Planning - Financial Planning ...

Page created by Lorraine Riley
 
CONTINUE READING
Planning - Financial Planning ...
Financial
  Financial
  Planning
Planning                                                         November 2017
                                                                  wwwExcellence
                                                                       .fpas.org.sg
  November 2016     www.fpas.org.sg
                                                                 in Holistic Planning

       Highlights
       Crowdfunding for Returns

       Investment Portfolio Management during Financial Crises

       Application of Total Debt Servicing Ratio (TDSR)
       Framework for Property Purchase Planning

   “ Price is what you pay. Value is what you get ”
                                                                        ~Warren Buffett
Planning - Financial Planning ...
Contents
President’s Message .................................................................................................................................................... 1
Chief Editor’s Message ............................................................................................................................................... 2
Financial Planner Awards 2018 ............................................................................................................................... 3

3 in 1 Legacy Planning Tool: Will, Trust & LPA ................................................................................................... 4
Financial Impact of Big Ticket Items ...................................................................................................................... 8
Guest Writer: Singapore Millennial Parents see value
                       in Academic Qualifications to ensure their Child’s Future ....................................................... 10
Does SRS Need a Promo Code to Increase Exuberance? ................................................................................... 12
Book Review: Adaptive Market Hypothesis by Andrew Lo .............................................................................. 15
Guest Writer: Will Investors Adopt Robo-Advisors, Traditional Advisors or Hybrid Model? ..................... 16
Past Events ................................................................................................................................................................ 19

External Events ........................................................................................................................................................ 21

Kids’ Corner ............................................................................................................................................................. 24

Upcoming Events .................................................................................................................................................... 25

 Editorial Board
Chairman               Alfred Chia, CFP®

Chief Editor           Yash Mishra, CFP®

Members                Kee Siew Poh, CFP®                                                 Joseph Paul Kennedy, CFP®
                       Shawn Yap Khoon Juay, CFP®                                         John Sim Wei Tai, CFP®
                       Adrian Tong, CFP®                                                  Samantha Wong

Contributors           Yash Mishra, CFP®                                                  Shawn Yap Khoon Juay, CFP®
                       Kee Siew Poh, CFP®                                                 Yeo Sze Hau, CFP®
                       Joseph Paul Kennedy, CFP®                                          Zanice Yeo, CFP®

Guest Writers Deepak Khanna, Head of Wealth Development, HSBC Bank (Singapore) Limited
              Niti Guhathakur, CFPCM
              Cornerstone Enrichment Pte. Ltd.

Financial Planning Association of Singapore
146 Robinson Road, #04-02, Singapore 068909
Tel         : (65) 6372 1030
Fax         : (65) 6372 0121
Email       : admin@fpas.org.sg
Website     : www.fpas.org.sg

CFP®, CERTIFIED FINANCIAL PLANNER™ and                      are certification marks owned outside the U.S. by Financial Planning Standards Board
Ltd (FPSB). Financial Planning Association of Singapore is the marks licensing authority for the CFP marks in Singapore, through agreement with
the FPSB. AFPCM, AWPCM, ASSOCIATE FINANCIAL PLANNER, ASSOCIATE WEALTH PLANNER are registered certification marks of the
Financial Planning Association of Singapore.

Financial Planning is edited, designed and printed by Asiawide Print Holdings Pte Ltd and published by the Financial Planning Association of Singapore.
Although every reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this publication, neither the
Financial Planning Association of Singapore, Asiawide Print Holdings Pte Ltd nor the magazine’s contributors shall be held liable for any errors,
inaccuracies and/or omissions and no liabilities shall be attached thereto. Copyright of the materials contained in this magazine belongs to the Financial
Planning Association of Singapore. Nothing in here shall be reproduced in whole or in part without prior written consent of the publisher. All rights
reserved.

MCI (P) 122/11/2016
Planning - Financial Planning ...
Dear Members

FPAS’ journey in 2017 has also seen new heights being achieved. In
our May issue, I had promised a more targeted approach to members
in terms of events, talks and benefits. Our Tea-Time Talks have
since been changed to become more interesting and include topics
such as foreign properties, soft skills, alternative investments and
general market outlook. Networking events will be more focused on
providing opportunities for members to share best practices. We have
also launched the first of our quarterly focus groups in July with the
objective of obtaining feedback and ensuring constant engagement
with our members. Weekly touch points through interesting articles
via social media and emails have also commenced.

