IFA Wilfred Ling

[WindBoi]

The smart way to pick the minds of these money-minded profit-maximizing financial workers is to engage them online free of charge. They will have to appear professional online, so they will feel obligated to give out free financial advice and reply your queries as a form of advertisement.

These money-minded profit-maximizing financial workers, whether they are financial trainers or financial advisers, will have to do free work from time to time as a form of advertisement. Engage them only when they are doing free work. The moment they want to dig money out of your pocket, say no and walk away. Remember, there's always moneymind forum to get insights free of charge. Walk away from expensive financial workers who charge exorbitant prices for sharing their knowledge. There are always kind and generous people like BBCWatcher and ShinyThings to help you. Why pay $4888 to people like Wilfred Ling with BBCWatcher and ShinyThings and the vast community of helpful financially savvy folks here on this forum?

By the way, I am writing this without getting paid a single cent for my time.

one thing to note is that BBCWatcher and ShinyThings are doing a goodwill sharing it.

to expect every planner to do that is not right.

imagine both BBCWatcher and ShinyThings do not have a day job and just dispense their advise here for free. When they would like to charge a specific group for personalized financial services, you all say oh all the information is available for free, why should I pay them $XXXX for the same thing.

 

[agau168]

one thing to note is that BBCWatcher and ShinyThings are doing a goodwill sharing it.

to expect every planner to do that is not right.

imagine both BBCWatcher and ShinyThings do not have a day job and just dispense their advise here for free. When they would like to charge a specific group for personalized financial services, you all say oh all the information is available for free, why should I pay them $XXXX for the same thing.

Expecting every financial planner to do things for free is of course not right. They won't do that anyway since they need to earn a living.

However, look at things from a customer perspective. Why should we pay thousands of dollars for advice that can be obtained free of charge on internet forums, telegram groups from helpful anonymous strangers? I can tell you there are lots of helpful, sincere forummers like BBCWatcher and ShinyThings. If you participate in foreign financial forums, there are people like BBCWatcher doing their part for society free of charge. God bless these kind souls.

Even if customers are willing to pay for financial advice, are the high fees justified? Check with past financial advisory clients. Are the financial advice worth the high fees? For example, investment advice. Are they standard advice like doing dollar-cost-averaging into index funds? Why should we pay thousands of dollars for standard advice that are available in personal finance books and website?

If financial advisors are not worth their fees, then please revise down your fees. Otherwise, we customers will constantly look for free or at least, cheaper advice from sincere, helpful online people. I guarantee you. Based on personal experience, there are plenty of kind souls like BBCWatcher and ShinyThings.

BY the way, I saw this "Moderator's Note: Signature Guidelines Infringement" in your signature. Are you a financial advisor trying to put advertisement material in your signature?

 

[agau168]

Thanks for sharing. Like I mention before, why pay 4k+ for financial advice that is available in books, internet forums, telegram groups free of charge?

I would like to share my experience with Wilfred. He quoted 4k+ for full service and we agreed on 2k for partial service. I have shared my expectation with him that I required advise on investment.

Instead of providing advice on investment, he did an analysis of on portfolio and suggests that I should sell my car, condo, go for cheaper holiday so that I can retire early. I believed he wants me to cash out so that he can help me with the investment. Why do I need to pay someone 2k to tell me to reduce my cost? His strategy is to identify high net worth client so that he can help the rich to invest.
Why do we need to pay him 4k so that he knows my portfolio and pay him additional money to help us with the investment?
Wilfred does not listen to what his client objective.
If you are convince that he can help you, make sure he provides you with a satisfactory service before making your payment.

 

[avatarfire]

Thanks for sharing. Like I mention before, why pay 4k+ for financial advice that is available in books, internet forums, telegram groups free of charge?

You're a cheapskate, don't expect everyone else to be cheap.

I subscribe to the idea that you pay peanuts you get monkeys. FAs are mostly monkeys because they claim to be "free of charge." Competent financial advisers with solid education and qualification are rare, and the mismatch between supply and demand drives up their fees.

On the other hand, you could do good for society by creating a platform or tool to share so-called "free" knowledge. Produce book summaries and engaging content for a specific niche. Seedly (by SEA) and MoneySense (by MAS) are two examples. Kyith works for Providend and makes his living there, but he blogs on Investment Moats that has helped countless individuals with their finances for free.

If not, let FAs have a way to earn their living and stop being such a wet blanket.

 

[proton_cannon]

Thanks. I was only reading this wilfred’s website that’s why curious, his FAQ mentioned he does not refund/rebate any commission lol, so he indeed is a special case of excess charges

Then only people who have cash to burn will pay for this.

Such standard financial advice can be found in good websites easily

 

[tesarise]

Seedly (by SEA)

???????????

 

[Value.Matrix]

???????????

They need to check Seedly. They have changed hands, shopback is not SEA also.

 

[tesarise]

They need to check Seedly. They have changed hands, shopback is not SEA also.

yes thats why I ??????
TS confused between shopback and shopee?

 

[chrisloh65]

I am indifference to paid IFA since they provide a service and people willing to pay for it but luckily this is one off.
This is no different from people buying ETFs and willingly pay annual management fees every year when they buy can the stocks in the ETFs themselves and save this recurring annual fees every year isn't it? Furthermore this amount will be much more enormous compared to paying the IFA for one off consultation!

Then only people who have cash to burn will pay for this.

Such standard financial advice can be found in good websites easily

 

[apriliasiao]

$4888 ex ar? If u buy a 300-500k whole life, your agent markan u more.
Different ppl see things differently, CFA vs some Dip or O Level for financial planning? u take your pick.

 

[focus1974]

when in doubt and you are rich or not rich..
but u got interest to learn and got time.

Do this.. and it's free...
1) Meet up with a few seasoned IFA but not top sales type
2) Meet up with a few seasoned tied agent but not top sales type

Then.. tell them ur situation candidly and ask them to propose ..

Out of the 3 or 4 you talk to..
most likely... some will proposed something... listen to what they are proposing and why they are doing it.

then.. ask them abt fee based difference... listen to what they say.


Done... u have learnt all you need to know about different type of insurance and why you need them and how much you of which you need them.

In every line of sales... be it IT, Insurance, bank, chemical.... vendors will also appeal to you by trying to market to you as a "HOLISTIC" Solution.. so you dont have to worry about missing this or that.

But... end of day.. u still need to know ur products.