When it comes to managing your personal finances, making the right decision can make a significant difference in achieving your goals. Whether you are planning for retirement, saving for your child’s education, or protecting your family’s future, choosing a trusted financial consultant in Singapore can help you make informed decisions.
However, before engaging one, it is important to ask the right questions to ensure that the consultant is qualified, transparent, and suitable for your financial needs.
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1. Are You Licensed By The Monetary Authority Of Singapore (MAS)?
This should be your first question. All financial consultants in Singapore must be licensed or represent a licensed financial institution regulated by the Monetary Authority of Singapore (MAS). You can verify this through the official MAS Financial Institutions Directory or Register of Representatives:
Working with a licensed consultant ensures that the advice you receive meets professional and ethical standards.
2. What Services Do You Provide?
Different financial consultants offer different services – from insurance planning to investment and retirement advisory. Some may specialise in specific areas, while others take a holistic approach to financial planning.
Before hiring, clarify what services they provide and ensure these align with your financial priorities. If you are looking for guidance in areas such as protection planning, wealth accumulation, or estate planning, a qualified financial consultant Singapore can tailor advice based on your life stage and goals.
3. How Are You Compensated?
It is important to understand how your consultant earns. Some are compensated through commissions from the products they recommend, while others charge a fee for advisory services.
Transparency about fees and commissions helps you assess whether the consultant’s recommendations are objective and in your best interest.
You should always feel comfortable asking for a breakdown of costs, including any recurring fees or product-related charges.
4. What Is Your Experience And Area Of Expertise?
Experience matters when it comes to financial advice. A consultant who has worked with clients in similar life stages or financial situations as yours will likely understand your needs better.
Ask about their background, qualifications, and any certifications they hold. Reputable consultants will be happy to share their credentials and explain how they keep up to date with changing financial regulations and market trends.
5. How Will We Review My Financial Plan?
Financial planning is not a one-time activity. It requires regular review and adjustments as your goals, income, and circumstances change.
A professional financial consultant Singapore should offer periodic reviews whether annually or semi-annually to ensure that your plan stays relevant and effective.
Regular reviews help track progress and make timely adjustments when needed.
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Frequently Asked Questions (FAQs)
1. What is the difference between a financial consultant and a financial advisor in Singapore?
In Singapore, a financial adviser refers to the licensed firm authorised under the Monetary Authority of Singapore (MAS) to provide financial advisory services.
A financial consultant, on the other hand, is an individual representative of that licensed firm who provides advice to clients.
Both must be properly registered under MAS to operate legally.
2. How can I verify if my financial consultant is MAS-licensed?
You can check the MAS Financial Institutions Directory or Register of Representatives using their name or firm. Only consultants listed there are authorised to give financial advice or sell financial products in Singapore.
3. Do I need a financial consultant if I already have insurance?
Insurance is one aspect of financial planning. A financial consultant can help you integrate insurance, investments, savings, and retirement planning into a cohesive strategy that supports your long-term goals.
4. What should I prepare before meeting a financial consultant?
Prepare information about your current income, expenses, debts, savings, and financial goals. This will help your consultant assess your situation accurately and provide relevant recommendations.
5. Can I work with a financial consultant online?
Yes. Many licensed consultants in Singapore now offer online consultations. However, ensure that the consultant’s firm is still MAS-registered and that all communication and transactions are conducted securely.
Disclaimer: 365Asia aims to provide accurate and up-to-date information, our contents do not constitute medical or any professional advice. If medical advice is required, please consult a licensed healthcare professional. Patient stories are for general reading. They are based on third-party information and have not been independently verified.