When it comes to planning your financial future, choosing the right financial consultant can make all the difference. Whether you are just starting to build your savings, planning for your children’s education, or preparing for retirement, a financial consultant can help you make informed and strategic decisions.
However, not every financial consultant is the same. The best one for you depends on your financial goals, life stage, and personal preferences. Here is how you can find a financial consultant who truly suits your needs.
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What Does A Financial Consultant Do?
A financial consultant provides professional advice on managing your money and achieving your long-term financial goals. Their areas of expertise can include:
- Financial planning – developing a roadmap for your income, expenses, savings, and investments.
- Insurance planning – recommending suitable protection for health, life, or critical illness.
- Investment advisory – helping you choose investment products that align with your risk tolerance.
- Retirement and estate planning – guiding you in preparing for future financial security.
In Singapore, all financial consultants must be licensed under the Monetary Authority of Singapore (MAS). This ensures that your consultant follows ethical standards and provides advice that suits your profile, not theirs.
How To Choose The Right Financial Consultant
1. Check Their Licensing And Credentials
Always verify that your financial consultant is MAS-licensed. You can do this through the MAS Financial Institutions Directory or the Register of Representatives. This confirms that they are authorised to advise on financial products in Singapore.
2. Understand Their Area Of Expertise
Some consultants specialise in insurance, others in investment, and some provide holistic financial planning. Choose someone whose expertise aligns with your specific goals, such as wealth accumulation, protection planning, or retirement.
3. Ask About Their Approach And Process
A reliable consultant will take time to understand your goals, financial situation, and risk appetite before giving any recommendation. They should also explain all product details transparently, including fees, commissions, and risks.
4. Evaluate Their Communication Style
You will be working closely with your financial consultant over the years. Choose someone who listens well, communicates clearly, and keeps your interests as their priority.
5. Look For Long-Term Partnership Potential
A good financial consultant is not just a one-time advisor. They should monitor your financial plan regularly and adjust it as your circumstances change.
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Why Work With A Financial Consultant?
Working with a financial consultant can help you:
- Identify suitable strategies for your goals and budget.
- Avoid emotional financial decisions during uncertain times.
- Optimise your insurance and investment portfolio.
- Stay disciplined and consistent with your long-term plan.
A qualified consultant provides objectivity, expertise, and accountability which are three qualities essential for sound financial planning.
Frequently Asked Questions (FAQs)
1. Is there a difference between a financial consultant and a financial adviser?
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 do I know if my financial consultant is licensed?
You can verify their credentials through the MAS Register of Representatives on the MAS website. Always engage a consultant who appears on this list.
3. Do financial consultants charge fees?
Some work on a commission basis, while others may charge advisory fees. A transparent consultant will clearly explain all costs before you proceed.
4. What should I prepare before meeting a financial consultant?
Prepare details about your income, expenses, savings, insurance coverage, and financial goals. This allows your consultant to make recommendations that are accurate and suitable.
5. How often should I review my financial plan?
It is advisable to review your plan at least once a year, or whenever you experience major life changes such as marriage, career shifts, or the birth of a child.
Disclaimer: The information in this article is for general educational purposes only and does not constitute financial advice. Please consult a qualified financial consultant before making any financial decisions.
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.