Wondering how you can manage your finances as a millennial in Singapore?
When you’re young and able, investing and saving up for the future seems like something you don’t need to think about. However, it’s during this time that you have to be aware of your financial health. As a young Singaporean, you can strike a balance between enjoying the present and planning for your financial future.
Financial planning doesn’t have to be intimidating. You can seek the assistance of a financial advisor to help you avoid or minimize potential financial risks. Of course, engaging a financial advisor involves fees which may range around 0.5% to 1% p.a. of the investments.
Want to learn more?
Best Financial Advisors
1. Global Financial Consultants – Best for Insurance and Retirement Planning
Global Financial Consultants are renowned for providing competitive financial solutions according to their client’s specific financial goals. They offer a wide range of solutions – educational, retirement, and investment options.
- Savings and Investments: They make financial planning for yourself and your loved ones easy. Whether you need help with your regular savings or for portfolio management, they have the perfect investment strategy for you.
- All-Encompassing Insurance Plans: On top of financial advice, Global Financial Consultants also offer insurance plans to protect your hard-earned income from possible risks.
- Detailed Retirement Plans for Seniors: Planning for retirement is easier with their customized pension plans. They will consider your income and current spending habits to come up with a practical and affordable solution for you.
Other services include:
- Education planning services
- Retirement planning services
- CPF investment services
- UK SIPP and pension transfer services
- Legacy and succession planning services
- Tax-consultancy services
Price Range: Get in touch with their experienced financial advisor to arrange an obligation-free meeting.
- +65 6532 2711
- Address: 14 Robinson Road Far East Finance Building #10-01 Singapore 048545
2. Providend – Best for Comprehensive Financial Planning
Providend offers a complete set of financial management solutions, perfect for professionals, parents, and seniors. Their expert financial advisors will help you organize your money, budget, as well as investments and insurance. Certified by Monetary Authority Singapore, you can rest assured of the authenticity and quality of their financial services.
- Estate Planning Services: This is one of their unique services. This includes analyzing your potential estate expenses and your family’s capital needs in the event something unfortunate happens.
- Wealth Management: Their expert advisers will analyze your assets and expenditures to provide you with a comprehensive analysis of your financial situation. This financial solution will help you make well-informed decisions to achieve your goals.
- Investment Management: The best financial advisors will ensure that you have a successful investment experience.
- Risk Mitigation: Their product recommendations are based on their clients’ needs. They aim to achieve the best possible coverage at the lowest possible premiums.
Price Range: One-time planning fee of S$5,000. Other fees for ongoing advisory services can range from 0.5% to 1% p.a. of the investments.
- +65 6309 2488
- Address: No.38 Duxton Hill Singapore 089616
3. Expat Advisory Group – Best for Life and Health Insurance
One of the oldest, largest Licensed Financial Advisers in Singapore, the Expat Advisory group boasts more than 35 years of experience. They have helped locals, foreigners, and international private clients with wealth management, investment planning, and other comprehensive financial planning services.
- Multi-Currency Wealth Management: Personalized and comprehensive wealth management solutions, asset allocation advice, and pro-active portfolio analysis and rebalancing.
- Life and Health Insurance: Ensures your family with the most cost-effective and internationally portable coverage. Expat Advisory Group also offers group medical, group life, as well as personal accident insurance.
- Business Owners Solutions: This financial advisory firm has a specialist team that offers advice on corporate pensions. Plus, solutions for business protection, such as key man insurance, loan and shareholder protection, and more.
- Retirement planning & pension transfers
- University fee planning
- International and multi-currency mortgages
- Legacy planning, trusts & wills
- Tax efficiency
Price Range: Get in touch and find out how their services can help you.
- +65 6511 8805
- Address: 78 Shenton Way, Singapore 079120
4. Great Eastern Life – Best for a Wide Range of Insurance Plans
One of the longest-running financial advisory firms in Singapore, Great Eastern Life offers comprehensive solutions to help their clients achieve healthy and secure wealth. They also have business solutions wherein they offer employee benefits plans as well as wellness programmes.
- Life and Health Insurance: They offer a wide range of life, health, personal accident insurance, as well as disability insurance coverage.
- Wealth Coverage: This financial advisory firm offers advice regarding retirement income and wealth accumulation.
- Corporate Solutions: Protect your business and employees by offering employee benefit plans, portable and voluntary plans, and more.
Price Range: Premiums vary depending on the insurance coverage you choose. It’s best to contact Great Eastern Life to find the financial product that best suits your needs.
- 1800 248 2888
- Address: 1 Pickering St, Singapore 048659
5. Singapore Financial Planners – Best for Unbiased Financial Advice
Singapore Financial Planners aims to educate you about good financial planning. They are not a financial consultancy firm. Instead, they are a platform that connects you with independent financial advisors so you can make informed choices. Additionally, they write guides and product reviews about financial products in Singapore.
- Comprehensive Financial Planning Services
- Extensive knowledge base to educate clients
- Critical illness insurance that offers complete coverage of any disease
- Investment Planning
- Retirement Planning
- Insurance Planning
Price Range: Their matching service is entirely free of charge.
