Financial Planning in Singapore is gaining momentum. However Singaporeans tend to have the wrong percption towards the word, "Financial".
Most would relate it directly to the frightening word of insurance. Howecver its only a 10% of the entire picture.
As more Singaporean are getting affluent, with most advanced educational grooming and support, the expectation in the coming years is going to be raised higher than ever.
Insurance will only become a "supplement" product to the vast and ever-increasing products and services that is inoovating each day, each month, every year in order to compete within this small, well-developed financial market in Singapore.
Not to mention competing with products online isntead of going through an intermediaries, and incurring extra cost, sales charges or transaction fees.
what is really the hindsight behind financial planning? most people can only relate to the topic of Death, Disability, Critical Illnesses.
On the note of "growing cash", most people can only see getting cash for marriage, car, homes, child's education and eventually retirement!
Is that really the gest of it all? I would still see that the Financial Planning landscape in Singapore still have a long way to go even though I mentioned people now are well-educated.
The professionlism of Financial Planners, and I mean People who really do planning, as compared to the US, would still need a lot of boosting power from the government in driving across such professionalism in local context.
What do you think of the industry? or rather view towards financial planning or insurance planning especially in Singapore? are singpaorean thoughts towards financial planning only limited to "insurance" ?
Tuesday, March 13, 2007
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2 comments:
Hi Joseph, I'm currently a student in SMU. I'm doing a project on financial planning and how Singaporeans have embrace this concept of managing their money. Do you think you can give me more insights into the Singapore current mindset?
Hi!
you can reach me at joseph@projectsenso.com.
In fact financial planning covers a whole spectrum of areas. however before financial planning can take place, the individual is required to have a positive mindset towards saving.
as in our trade always says, if there is no money, there is in fact literally nothing to plan.
drop me a email and see whether you would like to catch up and discuss over a cuppa, as I do not know which particular areas you are looking at and what exact info you are specifically looking out for.
hear from you soon! :)
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