After consulting with darling, we've decided not to start an online account here. Not only is it hard to know if I can purchase index funds here, the cost incurred is not insignificant. So I guess my next move is to do my due diligence on Singapore brokers instead.
Meanwhile, I also need to decide if I really need a financial planner (FP). I would love to have someone I can throw questions at instead of having to do my own research. However, planners in Singapore are commission driven, making them more like glorified salesperson. There is obviously a conflict of interest when their primary goal is to sell me products that yield them the most commission instead of ensuring I get the optimal return on investment.
Putting aside the fact that I do not like salespeople, there's also the fact that the planners allocated to small fry like me are probably not as experienced. Given that they are probably do not have a lot of experience and that I am really pretty intelligent, there is a high probability that a planner assigned to me will be less analytical and possibly less knowledgeable than I am. Haha, that sounds pretty snobbish. Not that I care. But it's funny how truths about your own intelligence or wealth invariably sound more like a boast than a statement of truth. Plus, it's my money we're talking about :)
Anyway, one of the few advantages a planner has is the tools they have access to. If only I can get my hands on their planning tools, I probably won't need any of them. Or I could look for the so-called independent planners. Sadly, no such thing as fee-only FPs in Singapore. Yet more research needs to be done.
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Meanwhile, I also need to decide if I really need a financial planner (FP). I would love to have someone I can throw questions at instead of having to do my own research. However, planners in Singapore are commission driven, making them more like glorified salesperson. There is obviously a conflict of interest when their primary goal is to sell me products that yield them the most commission instead of ensuring I get the optimal return on investment.
Putting aside the fact that I do not like salespeople, there's also the fact that the planners allocated to small fry like me are probably not as experienced. Given that they are probably do not have a lot of experience and that I am really pretty intelligent, there is a high probability that a planner assigned to me will be less analytical and possibly less knowledgeable than I am. Haha, that sounds pretty snobbish. Not that I care. But it's funny how truths about your own intelligence or wealth invariably sound more like a boast than a statement of truth. Plus, it's my money we're talking about :)
Anyway, one of the few advantages a planner has is the tools they have access to. If only I can get my hands on their planning tools, I probably won't need any of them. Or I could look for the so-called independent planners. Sadly, no such thing as fee-only FPs in Singapore. Yet more research needs to be done.
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