We are committed to ensuring that all Singaporeans have access to responsible and appropriate financial
planning advice and this can be done by raising the professional standards of the industry through
education. The inaugural Financial Planning Conference in March for both practitioners and general
public is the first initiative to promote financial literacy and improve professionalism of financial
planners. FPAS will next hold the Financial Planner Competition and Awards Night to recognize
outstanding financial planners from different distribution channels. We are honoured to be able to
engage Mercer (Singapore) Pte Ltd to be our domain knowledge partner for this competition. More
details are enclosed in this November issue. These 2 major events will be done on a yearly basis and this
is FPAS’ commitment to raising the level of excellence in the financial planning sector.

In line with the education outreach on financial literacy to the public, we are also increasing our
involvement through more pro bono talks to charities, associations and NTUC. This will ensure that
members of the public will benefit from learning more about the importance of a good financial plan.
We will also be launching a new public category within our member base where non-members will be
able to enrol for our talks and events.

Lastly, FPAS is working towards a new version of the CFP study guides in partnership with an established
publisher that are targeted to be launched in 2018 in time for FPAS’s 20th Anniversary celebration. A
new version of CFP Study Guides is in line with our commitment on the quality of CFP qualification
that is practical and captures the latest changes in current trends, market practices and standards.

We are also looking forward to celebrating the first FPAS convocation with our graduates in October.
This brings about a new milestone in recognising the AFP, AWP and CFP mark.

I thank you for your continued support and look forward to connecting with you regularly through our
events.

Joseph Kwok, CFP®
President
Financial Planning Association of Singapore

                                                                                                      ■1
                                            November 2017 Financial Planning Association of Singapore
Planning - Financial Planning ...
Dear Members

This edition focuses on the celebration of Excellence in the Financial
Planner Competition and Awards Night that was initiated in 2017.
We will celebrate their Success and announce the Winners in our next
issue. We feature a CFP Guest writer from India to share their insight
on whether Investors are looking to adopt robo advisors or pursue a
hybrid model?

As the year draws to a close, it’s the time of the year where the
contribution deadlines loom for the Supplementary Retirement Scheme
(SRS). We discuss the common concerns in the article, Does SRS need a
Promo Code to Increase the Exuberance? around it. As Spring Cleaning practice, we shed some light
on what it means to get your affairs in order through the use of ‘Standby Trusts’ and the 3 in 1 Legacy
Planning tools. To get you into the year-end shopping, vacations and purchases that gets us in mood
for festivities. We look at where we spend our most dollars in the article Financial Impact of Big Ticket
items and how we can potentially save.

The Book Review , this time features Dr Andrew Lo’s Book’ Adaptive Markets’ a very insightful
read that applies concepts such as asset allocation, risk management, and investment consulting to
practical settings and discussed the evolving role of the Financial Advisor .

Hope you enjoy the read!

Yash Mishra, CFP®
Chief Editor

2■
November 2017 Financial Planning Association of Singapore
Planning - Financial Planning ...
Financial Planner
Awards 2018
T
       he inaugural Financial Planning Association           FPAS is committed to raise awareness of the
       of Singapore awards for all financial planners        importance of financial literacy for the benefit of
       in Singapore to be recognized for their               all Singaporeans and encourage consumers to take
financial planning excellence in their respective            positive planning action.
industry sectors namely Banking, Insurance and
Financial Advisory (FA).
                                                             Uniqueness of the Awards
                                                             It is the first competition by FPAS that assesses the
Objectives of the Awards                                     financial planning acumen of practitioners from
The first industry-wide competition organized by             three major industry sectors in Singapore namely
the Financial Planning Association of Singapore              the Banking sector, the Insurance sector and the
(FPAS) in partnership with Mercer, our domain                Financial Advisory (FA) sector.
Knowledge Partner, and a panel of prestigious judges
of experts from the Finance industry, regulatory             The award also aims to develop and maintain high
bodies, esteemed institutions and practitioners.             ethical standards and increase high quality financial
                                                             advice within the industry sectors.
This award aims to recognize financial planners who
excel in their professional knowledge, demonstrate
financial planning skills at the highest level and
uphold best practices in financial planning in
Singapore.

The objectives resonate with FPAS vision and
mission to ensure that all Singaporeans have access
to responsible and appropriate financial planning
advice, by raising the professional standards of the
industry through education and a shared code of
ethics.

