Results 1 to 20 of 20

Thread: Financial consultant

  1. #1
    Member e69087's Avatar
    Join Date
    Aug 2005
    Location
    Northern Singapore
    Posts
    402

    Default Financial consultant

    Hi all,
    Iím not sure whether this was discussed before. I would like to seek opinion on getting a financial consultant to work out one's financial plan. Most of the people I know do not have one except one saying it didnít work out well for him.
    Any take on this?
    Thanks!

  2. #2
    Member e69087's Avatar
    Join Date
    Aug 2005
    Location
    Northern Singapore
    Posts
    402

    Default Re: Financial consultant

    Hmm.. I guess it’s better to plan one’s own financial goal.

  3. #3
    Senior Member
    Join Date
    May 2003
    Location
    JB, SG
    Posts
    3,529

    Default Re: Financial consultant

    Quote Originally Posted by e69087 View Post
    Hi all,
    I’m not sure whether this was discussed before. I would like to seek opinion on getting a financial consultant to work out one's financial plan. Most of the people I know do not have one except one saying it didn’t work out well for him.
    Any take on this?
    Thanks!
    most financial consultant do not know/teach u how to plan. they either sell u insurance plan/investment tool.
    do u need one to help u to plan, or a financial product salesman ?

  4. #4
    Senior Member
    Join Date
    Feb 2005
    Location
    sing
    Posts
    3,353

    Default Re: Financial consultant

    Please contact Bernard Madoff. (1st choice). Allen Stanford (2nd choice). Local clown formerly in charge of Sunshine Empire (worst choice).

  5. #5

    Default

    Some financial planners don't have finance or banking background, some have engineering background, take a short course and join banks as financial consultants. They will tell u the Same things....dollar cost averaging, money mastery, etc. End of the day, they just want to milk everything out of u

  6. #6

    Default

    Get an independent financial adviser cos they'll look into ur finances, expenses etc. plan how u will achieve ur financial independence. But at the same time was up on how to manage ur finances with books from Adam Khoo like secrets of self made millionaires n Benjamin graham the intelligent investor or something like that. , etc so u will not be side blinded by ur ifa if he decides to play punk with u. Also, although Ur ifa will recommend u stuff like some insurance plan, regular savings plans etc, best is to ask around before u sign to buy them.
    Just started my financial planning late last year n hopefully things go well.
    Hua Hee tu hou la...Happy can liao

  7. #7
    Senior Member
    Join Date
    May 2003
    Location
    JB, SG
    Posts
    3,529

    Default Re: Financial consultant

    Quote Originally Posted by Berkins View Post
    Some financial planners don't have finance or banking background, some have engineering background, take a short course and join banks as financial consultants. They will tell u the Same things....dollar cost averaging, money mastery, etc. End of the day, they just want to milk everything out of u

    dollar cost averaging works , if you have money to buy financial assets for investment. but the 1st step of financial planning is to plan your monthly financial properly, allocate $ for savings/control expense, and eventually have some $ left for investment. that is the most important step.

  8. #8
    Senior Member
    Join Date
    May 2003
    Location
    JB, SG
    Posts
    3,529

    Default Re: Financial consultant

    Quote Originally Posted by Blackgoddess View Post
    how to manage ur finances with books from Adam Khoo like secrets of self made millionaires n Benjamin graham the intelligent investor or something like that. ,

    that is more like an investment , not financial planning. i earn $100 and spent $100 a month. even I were warren buffet, i dun make any single cent, coz i dun even have single center to invest. the financial planning should advise u i) how to expand source of income from $100 to greater, and ii) how to cut down expense to below $100.

  9. #9
    Member e69087's Avatar
    Join Date
    Aug 2005
    Location
    Northern Singapore
    Posts
    402

    Default Re: Financial consultant

    Hi all,
    Thanks for all the input so far. Sorry I don’t quite understand ricohflex’s statement. My guess they make worse financial planning huh?
    I googled & most of the time I found why a financial planner is needed & how to look out for a good one. I did come across a thread about a financial advisor giving up the trade & also one that does very well earning quite a huge sum of money. For the one that does very well, I believe there are a number of people out there believe & benefit from him.
    I’m not here to find out about becoming a financial advisor but whether this type of service works for me (for my financial goal & retirement). In the past, I have signed up some poor fund leading me still in the losing state. These were recommended by the bank’s officers. Not blaming anyone, in the end like the usual saying it’s my decision.
    BTW, how does a Singapore financial advisor charge? I do not wish to keep meeting one but in the end I didn’t buy any idea/plan from him.
    I maybe wrong but I understand those that get paid by the amount u gain or make is better than those that get paid by commission based.
    Again any input is greatly appreciated.
    Thanks!

  10. #10

    Default

    In Singapore the financial consultants are not Free Agent. Free Agent is which not belonging to any financial products which his company is agent or market.
    So they will just advice you or Sell you the financial which they have and not what product should you best.

  11. #11

    Default

    In Singapore the financial consultants are not Free Agent. Free Agent is which not belonging to any financial products which his company is agent or market.
    So they will just advice you or Sell you the financial product which they have and not what product you need .

