Are you planning your financial future?

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.

Expat Financial Planning, a division of Globaleye, has been providing advice for expats for the past 10 years, on everything from insurance issues to simplifying tax. It has a team of independent advisors who provide unbiased financial solutions to both corporate and private clients, who number 15,000 worldwide. We spoke with one of those 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.

I really feel working with Expat Financial Planning has developed my financial responsibility early on and given me a greater understanding of the ways in which I can save being an expat.

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?

Book an appointment now.

Written in collaboration with Expat Financial Planning
For advice on savings, investments and other financial matters, call Andrew at 9824 1470.
Expat Financial Planning is part of Avrio Wealth Pte Ltd. 

See more in our finance section:

Are you all set financially?

Planning for retirement: 5 potential income streams

This article first appeared in the August 2018 edition of Expat Living. You can purchase a copy or subscribe so you never miss an issue!

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