      Competition Details

•   Categories – All successful applications will be categorized into THREE industry sectors namely; Banking,
    Insurance, and Financial Advisory (FA)
•   Rising Star Category* (Individual Awards)
    – Three Best Financial Planner Awards for each industry sector
    – Top Ten Financial Planners for each industry sector
*Have less than 3 years working experience in Financial industry
                                                                                                    I nd i v     66
                                                                                                               idua l
•   Open Category (Individual Awards)                                                                                   w inn
                                                                                                                                er s
    – Three Best Financial Planner Awards for each industry sector
                                                                                                       Corp
                                                                                                           3
    – Top Ten Financial Planners for each industry sector                                                    o
                                                                                                        w inn rate
                                                                                                             er s
•   Company with the most Nominees
    – Three Corporate Awards for each industry sectors

For more information, please visit the Awards microsite at www.FPA.sg

                                                                                                                            ■3
                                                     November 2017 Financial Planning Association of Singapore
Planning - Financial Planning ...
3 in 1 Legacy Planning Tool:
Will, Trust & LPA                                                       By Kee Siew Poh, CFP®

T
         here is nothing more certain than the
                                                         3 Circumstances a Trust Proves
         certainty of death and nothing more
                                                           Useful
                                                         Useful
         uncertain than the timing and moments at
which death occur. Yet, for many of us, we spend         1. Too Young & Financially
more time planning for our dream vacation than              Immature: Too Much, Too Soon,
planning for our estate. Without proper estate              Too Unprepared
planning tools or instruments, a significant part of        With only a Will in place, it means that our
the assets, investments and legacy we have built up         estate distribution will be in a lump sum.
in our lifetime, could be lost or diminished in value.      Hence, when children reach the age of 18, they
What would happen to the people we care about               will have the full insurance proceeds possibly
and the values we would like to impart to them?             worth $1m or more. When they reach the age of
                                                            21, they will acquire title to the properties which
Many people buy Travel Insurance before                     could effectively make them a millionaire. In
they depart for their holiday to protect against            short, while we take years to build our wealth,
unforeseen circumstances. In the same manner,               our children could become instant millionaires
before our demise, when we settle all the important         without even lifting a finger to work! Many of us
things that matter to the family such as drawing            work hard so that we can retire comfortably. In
up a Will and LPA and for some, to even set up a            our children’s generation, some of them could be
Trust, it would give our family tremendous peace            born to retire. If you are a parent of young children
of mind and protect them against unforeseen                 today, in the event of common disaster, would you
circumstances.                                              be concerned with your children receiving too
                                                            much and too soon? Will this enrich or ruin them?
Is A Will Alone Sufficient?                                 Will this be in their best interest?
The average Singapore family is among the world’s
wealthiest, and yet also experiences one of the lowest      With a Trust in place, it is possible for estate
replacement ratio. In the past, it is not uncommon          distribution to be delayed or staggered. This
to have 8 to 10 children in the family, and a HDB           means that instead of receiving the proceeds
flat could only be worth $20,000. There is not much         at 18 or 21, our children can receive it at a later
to plan for to begin with. Today, a HDB could be            age e.g. 30 or 35 when they are more financially
worth $1m and for those who own a home, have                matured. It is also possible for us to structure
some savings, insurance and investment plans, their         the payout in accordance to their educational
estate could be easily millions. And most families          needs in the growing up years.
have just 1-2 children.
                                                         2. Too Old : Mental Incapacity
Proper estate planning for the average Singapore            As the Singapore population ages, one may be
family, therefore, goes beyond simple nomination            alone with considerable assets after their spouse
and writing a will. A family trust is frequently            leaves them. When a person is alone in their
required to protect their loved ones and assets             twilight years, the risk of being swindled rises
against untimely death and to fulfil the aspirations        dramatically. We saw this in the case of Chinese
of the family. Wealth and assets could be lost very         tour guide, Yang Yin who was eventually
quickly if we do not plan for potential pitfalls and        sentenced to jail for cheating Mdm Chung, a
family circumstances that are unforeseeable.

4■
November 2017 Financial Planning Association of Singapore
Planning - Financial Planning ...
wealthy widow.                                           families make provision for their special needs
                                                           children and allow them to realise their full
  It is important to understand the risk of mental         potential in life?
  incapacity. Recent statistics showed that
                                                           Many parents are worried and concerned with
  dementia affect more than 1 in 5 persons aged
                                                           what happens to their special needs children when
  above 65 and more than 1 in 2 person aged above
                                                           they pass on. With the support from MSF and the
  85. One of the major concerns flowing from an
                                                           National Council of Social Service (NCSS), the
  elderly person’s mental incapacity is in relating
                                                           Special Needs Trust Company Limited (SNTC)
  to the management of his assets and property
                                                           was set up in 2008 as a charity with the objective
  affairs. If he suffers from mental incapacity and
                                                           to enhance the financial security and well-being of
  he alone is the sole operator of his bank account
                                                           persons with special needs through the provision of
  and other financial affairs, during the time of
                                                           Trust services. The SNTC requires just a minimum
  his mental incapacity but prior to death, no
                                                           of $5k to set up the trust account. Insurance
  other person has the authority to manage his
                                                           proceeds or CPF savings could then be nominated
  affairs unless so authorised by the Court.
                                                           to the Trust to ensure children are being provided
                                                           for financially in the years to come.
  With a Lasting Power of Attorney (LPA), the
  entire process is simplified and a person (the
                                                           A Trust for Every Family Situation
  donor) is able to appoint his most trusted person
                                                           Every family is different and unique. For every
  to take care of him and manage his affairs as his
                                                           family situation, a Trust can be constructed to suit
  donee. Setting up a LPA is not complicated and it
                                                           their family objective. Below is an example of how
  is an effective way to ensure that the donor is well
                                                           one can effectively combine a Will, Trust and LPA.
  protected in the event of his mental incapacity.
                                                           The 2 trigger events where assets will be poured into
                                                           the Trust would be Death and Mental Incapacity.
3. Too Special : Not Disabled but
                                                           In the event of Mr Tan’s demise, aside from the
   Differently Abled
                                                           assets which he has designated as immediate
  Special needs children often have unique talents,
  hence making them differently abled. How can

