What I do is really this. I look at the client’s current situation; his assets, liabilities, income, expenses and expected changes. From this I will identify the risks and excesses; suggest areas to improve in his financials. This is not always about getting more products, sometimes it is about shaving costs and managing money better. I call this planning. For implementation, representing the client, I can source for products and services from the market. There are 3 parts.
• Understanding client’s particular risk tolerance, financial situation and the purpose for investment
• Building and preserving their financial wealth by creating and implementing long-term asset allocation
• Portfolio approach to investing and giving professional and expert investment advise
• Monitoring of your portfolio and frequent market updates
• Quarterly written update and analysis of your portfolios (personalised report and advise for investments above S$100 thousand)
• Advisory approach, not on a sales approach.
• Clear explanation of what you have currently covered and the pros and cons. Point out overlapping and/or unnecessary policies/riders
• Should you wish to, give options for improvement