People often view financial planning and investing as overwhelming, intimidating and scary especially if they have to embark on this financial journey on their own. This trepidation stems from lack of financial background, education or experience to guide them. In reality, the world of financial planning can be highly complex and challenging.
The quality of financial advice and the service that advisers provide to the masses have never been more important in today’s increasingly complex financial environment. Many people lack the confidence to make the right financial decisions. Accessing quality financial advice can provide peace of mind, a sense of control and during times of significant stress, it can be a source of support.
In a recent survey commissioned by BetterTradeOff, 1,000 Singaporeans were surveyed on retirement readiness. It has been found that 3 in 5 Singaporeans are not confident that they will have enough money for retirement, and shockingly, 82% of Singaporeans are found to have not sought financial advice in the year 2017.
The need for professional, customised financial advice is compelling. Global economic markets continue to be low-yielding, complex, and volatile; a terrible mix for people lacking financial sophistication with a need to have their money performing well over the long-term for future retirement needs. Navigating the complex waters of diverse global-investment markets really does require professional advice. Singaporeans will need to get this assistance to achieve greater levels of retirement readiness. Singaporeans should strive for even a little financial literacy to help them work better with financial advisers when planning their retirement.
Hesitancy in seeking financial advice can be linked to the generally pervasive sentiment of distrust that Singaporeans harbour against financial advisers. The survey found that advisers are being perceived as too intrusive or lacking any personal touch. To change this mindset, advisers should attempt to reach out to their potential clients with an aim to educate.
“Start by caring for the clients. Financial institutions are driven by profit-making agenda which is essentially where the conflict is – good for company, maybe not good for the client. People care most about making money. Very rarely, financial advisory institutions stay true to their core values which should be servicing your clients and focusing on their interest.”
– Mr. Jeffrey Tan, Director of Synergy Financial Advisers
To find out more on retirement readiness among Singaporeans, download the full report here.
Attend our official launch event to be part of a panel discussion on retirement in Singapore. We have organised a panel featuring highly-acclaimed professionals from the finance industry to discuss the various solutions to overcome the retirement crisis in Singapore. RSVP here.