Focus on value-add, not sales
Most of the financial advisors in Singapore don't receive fixed salaries and draw their incomes based purely on commission fees. This means that they have to sell expensive financial products to clients in order to survive. Obviously given such situation, the financial advisor will be more interested in earning your money, rather than help you earn money! Sure, there are many 3rd party financial advisors who claimed to be independent and charge clients fixed fees not linked to product sales. However, I see no point in paying them good money just to advise me on what type of insurance or unit trusts to buy. Given that all the information is now available on the internet and that Singaporeans are becoming more discerning, the financial industry has to mature and evolve. Financial advisors need to provide value-added services and educate clients on investing. Selling financial products alone will not help clients to improve their investment knowledge at all.
Empowerment through financial education
The key to building wealth is financial knowledge. To keep making money, you must have the knowledge, skill and competency to generate wealth. Financial products are just tools for making money. The advisors who sold the products to you are not interested to help you grow. They are only interested to grow their fat wallets. Don't be fooled into buying irrelevant financial which will make you regret later. You are only throwing away good money. Always remember: You, alone, is responsible to grow your money, and knowledge is empowerment. Enhance your financial knowledge through ebooks. Don't let others take advantage of you.