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Newbie Guide: How to Find a Good Agent for Investment & Insurance?

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Old 24-02-2012, 01:36 AM   #646
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Based on HDB, SBS Tansportation and Gold prices since 1970, Singapore 's real inflation rate is 9-10% p.a.

Your investment target should be more than 9-10% p.a.
How to get so much return?
By buying gold, you can keep up with inflation, which is reflected by the price of gold.

You will retain your purchasing power when you retire.
And most importantly, your money (SGD/USD/etc) in the bank will continue to lose value, but your gold's value will continue to increase.

Remember, prices are not going UP, only your money is losing value, which means you are losing purchasing power by keeping worthless paper money.

For the past 3 years, gold price has steadly increased.
Gold price per ounce
Jan 2009 - US$926
Jan 2010 - US$1080 (16.6% increase)
Jan 2011 - US$1334 (23.5% increase)
Jan 2012 - US$1735 (30% increase)

If you look at Oil, it has also increased, currently trading above US$109 per barrel.

On a side note, Keppel's share price will increase as a result of oil price increase. When oil price is above US$80 per barrel, there will be demand for oil exploration, i.e. more oil rigs contracts for Keppel.

Oil price usually indicates higher production demand, more factory orders, more exports, more transportation.

However, this is not the case now, factory orders are down, lower production demand, austerity measures in europe, transportation down.

What oil price is showing that inflation is the reason for rising prices. Paper money in losing value.

Last edited by wallacetan; 26-02-2012 at 07:03 PM..
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Old 26-02-2012, 05:53 PM   #647
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Maybe you can state what you want. Like insurance coverage for protection or just a pure savings endowment plan?
if i wan sole protection plan is it good? Cos the payout is 200k for each of the disability, critical illness and death? is it a good deal? or is there term plan for the combined 3 of them?
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Old 06-03-2012, 12:26 PM   #648
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is the hsbc growth manager plus recommended?
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Old 20-03-2012, 11:30 PM   #649
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is the hsbc growth manager plus recommended?
Are you being advised by a HSBC agent? Seems like you keep asking about their products only.

IMO, since you are only 23, get a private shield plan + riders. That's the most important insurance plan that all SG/PR should get.

Then you can look to see if a term, whole life or ILP would be more suitable for your needs. Reading online for information is good but you must understand that not everyone is suitable/diligent enough to buy term and invest on their own. Therefore, there will always be a market for the whole life policies.
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Old 20-03-2012, 11:41 PM   #650
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Are you being advised by a HSBC agent? Seems like you keep asking about their products only.

IMO, since you are only 23, get a private shield plan + riders. That's the most important insurance plan that all SG/PR should get.

Then you can look to see if a term, whole life or ILP would be more suitable for your needs. Reading online for information is good but you must understand that not everyone is suitable/diligent enough to buy term and invest on their own. Therefore, there will always be a market for the whole life policies.
Thanks for advice...whole life policies is not attractive to me cos of high premiums and solely protection based....and if u wanna to get cash payout in older age the premium is much higher and have to account...BTW I applied the shield plus rider still pending due to my job nature
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Old 08-04-2012, 09:57 PM   #651
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Newbie question,

got plan that you invest a lump sum (can choose to top up later) that provides you with illness coverage / hospitalisation costs etc + invest in moderate risk products?

thanks!
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Old 14-04-2012, 03:27 PM   #652
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Bad news for FA, good news for consumer FINALLY!!

What Singapore’s great financial advisory revamp means for tens of thousands of employees
by Shree Ann Mathavan
29 March 2012 0 comments

These could be interesting times for financial advisors

The Monetary Authority of Singapore announced earlier this week that the financial advisory sector will undergo wide-sweeping changes. Dubbed the Financial Advisory Industry Review, the proposals are geared at raising professional standards and better protecting consumers, and will affect large numbers of insurance agents and financial advisers.

The shake-up will look into areas such as:Improving the skill levels of advisers: This could involve getting them to take new exams and potentially raising the minimum educational qualification. Currently the entry requirement is four GCE “O” levels. By comparison, advisers in Australia require at least a diploma.
Lowering the consumer cost of buying life insurance policies. In particular, the remuneration structure of advisers will be overhauled. This could see a shift from a commission-based model to a fee-centric one.

Apprehensive

The review has got some in the industry worried. The Association of Financial Advisers has asked for major changes to be introduced gradually.
Mark Sparrow, vice president, professional and technical, Asia Pacific, Kelly Services, says: “I think any review or tightening of regulations is bound to cause huge ripples. The changes could represent a substantial cost to businesses – whether that’s the cost of training or restructuring their compensation or even the investment in training in new certification – so I can see why there could be resistance. On the other hand, any adaptation of rules that helps consumers get a fairer or cheaper product isn’t a bad thing.”

Stay or leave?

The impact on headcounts remains to be seen. Sparrow reckons it’s too early to tell if people will leave the sector because of the stricter requirements. “Companies and their employees will first need to decide what the changes will mean for them. Individuals may very well reassess their commitment to the industry with the new regulations, particularly if the commissions they previously relied upon are affected.” Although most financial advisers aren’t jumping for joy over the proposals, there hasn’t been too much outcry as yet, he adds.

