Hi HWZers
anybody know where I can ask for basic financial advice online for free? For example regarding my current financial situation and what I can do with my money and CPF etc
Thanks!
On the other hand, if the type of advice you want is to buy high return low risk stock, this advice is freely available here.
Hi HWZers
anybody know where I can ask for basic financial advice online for free? For example regarding my current financial situation and what I can do with my money and CPF etc
Thanks!
sukuman never come here and say pple lazy....never come here say who u think u r....
that wu gui must have been strike by lightning already...yesterday still any how scold me. o bi gd.
You prefer Free advice to Good advice?
Good advice is not free, because the financial planner has to spend time to understand your financial position before giving advice.
On the other hand, if the type of advice you want is to buy high return low risk stock, this advice is freely available here.
I find paid financial advice....very contradictory.
They earn commission from you...naturally means there's a conflict of interest...He sure tell u things u wanna hear so u will buy more stuff/services from him.
I find paid financial advice....very contradictory.
They earn commission from you...naturally means there's a conflict of interest...He sure tell u things u wanna hear so u will buy more stuff/services from him.
Lots of financial summit and Adam khoo seminar give free financial advice.whether or not u take their advice is another thing.
But if u sit thru their 3 hour talk,sometimes got free buffet and drinks.
with upsells too
I personally don't think paid Financial advice will work in the long run. Insurance is sold and not bought.I think you're confusing "paid financial advice" and "paid-for-by-commissions" financial advice.
If you're not paying your adviser anything, then he's (or she's) getting paid by commissions on the product he sells you - and that means he's incentivised to steer you toward things with high commissions. That's the conflict. He won't tell you "oh go set up a Stanchart account and buy some ES3, some A35 and some VWRD" because he gets no commission out of that; he'll tell you "oh you should invest in these fraudulent Brazilian housing projects" because he gets a 10% commission, or "oh you should invest in this investment-linked insurance policy" because he gets a 7% commission.
If you're paying your adviser a flat fee, or an hourly rate, and he's not getting commissions from the product he sells you (this bit is important), then there's no conflict of interest. You're hiring him, and you're paying him, so he's incentivised to do a good job for you. This is how I do it.
I personally don't think paid Financial advice will work in the long run. Insurance is sold and not bought.
How much will a fee based consultant charge per hour? My bet likely to be close to lawyers rates. If so, will anyone willing to wake up in the morning to visit and pay a consultant to review his Financial planning? I doubt so.
Furthermore, there is not incentive for a Financial consultant to meet more customers in the long run. If I am a fee based consultant, likely I will charge $200-$500 per hour for the work I do and likely my client base is high networth as they are more likely to pay such fee. Will I bother to meet more customers likely no, will I bother to update my clients if there is a plan likely also no as I don't think my client will pay me a hourly rate for a new plan.
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