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What are these wealth advisors? They any good?

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Old 22-05-2020, 09:32 PM   #1
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What are these wealth advisors? They any good?

Almost all banks got their wealth advisers..are they the same for financial advisers? They got different type of adviser for different category of net worth individuals? Anyone got experience with them before?
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Old 22-05-2020, 10:23 PM   #2
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Almost all banks got their wealth advisers..are they the same for financial advisers? They got different type of adviser for different category of net worth individuals? Anyone got experience with them before?
same same but different
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Old 23-05-2020, 12:54 AM   #3
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Almost all banks got their wealth advisers..are they the same for financial advisers? They got different type of adviser for different category of net worth individuals? Anyone got experience with them before?
They're all sales-people. (With a very few exceptions—some financial advisors get paid by the hour, so they have no interest in selling you things. But these are the rare exceptions.)

The only difference between, say, the advisors at DBS Treasures and DBS Treasures Private Client and DBS Private Bank are the products they can sell you and the quality of the coffee they give you when you come into the branch. And "Private Bank can sell you different products" doesn't mean those products are better, it just means they're different. Private-bank products can blow you up in all sorts of entertaining ways (TARFs anyone?).
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Old 23-05-2020, 02:40 AM   #4
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One that sells you products to grow your wealth with bank products.

The other that sells you products to insure yourself and 'grow your wealth' with insurance products.
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Old 23-05-2020, 05:19 AM   #5
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One that sells you products to grow your wealth with bank products.

The other that sells you products to insure yourself and 'grow your wealth' with insurance products.
Correction: They sell you products so they themselves can make money. These people are essentially sales people.
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Old 23-05-2020, 07:25 AM   #6
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Sales people I guess ?
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Old 23-05-2020, 08:55 AM   #7
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Correction: They sell you products so they themselves can make money. These people are essentially sales people.
You can omit the word “essentially.”

As Shiny Things points out, the only real way to get financial advice solely in your interest is to hire a competent (or better) financial planner who is not compensated in any way except by you. These financial planners do not sell products, at all. And you might hire a couple different ones at various points, similar to how you might get a second medical opinion for a complex situation.

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Old 23-05-2020, 09:00 AM   #8
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Eh so they only recommend you products that are from/related to their own company? They won't recommend like oversea stocks or crypto?
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Old 23-05-2020, 11:00 AM   #9
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I read/hear that Jurong East Philip investor center, they will advise you base on your investial appetite. Can be invest in stock, bond, UT etc.
You can ask them for their charges before you agree on anything.
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Old 23-05-2020, 01:25 PM   #10
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I read/hear that Jurong East Philip investor center, they will advise you base on your investial appetite. Can be invest in stock, bond, UT etc.
You can ask them for their charges before you agree on anything.
They will give you advice, but they work for and are paid by PhillipCapital. They don't work for you.
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Old 23-05-2020, 05:34 PM   #11
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Every salespeople will run through your investment appetite and offer you the products that suit your investment appetite.

Say if you want overseas stock or crypto - then you see if the 'advisor' company offers the product.

Some here have recommend you to approach any "independent financial advisor"? Because if you are not paying salary to this "independent financial advisor", I don't know how he is going to feed himself/herself and the family. And not all "independent financial advisor" has all the knowledge to the range of products available. So I personally do not think there is one that is truly "independent", maybe except, for disclosing all the commissions and sales fees.

BBCWatcher raises a good point of finding a couple of advisors and ran them through various (1-2) person to offer you second opinions. Let them provide their evaluations accordingly (this takes up their time though).

Some banks or insurance companies offers their own unique products which can be fairly attractive.
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Old 23-05-2020, 05:52 PM   #12
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They will give you advice, but they work for and are paid by PhillipCapital. They don't work for you.
And don't expect them to monitor the prices for you too
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Old 23-05-2020, 09:22 PM   #13
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And don't expect them to monitor the prices for you too
They just recommend only.
I very often receive their sms for any stock that going up. Do you own research before betting on it.
My UMS is recommended by them.
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Old 23-05-2020, 09:28 PM   #14
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They just recommend only.
I very often receive their sms for any stock that going up. Do you own research before betting on it.
My UMS is recommended by them.
Yes. However for many, recommend = confirm good = must buy.
And you know usually they will do enticing.
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Old 23-05-2020, 11:46 PM   #15
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Yes. However for many, recommend = confirm good = must buy.
And you know usually they will do enticing.
Yea, agree with you.
I always calculate the percentage of the target sell price first, if too low, I don’t bother.
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