- Address: 10 Anson Road, #33-03 International Plaza, Singapore 079903
|Financial Advisory Firm||Best For||Highlights||Price Range|
Global Financial Consultants
|Insurance and Retirement Planning||
|Comprehensive Financial Planning||
Expat Advisory Group
|Life and Health Insurance||
Great Eastern Life
|Wide Range of Insurance Plans||
Singapore Financial Planners
|Unbiased Financial Advice||
Tips When Choosing a Financial Advisor
Choosing the right financial advisor is more than just looking at their qualifications. Think of how you choose a partner. It requires self-awareness, diligence, and trust.
Remember, financial advisors are not cut from the same mold. Each will have their own professional knowledge, experiences, personality, and perspectives on money. That said, finding the right advisor can be challenging.
Here are a few tips to help you choose the most suitable one.
Identify Your Goals and Needs
What do you want to achieve out of your financial plan?
A particular financial product may be good for someone, but not suitable for you. As such, you need to identify your needs and requirements.
Say for example you are more concerned about preparing for possible accidents. You may need to consider an advisor who specializes in financial products, such as health and disability insurance.
Or maybe you need someone whose expertise lies in investment funds, personal and property insurance, or tax advisory. When you identify your needs and goals, you can narrow down your options.
Not sure how to get started? Consider these questions:
- Is your income protected in the event of an accident or illness?
- Will your family be financially protected in the event of unfortunate incidents?
- What are your savings goals?
- What are your retirement goals?
- Is your income enough or do you want to start investing to have more sources of money?
- Have you set up a proper estate plan?
Range of Financial Solutions Provided
Now that you have an idea of what you need, it’s time to look at the financial products that might suit you. Do your due diligence and find out which financial advisory firm offers the services and/or products you need.
For instance, if you need help in insurance and retirement planning, you may want to consider seeking advice from Global Financial Consultants.
Choose a financial advisory firm that can offer personalized tips and advice. Plus, they should be able to provide an appropriate solution to make your money work for you.
Be on the Lookout for Red Flags
Before you start dealing with any financial advisor or firm, it’s best to check their credibility. Verify if they are registered in the Monetary Authority of Singapore Register of Financial Representatives. Here you can check their license as well as the services they are qualified to advise on.
On top of checking the official MAS registry, you can also check out the following:
- LinkedIn pages
- Business websites
- Client reviews and feedback
Fees and Charges
There are different ways in which a financial advisor is paid.
- Charge a one-time fee
- Earn a commission from the financial products that you bought or invest in
- Paid a salary by the financial advisory firm
For instance, there are firms, such as Providend, that charge a fixed fee for initial planning. This fee can be flexed depending on the complexity of the client.
Ask about the different fees and charges involved and make sure there are no hidden fees. Choose a compensation arrangement you’re comfortable with.
Set Aside Time for an Appointment
Once you have set your eyes on a financial advisor, it’s time to reach out and set up an appointment. Thankfully, some FAs or firms offer obligation-free consultations. This is a good opportunity to get to know the adviser and determine whether they are fit for your needs.
During the appointment, advisors will evaluate their clients as well as explain their investment approach. As their potential client, you need to understand the approaches they take – whether they follow an evidence-based framework.
Questions You Should Ask Your Financial Advisor
Understanding how your financial advisor can help you will improve your level of trust. So what are the right questions to ask to jumpstart a trustworthy relationship?
- What experience do you have? Make sure that the FA has the relevant qualifications to provide advice on your finances. FAs are required to have the relevant Capital Markets and Financial Advisory Services (CMFAS) qualifications.
- What do you do for your clients? Inquiring about their services will help you determine whether they can help you reach your goals.
- What are the fees like? Remember, there are different fees associated with different financial products.
- How are you compensated? This may seem like an uncomfortable subject to bring up, but don’t be shy when asking how they are getting paid. You need to know how the financial advisor will make money off of your account.
- What happens if I decide to withdraw from the product? Your circumstances may change over time. As such, particular financial products may no longer be suitable for your needs. So it’s best to find out what happens to your money or if you need to face a penalty clause in case you withdraw from the product before you make any decisions.
- How do I track the performance of my portfolio? If you’re thinking of growing your money through investment funds, it’s necessary to frequently track its performance. So ask if your advisor is your only point of contact as well as the interval between each update to ensure consistency and accountability of your investment accounts.
Now is the best time to start planning your finances. Whether you simply want to save for your future or you want to make your money work for you, it’s a good idea to seek the expertise of a good financial advisor. Engaging with a financial advisor will help you avoid or minimize potential risks.
- Each financial advisor will have his or her own professional knowledge, experiences, personality, and perspectives on money.
- Identify your financial needs, goals, and requirements before choosing a financial advisory firm.
- Choose a financial advisory firm that can offer personalized tips and advice.
- There are different ways in which a financial advisor is paid – commission-based, fee-only, and fee-based.
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