       Estate Upon Death                                                   Assets Upon Mental Incapacity

  Immediate
    Gifts

 $10,000 to
 parents                                    Tan’s Family Trust
                             Will                                              LPA
 $10,000 to
 siblings

                                              Mr & Mrs Tan
        Regular Payout
                 +
                                                                                     Regular Payout
         Conditional Gift                                                            Monthly allowances
                 +                                                                 and costs of nursing and
                                                                                        medical care
      Withholding Criteria

                                                                                                              ■5
                                                    November 2017 Financial Planning Association of Singapore
Planning - Financial Planning ...
gifts, the rest can be poured into the Standby Trust     don’t quite know what to do with the rest of their
for distribution to his loved ones in accordance to      lives. This success often revolves around the 3 As
the Letter of Wishes. In the event Mr Tan loses his      – Acquisitions, Achievements and Accolades. The
mental capacity, the LPA will be triggered such that     pursuit of success can be never-ending, sometimes
some of the assets could be poured into the Trust        liken to a dog chasing after its own tail and still find
and provide a monthly payout both for him and his        the tail one step ahead. How can one move from
loved ones.
                                                         success to significance?
As the Trust is set up on a Standby basis, and only
                                                         If success is often about the 3 As, significance
triggered in the event of Death or Mental Incapacity,
there is minimal administrative and ongoing              can be about the 3 Is – Inspire, Influence and
management cost involved in the meantime. Thus,          Impact. It is no longer about pursuing, but in
the solution is very cost effective. It is also very     giving, in trying to inspire and influence the
flexible as changes to one’s intention can be made       younger generation and imparting the values that
through the Letter of Wishes, and it allows the          make us successful and creating a values-driven
person who set up the trust (known as settlor) to        legacy. And such values are often caught and not
retain control in this lifetime.                         taught. This is also where a well-structured Trust
                                                         (in combination with a Will & LPA) can help to
Conclusion: Values beyond                                transfer and perpetuate such values, beyond just
Valuables                                                the valuables.
Many people upon reaching half time, have
attained a good measure of success but after that,

 Standing by a Standby Trust – Case Study
     Contributed by: Yeo Sze Hau & Zanice Yeo, CFP®

     When it comes to setting up a Will and Trust, the common assumption is that it is for married couples
 who wants to provide for their young children. However, these can be very effective estate planning tools
 for specific purposes in regards to providing for their loved ones or favourite charities.

 Let us share on a case of Dr Mark Ng. He is age 40, single with no children. He is a young and healthy
 medical professional. He met with us to explore his estate planning needs and decided to set up his Will,
 Trust and Lasting Power of Attorney.

 As a doctor, Dr Mark Ng has witnessed first-hand circumstances where family members were put in
 difficult situations when their loved ones fell into a state of coma (for example due to stroke). The
 challenges faced by the family and the decisions they have to make include:
 • If keeping their loved one on life support is the right decision?
 • What about the increasing long term medical costs that accompanied with the prolongation of life?
 • The daily needs like where to stay, types of medical care, etc?
 • Making financial decisions like how to manage the existing property, invested assets, tax matters, etc?
 • Can the money and assets of their loved one be directed to take care of his/her long term needs as well
    as his dependents’ needs?

 The costs of long term care can be extremely high and can be a strain to family members. The patients
 may not have sorted out their affairs and their family may be tossed into a state of confusion. These led
 Dr Mark to question on such issues and how to continue showing his love for his loved ones.

6■
November 2017 Financial Planning Association of Singapore
Planning - Financial Planning ...
A standby trust had been set up with customised instructions to address the needs and objectives of Dr
   Mark. In addition, a Will and Lasting Power of Attorney (LPA) were done.

