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Wealth management is not only for the wealthy. In fact, properly managing your finances is the path to gaining wealth. So whether you want to start investing, or plan your retirement in 20 years, or look for a good educational plan, it’s best to seek professional help.
But do you need a financial planner or a financial advisor?
A financial planner is someone who will help create a strategy to meet your long-term financial goals. They will map out a clear strategy from budget planning to retirement planning.
On the other hand, a financial advisor is not only involved in the planning but also helps clients with a variety of monetary decisions, including investments and wealth management. Financial advisors will also help manage your investments, such as buying and selling stocks, debt management, tax planning, and more.
What Do Financial Advisors Do?
“Financial Advisor” is a broad term for professionals who help their clients manage their money. When you seek the services of a financial advisor, they will provide financial advice on different topics, including:
- How much you should save
- The different types of accounts you need
- What investment portfolio is best based on your risk profile
- The type of insurance you should have, such as health, term life, and disability
- Estate and tax planning
Financial advisors include different types of professionals, such as insurance agents, stockbrokers, money managers, and more.
Here are a few of the services provided by financial advisors:
- Investment advice
- Wealth management
- Debt management
- Financial budgeting
- Retirement planning
- Estate planning
- Healthcare and insurance
- Tax planning
How much do financial advisors (FAs) charge?
There are typically two types of fees you need to be familiar with:
- Consultation fees: This is the fee you’ll need to pay when engaging with a financial advisor. It will cover the FA’s time, costs, and expertise. This is a one-time upfront fee.
- Investment-related fees: If you choose to let the FA manage your investments using an investment platform, they will charge you a percentage of your total investments.
That said, the cost of seeking professional help will vary depending on the FA. It is recommended to ask about the charges or fees before investing in any of the products suggested.
So why should you seek the services of a financial advisor?
A financial advisor can help you in managing your money so you can make the most of it. They will help you use your money to grow your wealth and reach your financial goals. For instance, FAs will help you think about how to pay off your debt with a bank or money lender, as well as in investing in different assets for a more secure future.
How To Choose the Right Financial Advisor
A good financial advisor will help you avoid unnecessary costs and will help you focus on your financial goals. Here’s how to choose the right one:
- Identify your goals and needs: FAs have different expertise, such as wealth management, estate planning, or retirement planning. Knowing what you need will help you narrow down your options.
- Check for credentials and track records: Check if they are registered in the Monetary Authority of Singapore Register of Financial Representatives. Plus, check for certifications, years of experience, and track records.
- Range of solutions provided: Ask the financial advisor what services they offer. Choose one that offers the services you need. For instance, if you need wealth management, you will need an FA who will help you navigate your financial journey to achieve your goals.
- Decide how much you can afford to pay your financial advisor: Some financial advisors may charge a percentage of the investments they manage for you. On the other hand, a fee-based financial advisor may have a different fee structure from other similar firms.
5 Best Financial Advisors in Singapore
1. Providend – Best for Wealth Management
Providend is the first fee-only wealth advisory firm in Southeast Asia. A mid-sized professional financial advisory firm, it provides a wide variety of wealth management solutions, including retirement planning and investment management.
Services
- Wealth management
- Investment management
- Risk mitigation
- Estate planning
Contact Information
- Website: https://providend.com/
- Address: No.38 Duxton Hill, Singapore 089616
- Email: communications@providend.com
- Number: +65 6309 2488
- Social Media:
2. Global Financial Consultants (GFC) – Best For Proactive Investment Management
GCF was first founded in 1997 in Sydney, Australia, and then it moved to the financial district of Singapore in 2003. Recognized for offering tailored financial services, they provide a variety of financial services, such as insurance, CPF investment, and retirement planning.
Services
- Savings and investments
- Insurance and protection
- Education planning
- Retirement planning
- CPF investment
- Legacy and succession planning
- Tax-effective strategies
- UK SIPP and Pension Transfers
Contact Information
- Website: https://www.gfcadvice.com/
- Address: 14 Robinson Road, #10-01 Far East Finance Building, 048545
- Email: info@gfcadvice.com
- Number: +65 6532 2711
- Social Media:
3. Expat Advisory Group – Best for Financial Services for Expats
With over 85 years of experience, IPP Financial Advisers Pte Ltd is one of the most reputable financial advisory firms in Singapore. The Expat Advisory Group is a specialized division specifically for helping foreigners and international private clients in managing their money while living and working in Singapore.
Services
- Multi-currency wealth management
- Retirement planning and pension transfers
- University fee planning
- International and multi-currency mortgages
- Legacy planning, trusts, and wills
- Tax efficiency
- Life and health insurance
- Business owners solutions
Contact Information
- Website: https://www.eag.ippfa.com/
- Address: 78 Shenton Way, Singapore 079120
- Email: eag@ippfa.com
- Number: +65 6511 8805
- Social Media:
4. Synergy Financial Advisers – Best For Comprehensive Financial Planning
Synergy is an independent financial advisory firm in Singapore. It offers tailored comprehensive financial planning solutions for its clients. They partner with accredited investors and offer personal, corporate, and high net-worth solutions.
Services
Personal Solutions
- Life insurance solutions
- Health and disability solutions
- Investment solutions
Corporate Solutions
- Group insurance
- Business keyman protection
- Golden handcuff
- Business buy-sell funding
Contact Information
- Website: https://synergy.com.sg/
- Address: 229 Mountbatten Road, #03-30 Mountbatten Square, Singapore 398007
- Number: +65 6654 1888
- Social Media:
5. Financial Alliance – Best For Fee-Based Advisory
Financial Alliance prides itself on being Singapore’s largest independent financial advisory firm. It continues to provide unbiased advice while offering only the best-suited financial plans on the unique needs of its clients. Its in-house expert financial advisors will help you in analyzing your financial situation as well as provide solutions to reach your financial goals.
Services
Individual Financial Advisory
- Personal financial advisory
- Private wealth advisory
- Islamic wealth advisory
- Fee-based advisory
Corporate Financial Advisory
- Employee benefits
- Business succession planning
- Commercial business planning
Contact Information
- Website: https://fa.com.sg/
- Address: 150 Beach Road #12-01/08, Gateway West Singapore 189720
- Email: feedback@fa.com.sg
- Number: +65 6222 1889
- Social Media:
Closing
If you want to build wealth, you can start by understanding your current financial situation and determining your goals. A financial advisor will help you determine the gap between your current financial health and your goals. Additionally, a credible and licensed financial advisor will help diversify your investment portfolio and manage your investments.
Key Takeaways:
- A financial advisor is not only involved in the planning but also helps clients with a variety of monetary decisions
- Financial advisors include different types of professionals, such as insurance agents, stockbrokers, money managers, and more.
- Check if they are registered in the Monetary Authority of Singapore Register of Financial Representatives.
- Some financial advisors may be fee-based, commission-based, or investment-based where they will charge a percentage of the investments they manage for you.
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