towards investing and the question that investors often ask- “Is this a good time to invest?”

Yet I believe that the better question would be “I have X number of years, should I invest and embark on this journey?”

This is because no one can catch the best time all the time and volatility will always be present. However, just like how we cannot cross the seas by merely standing and staring at water, we cannot expect to do nothing (not invest) and wish for our dreams to come true. In the end, what matters is in navigating across the rocky waters and in having sufficient time to do so. What matters is in knowing when to hang on tight and when to adjust the sails and go with the wind. And what also matters is in ensuring a sufficiently safe ride by not investing beyond over your own means or on the flip side, to be stuck in the sea with too small a sail.

The destination is in sight, are you ready to get there?

Ladies, we gotta get going

Most of us know (or expect) that there are gender-driven differences when it comes to personal financial management. However, a recent conversation and research got me to rethink about the accuracy of these beliefs/generalizations.

Take for example the below stats, some of these differences are obvious but some others are not.

On Investing:
The average _____ investor keeps most of their portfolio in cash and cash equivalents

On retirement:
______ have more retirement shortfall than ______

On Saving:
_____ more inclined to save a greater percentage of salary than _____

On Spending:
Affluent _______ in Singapore spend more on themselves than affluent _____.

_________ spend more in more categories of spending than _________ (including online purchases)

(Answers: Female, Females/Males, Males/Females, Males/Females, Males/Females)

A couple of surprising answers, right? Who would have thought men can spend AND save more and are more prepared for retirement than women?

Some time ago, a friend asked me during a financial planning session “are women or men more prepared in planning for their retirement?” Almost instantly, I said “women” – because I have always seen females to be the more prudent planners and hence, believed them to be more adequately prepared. However, prudent planning does not necessarily mean more prepared and I think it is important that females get this and know the reasons behind it.

Life expectancy. Women simply have to plan for more. On average, the life expectancy for women is 4-5 years longer than men and this means women need ~ 20-25% more in retirement fund. To make things a little more complicated, one’s nest egg can often be diminished by the spouse who passes on first if money were spent on healthcare.
Wage. Women earn lesser (generally speaking). In the 2014 Labour Force Statistics, women earn lesser than men in all occupational categories except clerical and support. And this is why men can save a higher portion of their income but still have enough/more to spend. Compounded over time, the impact of the income gap is great.
Habit. Women invest more conservatively- not just in terms of their risk appetite but in terms of the portion of their savings that they invest (even though they are the better investor by virtue of their long term view and in not being excessively aggressive). In addition, women often start investing only at a later part of their lives, losing out on the benefits of compounding effect.

With the above being said, women are definitely not doomed for a poor retirement life. We just have to work a little harder, a little faster, a little more so as to get to where we wan to be. Here are 3 ways to get started:

Review family insurance polices – to ensure that an ill family member would not result in you depleting your nest egg
Start saving nowing. Ascertain that you save a substantial portion (20-30%) of your income for the long term. not for your handbag, or travel. For yourself.
With point #2, ensure that at least half goes to investing.

as the saying goes, the best time to plant a tree was 20 years ago. The next best time is now. So ladies, we gotta get going.

_________________

References: 1 2 3 4 5 6 7

Teaching your kids to save!

More than once, I have had clients telling me that I should conduct seminars for young kids to teach them the concepts of saving and investing. Some parents are concerned because their children seem not to have any concept of money or understand that money can be a limited resource too. And because we live in a very different era (we are MUCH luckier than the older generation who went through the tough times), many of us also no longer preach that thriftiness is a virtue. That is the reason why we often hear kids ask “Why can’t I have it?” “But she has it too” “I want to eat at restaurant” or “I want to go to disneyland”

Most adults know why they say no – because we don’t want to spoil our kids (though we often do), because we know it would be a waste of money to buy our kid the 53rd Mickey Mouse plushie and because we know that the money could be better spent elsewhere. But while we know all these, we rarely explain to our kids why, nor do we explain to our kids the virtue of thriftiness.

And I believe that is the core reason why kids do not have a good grasp on the concept of money. Simply, because we do not tell them why and because we do not allow them the environment to practise. So here are three practices to look into implementing for your kid 😉

#1 Make it relative, and let them choose (educating them on the value of things)

The next time your kid wants to buy a new plushie, relate the cost of the plushie to their favourite snack instead.
For example: “If you do not buy that plushie, you can use the same amount of money to buy 15 sundaes over the next 3 months. Do you want the plushie, or the 15 sundaes?”. Make it clear that if they were to buy the plushie, they would have to live without ice cream for the next 3 months – of course, it would be a torturous 3 months of crying and screaming but live through that and it will gradually get better. This works because they place more value on the ice cream sundae than the money in your pocket. Sundaes matter to them. And if they were to choose the ice cream, remind them every single time that they are enjoying the sundae because they chose not to buy that plushie.

Point to note 1: Kids are smart these days, they know that you can afford to give them both the plushie and sundaes – so it is useless (and likely a lie) to tell them that you do not have money. Hence, simply let them know that you are only going to spend $X on them and that they have to choose how they want to spend it. If they already have the habit of getting their way all the time, then this method would be tough but all the better over time.

Point to note 2: It is ok to oblige to your child’s wishes from time to time. This will teach them to accept both the ‘Yes’ and ‘No’ of life. Sometimes they have to choose, sometimes they can have it all.

Continue reading Teaching your kids to save!

it happens

It’s been a long time since my last post. I had a good holiday, a good break and I am all recharged. So honestly, I should be writing a much happier post and wishing everyone happy new year instead of plastering this awful, unhappy red note.

However, in light of recent events… I just (really) have to say this instead. Shit happens.
Sometimes, awful things happen to ourselves. Sometimes, it happens to the people we love and care for. And when it does, all we can do is to wait for the bad situations to lift. All we can do is believe that it will all be better in time. The bright side is that things will eventually get better.
And this, I believe, would be my #1 advice for 2015 – believing that things will get better.

The #2 advice would be to take on measures to minimise the impact (& regret) when it actually happens. It’s 29 days into 2015- If your new year resolution is to get fitter and healthier, start exercising now. If you have been wanting to go for a body check up but haven’t, do it. If your new year resolution is to save up for a dream vacation, then start saving and book that ticket soon. If your wish is to be more loving, then put it into action and actually show it to the people around you (you don’t want the regret of missing that opportunity to tell someone you love them).

So that’s all folks, 29 days late but better late than never – happy 2015.

(And stay tuned, I will be back with the usual more lighthearted posts. Till then ;))