Singapore Financial Advisor - 5 Questions You Just Have To Ask To Avoid Disapointment
In today's ever-changing economic climate, the rules in Singapore are no different to your own home country. PROCEED WITH CAUTION! As an expatriate, the key is being prepared! Without question, you will definitely need to hire the services of an established, professional Singapore financial advisor and planning for your first meeting will be critical.
When meeting a Singapore financial advisor for the first time it will pay dividends to have your line of questioning planned out before the meeting. This will enable you to assess their integrity and whether they can actually do what it says on the tin.
In terms of preparation, let us look at the top 6 questions you should ask when approaching an advisor for the first time.
Question #1: What makes you different from every other Singapore Financial Advisor?
The bottom line is that there are 1000's of financial advisors in Singapore. That being said, finding a good one is like trying to "find a needle in a haystack." It all boils down to whether they have the knowledge and expertise relating to the products and services you are interested in.
They need to have a firm grasp on the process and be filled with the required levels of wisdom to enable them to make their expert recommendations. Asking them how they work and what makes their service unique can make or break a deal.
Question #2: Can you prove that you are good at what you do?
Credibility and reputation are massive in the financial services industry. If you find an advisor who you think could be an asset to your financial future ask him/her to prove they are good at what they do. Don't always be swayed by experience! There are very adept advisors in Singapore who only have a few years experience but are exceptional in terms of product knowledge and service delivery. On the other hand there are advisors in Singapore with many years of experience who don't know the difference between "Independent Financial Advice" and "Impartial Financial Advice."
Be sure to ask for proof of their capability and past successes. Testimonials from other clients are a great place to start. Any Singapore financial advisor who has a successful track record in the financial services industry will be proud to display his/her referrals.
Ensuring they are regulated by the Monetary Authority of Singapore (MAS) is essential. Ask to see evidence that they are licensed and regulated by MAS! If they can't, take this meeting no further and seek advice from a regulated and licensed advisor.
Question #3: Will You Be The Only Singapore Financial Advisor I Work With?
Some financial advisors work alone and they will be your only point of contact while others work for larger organisations. On this point, it all boils down to personal preference. If you prefer one point of contact then asking this question is very important. Others prefer a team of people to work on their case. However, whatever your preference, you must be aware that at some point others parties will get involved. Your Singapore Financial Advisor [http://www.singaporefinancialadvice.com/do-you-really-need-a-singapore-financial-advisor-decisions-decisions] will need his own advice and recommendations at some point from lawyers, tax specialists etc to manage your case as effectively as possible. So in short, they may not be the only advisor you work with.
Question #4: What Do You Charge?
When it comes to finding a financial advisor in Singapore you need to know about costs and charges. The way you are charged will vary from one Singapore Financial Advisor to another. Some will charge by the hour, some will charge a one-off fee. The top financial advisors will offer you a complimentary financial consultation so look out for this.
You also get commission only advisors in Singapore. These guys only get paid when you become their client. As a result, they never become complacent and work expeditiously to ensure you get the best deal available on the Singaporean market.
Question #5: How Will I Know How My Investments Are Doing?
As a bare minimum, your advisor should offer you a quarterly review of your investment portfolio. They should also be able to provide you with statistical reports on demand. It is essential that you hire the services of a Singapore financial advisor who ticks both of these boxes.
Conclusion:
Proceed with caution, be prepared and if need be, copy and paste these questions onto a word document prior to your first meeting [http://www.singaporefinancialadvice.com/do-you-really-need-a-singapore-financial-advisor-decisions-decisions] with a Singapore financial advisor. Any advisor should expect this type of questioning and any that shy away from providing you with informative answers should be avoided at all costs.
When meeting a Singapore financial advisor for the first time it will pay dividends to have your line of questioning planned out before the meeting. This will enable you to assess their integrity and whether they can actually do what it says on the tin.
In terms of preparation, let us look at the top 6 questions you should ask when approaching an advisor for the first time.
Question #1: What makes you different from every other Singapore Financial Advisor?
The bottom line is that there are 1000's of financial advisors in Singapore. That being said, finding a good one is like trying to "find a needle in a haystack." It all boils down to whether they have the knowledge and expertise relating to the products and services you are interested in.
They need to have a firm grasp on the process and be filled with the required levels of wisdom to enable them to make their expert recommendations. Asking them how they work and what makes their service unique can make or break a deal.
Question #2: Can you prove that you are good at what you do?
Credibility and reputation are massive in the financial services industry. If you find an advisor who you think could be an asset to your financial future ask him/her to prove they are good at what they do. Don't always be swayed by experience! There are very adept advisors in Singapore who only have a few years experience but are exceptional in terms of product knowledge and service delivery. On the other hand there are advisors in Singapore with many years of experience who don't know the difference between "Independent Financial Advice" and "Impartial Financial Advice."
Be sure to ask for proof of their capability and past successes. Testimonials from other clients are a great place to start. Any Singapore financial advisor who has a successful track record in the financial services industry will be proud to display his/her referrals.
Ensuring they are regulated by the Monetary Authority of Singapore (MAS) is essential. Ask to see evidence that they are licensed and regulated by MAS! If they can't, take this meeting no further and seek advice from a regulated and licensed advisor.
Question #3: Will You Be The Only Singapore Financial Advisor I Work With?
Some financial advisors work alone and they will be your only point of contact while others work for larger organisations. On this point, it all boils down to personal preference. If you prefer one point of contact then asking this question is very important. Others prefer a team of people to work on their case. However, whatever your preference, you must be aware that at some point others parties will get involved. Your Singapore Financial Advisor [http://www.singaporefinancialadvice.com/do-you-really-need-a-singapore-financial-advisor-decisions-decisions] will need his own advice and recommendations at some point from lawyers, tax specialists etc to manage your case as effectively as possible. So in short, they may not be the only advisor you work with.
Question #4: What Do You Charge?
When it comes to finding a financial advisor in Singapore you need to know about costs and charges. The way you are charged will vary from one Singapore Financial Advisor to another. Some will charge by the hour, some will charge a one-off fee. The top financial advisors will offer you a complimentary financial consultation so look out for this.
You also get commission only advisors in Singapore. These guys only get paid when you become their client. As a result, they never become complacent and work expeditiously to ensure you get the best deal available on the Singaporean market.
Question #5: How Will I Know How My Investments Are Doing?
As a bare minimum, your advisor should offer you a quarterly review of your investment portfolio. They should also be able to provide you with statistical reports on demand. It is essential that you hire the services of a Singapore financial advisor who ticks both of these boxes.
Conclusion:
Proceed with caution, be prepared and if need be, copy and paste these questions onto a word document prior to your first meeting [http://www.singaporefinancialadvice.com/do-you-really-need-a-singapore-financial-advisor-decisions-decisions] with a Singapore financial advisor. Any advisor should expect this type of questioning and any that shy away from providing you with informative answers should be avoided at all costs.