   A standby trust is basically a dormant trust where assets are only poured into the trust due to a triggered
   event (for example in event of death of settlor, which is the person whom set up the trust). One of the main
   reasons for such a structure is gifting can be controlled. Instead of giving a lump sum to his loved ones,
   Dr Mark is ensured that:
   • His parents and elder aunt will receive a constant stream of allowance in the event of his passing and
      be well taken care of.
   • Upon fulfilling certain criteria, his other relatives will also receive their share of inheritance.
   • As he prefers an independent and capable party to manage the financial aspect of the LPA, he appointed
      the Trust Company (licensed by Monetary Authority of Singapore) as his property and affairs donee
      in the event of his mental incapacity (for example dementia).

   Dr Mark can still maintain control of his assets during his lifetime and pre-set instructions of how his
   assets to be managed during the mental incapacity period. Above all, there are no annual administrative
   charges until the Standby Trust is activated.

   Dr Mark intends to live his life to the fullest and is glad to have a peace of mind should there be any
   unexpected life catastrophes.

   In some ways, setting up a trust can be like buying insurance. Except instead of standing by money for
   the family in the event of one’s passing, the settlor is standing by instructions on how his/her assets
   including money is distributed and managed for the benefit of their loved ones. He/she is ensured that
   their wishes will be carried out to maintain an element of control upon one’s passing. At the end of the
   day, it is their way of showing love to their loved ones.

                                                                                                            Lasting Power
                                                          Will*                    Standby Trust             of Attorney

                                                                            Death or Mental Incapacity or      Mental
Trigger Event                                             Death
                                                                                  transfer of assets         Incapacity

Person who does it                                       Testator                      Settlor                 Donor
People to be appointed to administer                     Executor                     Trustee                  Donee
Functions
                                                                                  Yes, if there is a
Distribution of Estate                                     Yes                                              Not applicable
                                                                                pour-over from Will
Management of Assets/Estate                                 No                          Yes                 Not applicable
Addressing personal welfare needs in event of
                                                            No                           No                      Yes
e.g. dementia
Addressing property affair needs in event of
                                                            No               Yes, if appointed as Donee          Yes
e.g. dementia
Features

Allows Assets to be transferred during lifetime             No                          Yes                 Not applicable

Avoid Probate                                               No                 Only for certain assets      Not applicable
Appointment of guardian                                    Yes                           No                 Not applicable
Lump Sum Distribution                                      Yes                          Yes                 Not applicable
Staggered Distribution                                     No*                          Yes                 Not applicable
                                                    *Assuming no trust
Remarks
                                                  instruction is included

                                                                                                                             ■7
                                                            November 2017 Financial Planning Association of Singapore
Planning - Financial Planning ...
Financial Impact of Big
Ticket Items                                                           By Shawn Yap Khoon Juay, CFP®

B
        ig ticket items are highly-priced                                $1 Million   $500,000     Invest
        consumables that we spent our hard earned                          Home        Home      difference
                                                                                                   @ 3%
        money on. Some are inevitable while others
                                                         Downpayment      $200,000    $100,000    $100,000
are choices. In this article, we discuss three of the
                                                         Monthly           $3,800      $1,900      $1,900
biggest financial commitments in Singapore.              Mortgage
                                                                    Financial Impact in 25 Years $1,040,000
Home
                                                        Assuming a downpayment of 20%, interest rate of
Home loan will be the biggest liability for many        3% and a loan period of 25 years, the table shows
home owners. Home loan is a ‘double-edged               the huge difference of more than $1 million!
sword’ as it can provide positive and negative
leverage effect.      While Singapore property          Car Ownership
(whether HDB or Private) had appreciated strongly,      Another big ticket item is the cost of car ownership.
past performance is not an indication for future        Singapore is notoriously known for its high costs
performance. Home owners should focus on                of car ownership in the world. It is enlightening to
managing their home loan for prudent financial          see the responses of Hollywood stars when told the
management rather than to hope for the property         prices of cars in Singapore. They are multiple times
price to appreciate like in the past.                   that of the States. In addition, cars with higher
                                                        horsepower usually come with higher insurance
For Singaporeans and permanent residents, the           and road tax. Car buyers commonly gauge the
use of the Central Provident Fund (CPF) has             affordability of a car based on the downpayment
aided in the ownership of homes. Unfortunately,         and monthly instalment. Many failed to calculate
some home owners have exhausted their CPF and           the total cost of car ownership and compare it with
risk compromising the primary objective of CPF          other alternatives. The real costs should include
- retirement funding. With a median lifetime            petrol, parking, ERP, tax, insurance, maintenance,
income of $3 to $5 million, the allocation towards      consumables and the occasional “cons” by car
the purchase of a home could significantly affect       mechanics. Assuming a car price of $100,000,
the owner’s nest egg. Now, let us find out the          downpayment of 30%, interest rate of 2.5% and a
difference between buying a $500,000 versus a           hypothetical loan term of 10 years, the true cost
$1,000,000 home.                                        of car ownership is about $1,500 per month. The

