Discover crucial questions to ensure your financial adviser aligns with your goals.

Introduction

As an expatriate in Singapore, choosing a financial adviser who aligns with your financial goals is crucial. This article outlines ten essential questions you should ask your financial adviser. By understanding the importance of each question, you can better assess your adviser's performance and have confidence in their guidance.

1. Are you regulated by the Monetary Authority of Singapore (MAS)?

   Why it matters: An MAS-regulated adviser adheres to the appropriate rules and regulations, ensuring a professional and reliable service. The MAS also provides a recourse for complaints and safeguards your hard-earned money.

2. Do you offer a combination of commission-based and fee-only products? 

   Why it matters: Embracing a comprehensive approach that combines both commission-based and fee-only products is essential. This approach offers a diverse range of investment options, ensuring transparency and allowing for tailored recommendations that align with your individual needs and financial objectives.
   

3. Do your recommended products offer flexibility with a combination of lock-in and no lock-in periods?

   Why it matters: Offering a diverse portfolio of investment options, including both products with lock-in periods and those without, provides important benefits. It allows you to select investments that align with your financial objectives while simultaneously offering the flexibility and control necessary for effective investment management.

4. Can you provide clear information about any potential conflicts of interest?

   Why it matters: Transparency regarding conflicts of interest is vital in ensuring that your financial adviser's recommendations are unbiased and aligned with your best interests. By understanding any potential conflicts, you can make informed decisions and have confidence in the advice provided by your adviser.

5. Do you hold qualifications above the minimum required?

   Why it matters: Advisers with superior qualifications, such as internationally recognized Chartered or CFP status, have greater expertise and understanding of financial planning. A qualified adviser can provide more effective and comprehensive advice.

6. Can I receive written confirmation of all initial and ongoing fees?

   Why it matters: Transparent and clear fee structures build trust and enable better management of your investment costs. Make sure your adviser provides a written breakdown of fees to avoid hidden costs and to better evaluate their services.

7. Are you a privately owned firm?

   Why it matters: Financial advisers who aren't tied to parent companies can offer a broader range of investment solutions. This flexibility enables a more customised investment strategy tailored to your goals.

8. How many clients do you serve?

   Why it matters: High-quality personalized service is essential. An adviser managing too many clients may lack the capacity to provide excellent service. A good rule of thumb is that advisers should manage 80-120 families for optimal service.

9. Can you provide client testimonials?

   Why it matters: Testimonials help verify the adviser's expertise, trustworthiness, and experience. Public testimonials on platforms like LinkedIn, company websites, TrustPilot, or Google provide insight into the adviser's abilities.

10. What services do you offer?

    Why it matters: To ensure a proactive and comprehensive service, your adviser should engage with you consistently through regular meetings, updates, and timely responses to critical concerns. Their commitment to your financial goals is demonstrated by tailoring their approach to meet your individual requirements and aspirations.

Conclusion

When selecting an expat financial adviser in Singapore, it is recommended to ask these ten critical questions to assess the adviser's alignment with your financial goals, expertise, and transparency. By understanding the importance of each question, you will be better equipped to select a trustworthy and proficient adviser who can help secure your financial future.

At TallRock Capital Singapore, the focus is on providing ethical financial advice that prioritizes your interests over those of large financial institutions. The commitment is to serve you, ensuring that the relationship is centered around your needs rather than solely your money.

If you are considering changing your adviser or embarking on your financial journey, reach out for an honest, no-obligation consultation to explore how TallRock Capital Singapore can assist you. For more information, please contact info@tallrockcapital.com.