Raising the bar could also potentially translate into higher salaries. “Moving away from commissions, which are tied to products, and raising the objectivity of advisers may represent a change in job scope and that could see salaries being adjusted.”
In the meantime, Sparrow says like most other front-line functions, recruitment for the advisory sector continues unabated. “There still seems to be a healthy hiring appetite and a lot of competition for sales-oriented professionals in financial services. I haven’t seen any radical change as a result of these announcements.”

What Singapore
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Old 06-05-2012, 02:36 PM   #653
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Took it 5 days to read finish the thread and view the various argument thrown about, while Rommie refuted them effortlessly.. Sometimes doing home-work on behalf of the challengers instead. Overall a good read, and I am glad I nv listened to those financial planners that lurk around my polytechnic bus stop promoting their saving plans. Thanks for this informative read.
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Old 27-05-2012, 11:17 PM   #654
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Question: Is there a need to buy term insurance if you are still young (23), single and have no plans of having kids in the near future? Both parents also still working and are more than 10 years away from retirement age.

Should I wait until I actually have dependents before buying term? Or is it better to buy it early (even if it means paying premiums for many years during which I don't really need it)?
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Old 28-05-2012, 12:00 AM   #655
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Question: Is there a need to buy term insurance if you are still young (23), single and have no plans of having kids in the near future? Both parents also still working and are more than 10 years away from retirement age.

Should I wait until I actually have dependents before buying term? Or is it better to buy it early (even if it means paying premiums for many years during which I don't really need it)?
The most important thing is insurability. Once you lose it, there will be exclusions or loading and by then, you will be cursing why you never take up that term plan when young.

Like the ad at bus stop or train if I remember correctly: "you can pick up a term plan for yourself for the cost of a sack of rice a month."

So is a sack of rice stopping you from the term plan or you are preventing yourself from being insured?
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Old 28-05-2012, 12:42 AM   #656
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The most important thing is insurability. Once you lose it, there will be exclusions or loading and by then, you will be cursing why you never take up that term plan when young.
Thanks for your reply. But what would cause a person to lose insurability? If I'm in my twenties, the chances of becoming ininsurable within, say, the next 10 years should be quite low right?
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Old 28-05-2012, 10:48 AM   #657
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Thanks for your reply. But what would cause a person to lose insurability? If I'm in my twenties, the chances of becoming ininsurable within, say, the next 10 years should be quite low right?
Do you cross the road in SG?
A drunk driver, a speeding driver and a driver who is talking on the handphone. These are merely a small portion of the group that will cause you to lose your insurability within the next 10 years if you ever meet one of them.

Even if i can give you an answer both practically and mathematically for the chances of you becoming ininsurable, it would also require you to believe my answer.

Even if you have the belief in me, you still need to make the conscientious effort to go get the term plan.

So at the end of the day, everything still need to start and end with yourself.

Do you still want my answer?
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Last edited by jack81; 28-05-2012 at 10:59 AM..
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Old 30-05-2012, 12:44 PM   #658
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Thanks for your reply. But what would cause a person to lose insurability? If I'm in my twenties, the chances of becoming ininsurable within, say, the next 10 years should be quite low right?
How would you know that?
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Old 15-06-2012, 12:15 AM   #659
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Unhappy

Hi all, i am kind of new here and have a noobie question to ask. So i shall apologize if my questions is too dumb

I was approached by a IFA through my friend (his client) that recommended him to me. The IFA is from Unicorn financial services (anyone heard of them?) I was quite skeptical of this firm as their website [ Unicorn Financial Solutions looks kind of brief and does not allow me to find out more information about them.

Nevertheless, last week, i decided to meet up with the IFA to give my friend face.
Initially it felt that he was talking some sense, talking about how to achieve financial freedom like setting goals putting aside money for dollar cost averaging. But as the talk went by he started to talk about how easy it was to make money and how rich he boss was and etc, and i took that as tell-tales sign of MLM, and i was confuse whether if i should trust him?

So is this company the new face of MLM or have I accused a honest IFA that just want to give me good financial advise?
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Old 15-06-2012, 07:39 PM   #660
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Hi all, i am kind of new here and have a noobie question to ask. So i shall apologize if my questions is too dumb

I was approached by a IFA through my friend (his client) that recommended him to me. The IFA is from Unicorn financial services (anyone heard of them?) I was quite skeptical of this firm as their website [ Unicorn Financial Solutions looks kind of brief and does not allow me to find out more information about them.

Nevertheless, last week, i decided to meet up with the IFA to give my friend face.
Initially it felt that he was talking some sense, talking about how to achieve financial freedom like setting goals putting aside money for dollar cost averaging. But as the talk went by he started to talk about how easy it was to make money and how rich he boss was and etc, and i took that as tell-tales sign of MLM, and i was confuse whether if i should trust him?

So is this company the new face of MLM or have I accused a honest IFA that just want to give me good financial advise?
Dollar cost averaging meant that you are investing a fix amount of money every month. Stock price high, you buy little, stock price low you get more. Averaging out, your dollar per stock is averaged out. I don't see the point why he must raise the wealthiness of his boss to you. What products have he advice you on?
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