8■
November 2017 Financial Planning Association of Singapore
alternatives to car ownership are bus, train, taxi,    more than a local university. With the internet,
cycling, car sharing and ride-hailing platforms.       distance learning and twinning programmes have
Grab and Uber have made transportation more            seen increasing popularity. Students need not
convenient to consumers. Now, anyone can be            travel so far to another country, spending extra
chauffeured by a “private” driver. A mixture of        money on lodging and food. Having an overseas
the various transport alternatives could cost much     degree also does not mean a higher starting salary.
lower than car ownership.                              In fact, it takes longer to breakeven on education
                                                       costs. Even though this is the case, there is a well-
                Own Car     Transport     Invest
                  For      Alternatives difference     known saying that it is not what you know but who
                10 Years                  @ 3%         you know. Studying in prestigious schools may
 Initial Cost   $30,000        $0         $30,000      connect you personally to people in high places if
                                                       you network diligently. Social media like LinkedIn
 Monthly         $1,500       $750         $750
 Expenses                                              are trying to replicate that but nothing beats a
                                                       face-to-face communication. The table shows the
            Financial Impact in 25 Years $220,000
                                                       approximate difference between local universities
You can see from the table that the long term          and overseas universities. Note that specialised
consequence (25 years) of owning a car for just 10     courses like medicine and tuition fees of elite
years is more than $200,000. Imagine how much          schools cost much more.
another 10 years of car ownership would reduce
your retirement fund by.                                             Tuition Fees            List of
                                                                        Only           Local Universities
Education                                              Singapore      $40,000 to
                                                                       $80,000
                                                                                      Nanyang Technological
                                                                                        University (NTU)
We have gone pass the era where parents are proud
                                                                                       National University of
of their children who wear the square academic                                           Singapore (NUS)
caps which indicate a high level of education that     U.K.           $80,000 to
                                                                       $240,000        Singapore Institute of
in turn secure a good future ahead. Graduates are                                        Technology (SIT)
rare in those times. Today, having a bachelor’s                                       Singapore Management
degree is not that uncommon. The value of a            Australia     $120,000 to         University (SMU)
                                                                      $160,000
bachelor’s degree has been called into question                                        Singapore University of
where technological disruptions are happening in                                       Social Sciences (SUSS)
almost every industry. Bill Gates, Steve Jobs and      U.S.A.        $120,000 to       Singapore University of
Mark Zuckerberg are all school drop-outs. Jack                        $200,000          Technology & Design
                                                                                              (SUTD)
Ma was rejected 10 times by Harvard University.
The idea here is not to quit school but to examine
the cost and value of tertiary education.              In conclusion, we should earn enough money
                                                       in our lifetime for retirement. The key is to choose
With 6 local universities providing courses in         our expenses wisely. The first 2 tables are illustrated
different fields, there is little need to venture      using a conservative rate of return at 3% per annum.
overseas to get a tertiary education. The difference   The difference is even greater when the returns are
might just be an experiential one. Moreover, an        higher.
overseas tertiary education cost several times
Guest Writer:
Singapore Millennial Parents see
value in Academic Qualifications
to ensure their Child’s Future
                                                                              By Deepak Khanna,
                                     Head, Wealth Development, HSBC Bank (Singapore) Limited

• 80% of millennial parents have started making
  plans for their child’s education even before they                    Average parental spend on
                                                             Country      their child’s education
  start primary school
                                                                                  (USD)*
• 32% of millennial parents will sacrifice their “me
                                                             Global              44,221
  time” to support their child’s education
                                                            Hong Kong            132,161
• One in two millennial parents will consider an
                                                              UAE                99,378
  overseas university education for their child
                                                            Singapore            70,939

S
     ingapore parents are spending the most (USD              USA                58,464
     70,939) among their South East Asia peers on            Taiwan              56,424
     their child’s local education from primary
                                                              China              42,892
school up to university undergraduate level,
                                                            Australia            36,402
according to Higher and higher, HSBC’s report in
The Value of Education series.                               Malaysia            25,479
                                                               UK                24,862
Of the over 8,400 parents in 15 countries and                Mexico              22,812
territories surveyed, parents in Singapore ranks             Canada              22,602
third globally after Hong Kong (USD 132,161)                  India              18,909
and the UAE (USD 99,378), to contribute the most
                                                            Indonesia            18,422
towards all aspects of their child’s local education
                                                              Egypt              16,863
costs, including school/university tuition fees,
educational books, transport and accommodation.              France              16,708