  12. #12
    Senior Member
    Join Date
    May 2003
    Location
    JB, SG
    Posts
    3,529

    Default Re: Financial consultant

    Quote Originally Posted by e69087 View Post
    Hi all,
    Thanks for all the input so far. Sorry I don’t quite understand ricohflex’s statement. My guess they make worse financial planning huh?
    I googled & most of the time I found why a financial planner is needed & how to look out for a good one. I did come across a thread about a financial advisor giving up the trade & also one that does very well earning quite a huge sum of money. For the one that does very well, I believe there are a number of people out there believe & benefit from him.
    I’m not here to find out about becoming a financial advisor but whether this type of service works for me (for my financial goal & retirement). In the past, I have signed up some poor fund leading me still in the losing state. These were recommended by the bank’s officers. Not blaming anyone, in the end like the usual saying it’s my decision.
    BTW, how does a Singapore financial advisor charge? I do not wish to keep meeting one but in the end I didn’t buy any idea/plan from him.
    I maybe wrong but I understand those that get paid by the amount u gain or make is better than those that get paid by commission based.
    Again any input is greatly appreciated.
    Thanks!
    looks like you do not need a genuine financial consultant, but an investment advisor cum financial product sales man to give advice what product to buy to give you good return.

  13. #13

    Default Re: Financial consultant

    can't answer yr question on how much a fa charges? specifically, what are you hoping to achieve through engaging an (independent) fa?

  14. #14
    Senior Member
    Join Date
    Feb 2005
    Location
    sing
    Posts
    3,353

    Default Re: Financial consultant

    A person can get bad advice. You can get cheated. Just save your money and spend wisely.
    Arnold and Joan Sinkin open up about being swindled - New York Daily News

    In some forums, such threads may just be initiated by the very people who want to be your financial consultant. (not saying that this thread is)
    It is to stir your interest by casting the bait and then hook you.
    We all know this trick by now.

  15. #15
    Member e69087's Avatar
    Join Date
    Aug 2005
    Location
    Northern Singapore
    Posts
    402

    Default Re: Financial consultant

    I do agree that an advisor that can help me earn enough fund (for a certain lifestyle that I wish to have) for my retirement will be good for my case. Like what is already been mentioned most of the time recently: make your money work harder.
    Seems like the common trend now is to buy property, rent it out & earn passive income. Collect rent & enjoy life during retirement. But the world now is much more complex. Sad to hear the story provided by Ricohflex.
    Should one goes back to my grandparents’ days where money is kept at home, don’t even trust the bank?

  16. #16

    Default

    The best person is the one sleeping beside you now. Hahaha.
    | 5Diii | 24 ii | 40 | 24-70 ii | 24-105 | 70-200 F4 IS | 270 ii | 600EX-RT |

  17. #17
    Senior Member
    Join Date
    Jul 2008
    Location
    Singapore
    Posts
    4,195

    Default

    unless you have too much money to manage, why don't you help yourself by reading and talking to pple? I agree with some post that most FP are product specific. Talk to FP from insurance, he will ask you to buy insurance. Talk to FP from bank, they will ask u to open fixed deposit, etc. Furthermore, do u want to let the FP know your full income and expense?

  18. #18
    Member Knighthunter's Avatar
    Join Date
    Sep 2002
    Location
    Pigeon Hole in Mandalay
    Posts
    958

    Default Re: Financial consultant

    It is been said Financial Consultant is building dream, some dream may come true some dream may be a nightmare.
    Last edited by Knighthunter; 10th March 2012 at 10:36 AM.
    W204FL

  19. #19

    Default Re: Financial consultant

    Quote Originally Posted by ricohflex View Post
    ............
    In some forums, such threads may just be initiated by the very people who want to be your financial consultant. (not saying that this thread is)
    It is to stir your interest by casting the bait and then hook you.
    We all know this trick by now.
    Think you hit the nail on the head

    Quote Originally Posted by ManWearPants View Post
    unless you have too much money to manage, why don't you help yourself by reading and talking to pple? I agree with some post that most FP are product specific. Talk to FP from insurance, he will ask you to buy insurance. Talk to FP from bank, they will ask u to open fixed deposit, etc. Furthermore, do u want to let the FP know your full income and expense?
    You are right. Most so called financial consultants are but insurance agents in disguise, who are given a fancy name/title to attract the gullible. And others are but appointed by banks, especially those with an insurance arm, to make you place your $$$ with them. Whilst there is really nothing wrong with the products sold insurance policies, time deposits, etc, these so called consultants dont really know much about anything else nor qualified to advise on other investments like property, shares etc. They are often focussed on earning the commissions they are paid for each sale. Remember the fiasco where local banks "mis-sold" their high risk products to the "wrong" type of customers....
    Last edited by s1221ljc; 10th March 2012 at 12:24 PM.

  20. #20

    Default Re: Financial consultant

    Hence the need for diversification.. the proverbial act of not putting all the eggs in one basket.

    I think the value of a good financial planner (who is not tied to any single bank / product) is to advise on income/spending and to help you do financial planning (whether its for raising a family, investments or retirement planning).

    The clients should also exercise good judgement and do their homework to find out a bit more about investment proposals given by the FP, rather than just blindly following it.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •