In any foreign country, Singapore included, managing your expat salary and your financial future can seem daunting. If you’re worried about certain money-related aspects of your life here, opting for a financial partner might be the way forward. For some, it can be an enormous help in securing their family’s future while making the most of being away from their home country.
We spoke with one of Avrio Wealth’s clients, based in Singapore, about their experience.
“I’ve been here for three years, having moved from the UK. With little understanding of financial markets and the best way to save, it seemed sensible to approach professionals in the industry. It wasn’t an easy decision where to invest and save money, so it made sense using a company where I had a connection.
What surprised me was how flexible plans could be. I’d heard so much about financial plans that lock you into a commitment for a fixed period with little scope for adjustment. It had never been brought to my attention that there are plans available with 100 percent flexibility, allowing you to increase the amount in your fund by as little or as much as you want and with no financial penalty if you’d like to take money out.
My advice to anyone thinking about getting financial advice would be to start as early as possible with any amount you feel comfortable with.”
How should I go about choosing a financial partner?
- Do your research, read reviews and speak to other expats. Choose a reputable and recommended company.
- Check the company’s accreditations and the qualifications of the advisor; do they have the right qualifications for your home country?
- Are they unbiased in their advice? Do they have to use their own products?
- How do they charge for the advice? Is it commission or fees? Can they provide personal advice specifically tailored to your situation?
- What tools do they use to help with your financial planning? Do they use specific cash-flow forecasting software?
- How much experience do they have? Are they established?
- Do you feel comfortable sharing your most personal financial details with them?
How do I know I need expat financial advice?
- Are you at the beginning of your career and want to make the most of your expat salary?
- Are you thinking of starting a family?
- Are you planning to retire early? How much is enough?
- Do you want to invest and secure your financial future?
Set up an online consultation to see if Avrio may work out a long-term solution for you.
This material is intended for educational and informational purposes only. It is not intended to provide specific advice or recommendations for any individual. Additionally, you should consult with your Financial Advisor, Tax Advisor, or Attorney on your specific situation. The views expressed in the material are that of the author and do not necessarily reflect those of any market, regulatory body, State or Federal Agency, or Association. All efforts have been made to report or share true and accurate information. However, the information may become materially outdated or otherwise rendered incorrect due to subsequent new research or other changes, without notice. The author nor the firm are able to always verify the content from third party sources. For additional information about the firm, please visit the MAS Website at https://www.mas.gov.sg/ and the SEC Website at www.adviserinfo.sec.gov. For a copy of the firm’s ADV Part 2 Brochure, please contact us at email@example.com
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