10 ■
November 2017 Financial Planning Association of Singapore
funding their child’s education using a specific
Millennial parents just as ‘family
                                                          education savings or investment plan.
focused’ as previous generations
De-bunking stereotypes of being inwardly focused,         While parents recognise that educating a child can
family is central to millennials’ lives – even more       be expensive, it is easy to underestimate the full
so than previous generations in some instances.           and long-term costs. While majority of Singapore
                                                          parents have started to plan and for their child’s
HSBC’s research found that 80% of millennial              education, more needs to be done as still a large
parents in Singapore have started making plans            proportion of Singapore parents are forfeiting
for their child’s education even before they start        other priorities to help their child reach their full
primary school (82% for generation X parents).            potential.
Millennial parents are more likely than baby
boomer parents (32% vs 19%) to have forfeited             Practical Steps
their “me time” in order to support their child’s         Below are some practical actions drawn from the
education.                                                research findings for parents to consider when
                                                          planning for their children’s education:
International education on the
rise                                                      1.	
                                                             Start planning early: Early planning and
Possibly linked to millennials’ extra financial and          saving for education can help your children
personal investment in their children’s education,           fulfil their potential and limit the strain on
is the growing preference for overseas education.            family finances. Seeking professional advice
                                                             can help you plan and make better informed
According to the HSBC report, millennial parents             choices
(54%) are more likely to consider university abroad       2.	
                                                             Be realistic about the costs: The costs of
than either generation X (43%) or baby boomer                educating your children from school to
(36%) parents.                                               university can be very expensive. Be sure
                                                             to allocate enough money to support their
In today’s highly competitive global job market,             development and attainment through all stages
education has never been more important.                     of their education
Singaporean millennial parents’ future ambitions
for their children means they are investing their         3.	
                                                             Consider university abroad: A university
time and money to help their children get the best           education abroad can help your children to be
                                                             independent and enhance their job prospects.
start in life including an overseas education.
                                                             Make sure to plan for all the implications
                                                             including higher tuition fees, international
An education plan but what
                                                             travel and exchange rates
about a plan to fund it?
Millennial parents’ forward-looking education             4.	Prepare for the long term: Parents can still
plan for their children is not necessarily including          be paying for their children’s education when
a plan to fund it.                                            they are well into their twenties. Understand
                                                              the extra costs of them studying for longer and
Despite starting with financial planning early in             consider putting plans in place to fund these
the child’s life, half of the surveyed millennials            should the unexpected happen.
said they wished they had put more money aside
for their child’s education, compared to 38% of           The full report can be accessed at
generation X parents.                                     https://www.hsbc.com.sg/1/PA_ES_Content_
                                                          Mgmt/content/singapore/hsbcpremier/pdf/value_
Relatedly, 67% of parents across all generations in       of_education_singapore_report.pdf
Singapore are funding their child’s education from
day-to-day income, while 49% are using general
savings, investments or insurance, and 20% are

                                                                                                           ■ 11
                                                   November 2017 Financial Planning Association of Singapore
Does SRS Need a
Promo Code to Increase
Exuberance?
                                                                 By Joseph Paul Kennedy , CFP®

I
    f you have taken a ride hailing platform for your   individuals could immediately discover if they
    transportation needs lately you are probably        are in a good position to benefit from SAV SRS
    well aware of the interest and sometimes            and how the NVST SRS begins to reduce their
exuberance over the promotions available using          projected retirement needs gap. “I’ve got the
the promo code and its corresponding savings.           extra positive cash flow this year and am happy
“How much discount am I getting with this code.         to contribute X amount of the maximum $15,300
That’s a great deal. I think I’ll WhatsApp my closest   (citizen/SPR) or $35,700 (foreigner). This promo is
friends to share the news that rides provided by the    great! I’m going to save X dollars on next year’s tax
X Company today are free.”                              payments and at the same time accumulate assets
                                                        for my retirement”.
The sharing of promo codes seems to spread
like wildfire. Why not give the Supplementary           Folks, we advisors are this app at the moment. We,
Retirement Scheme a promo code to help it to            who meet potential beneficiaries everyday can help
spread even further to those who can benefit? SRS       to spread the word.
has effectively been a promotion since 2001. It
is a tax savings promotion that expires every 31        It is encouraging to see the take up for SRS continue
December. As advisors, we can help spread two           to grow. There were more than $7 billion cumulative
mock promo codes:                                       contributions by the end of 2016 from more than
1) SAV SRS – contributing to the scheme                 127,000 account holders. Anecdotal evidence
2) NVST SRS – investing the contributions               tells us that a surprising number of individuals
                                                        have either never heard of the scheme or have not
Type these codes into a future phone app and            investigated to see if it is suitable for their specific

12 ■
November 2017 Financial Planning Association of Singapore
situation. We still have work to do to spread the           client education would likely bring this number
word of the SAV SRS mock code. We should be                 to a more appropriate level. The three SRS operators
involved to help clients review regularly since their       pay an annual interest rate of only 0.05%... and then
situation changes frequently.                               there is inflation.

