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Business Meeting

The Process

Structure
People

Goals 

Structure 

When it comes to wealth managers, relationship managers from banks or independent financial advisory firms. The bottom line is the same. The company makes money from selling insurance/investments. Where it differs is how the sales team is compensated. Different compensation schemes incentive certain ethics. 

The banking structure. Regardless of private banks or retail banking, top management is the ones usually setting the KPIs, sales goals and driving the team. Of course, there'll be some wealth managers who would stick to their ethical principles. However, the statistics speak for themselves. See here

As for Independent Financial Advisors, our structure is based on commissions. Our KPIs are set on the individual and how much the individual wants to achieve. That being said, not all of us are angles, and there are still complaints against us. That's where the importance of the planning process comes in. 

People

Have you ever talked to a banker or an insurance salesperson who just goes on and on about a product, and if you don't like it, they move on to another product? Well, I have. And it went on for another 2 hours, going around in circles. 

That used to be the way things were. However, as the world gets more educated things to need to change. In the United States, there's this process of fiduciary financial advisors. Think about going to the doctor for a consultation to diagnose an illness, only paying for the consultation. That's exactly what it is, but the version of financial advisors. You pay for consultation on optimising your portfolio or structure it to achieve your goals. And you pay upfront for consultation. However, that hasn't been going well in Singapore. Very few are paying upfront $500 to talk to a financial advisor. 

Thus, to help change the market in Singapore. What I've come up with is an integrated process of education and consultation to help you make the most informed decision when it comes to making a decision on your finances. 

Goals

And last but not least, goals-based. If you were to ask someone how much they want when they retire, there's no limit to it. A million or a billion. People always want the highest return. 

What we need to do instead is to think about the life we want, the lifestyle we are willing to live and from there, start planning. 

Financial advice for someone who can meal prep every day, who doesn't need to go to fancy restaurants or travel overseas for holiday is very different from someone who wants to have a luxurious life, acquiring a condominium, car, country club and premium credit cards and watches. There's nothing wrong with either lifestyle. However, you need to know what is most important to you in this life. 

The Process: Welcome
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