Perhaps even more surprising is the lack                    Not everyone is a good candidate for
of use of the NVST SRS mock code. The statistics            SRS, but for those who are, let’s share the mock
provided at the MOF website show that almost                promo codes. As we share, here are common
35% of the $7 billion is cash. While holding this           objections followed with some information for
asset is appropriate under certain circumstances,           discussion.

  Concern #1:
  Aren’t the investment options quite limited?

  Investment options include shares, bonds, unit trusts, fixed deposits and insurance products. This offers a
  wide range of investments - many of which we likely recommend outside of the SRS.

  Concern #2:
  If my client dies prematurely, wouldn’t the estate experience a hefty tax liability with 50% of the entire
  SRS holdings taxed in one year? The client would no longer benefit with the option to spread the
  withdrawal over a full 10-year period of time.

  Up to $400,000 tax exemption for withdrawal upon death or terminal illness under a prescribed formula
  has been available since YA 2016. There could be no tax on the first $400,000 meaning 100% could go to
  your estate under the scenario you presented.

  Concern #3:
  With a withholding tax charged on my permanent resident and foreign clients, why would I
  recommend SRS to them?

  Take note that withholding tax is not the final tax. Depending on their tax residency, they may get a
  refund from this withholding tax and pay at a rate that justifies the contributions. Run the numbers, they
  can be quite favorable under many scenarios.

  Concern #4:
  My client prefers something much more flexible than an investment that can only be taken out at age
  62. Why would I want to lock up my client’s money?

  Encouraging individual to set aside money for retirement is one of our value propositions. The SRS is
  more flexible than many of the solutions we offer our clients. Take note that there is a 5% penalty fee
  and tax must be paid on any premature withdrawal. However, compared to other insurance policies that
  have a long duration, SRS may hold up quite well. In fact, SRS may be able to be used for some of those
  policies.

  Concern #5:
  Doesn’t paying tax on the profits of my SRS investments make it less than desirable?

  Fifty percent of the entire SRS amount withdrawn has tax liability. However, it is expected that most will
  still pay 0% or little tax on the 50%. Currently the first $40,000 of SRS withdrawal draws 0% tax if there is
  no other income for the year.

                                                                                                              ■ 13
                                                    November 2017 Financial Planning Association of Singapore
Concern #6:
   I’m concerned that income tax rates may be higher at the time of withdrawal. Should I be
  concerned?

  This is an unknown. Taking advantage of known tax savings would be my recommendation in lieu of
  being overly concerned about the future that is out of our control. Is it possible that tax rates could be
  lower in the future?

  Concern #7:
  What happens if the withdrawal age changes from 62 to 65 or even age 70 in the future? When will
  my clients be able to start taking out SRS assets?

  As long as the first contribution was made during the time when 62 years of age was the legally prescribed
  withdrawal age, you can be certain that it will age 62.

  Concern #8:
  My client receives much tax relief in the form of Working Mother Child Relief. Why should she
  contribute to SRS?

  The personal income tax relief maximum limit has been set at $80,000 beginning with YA 2018. SRS
  contributions would not be a good recommendation for individuals who will not receive any tax benefit.

  Concern #9:
  My client has a high income but currently cannot afford the contributions. He is having difficulties
  with his cash flow. Should we try to take advantage of SRS?

  Affordability is a key consideration for savings and investment planning. This is not likely to be the right
  time to contribute, but keep it in mind, when the cash flow allows him to safely take advantage of SRS, do
  so before 31 December. In some cases, he may have an asset that is inappropriate for a healthy portfolio
  in terms of diversification, for example. The redirection of that investment into SRS could create a better
  overall portfolio while reducing his tax liability.

You have likely heard similar objections from               in previous November FPAS Magazine articles
fellow advisors and clients. Let’s do our best              and stay updated by visiting the SRS section on
to get the appropriate clients excited about                the Ministry of Finance website. Get acquainted
tax savings and interested to review if it is               and share it as if it has a promo code.
suitable for them. More SRS details can be found

14 ■
November 2017 Financial Planning Association of Singapore
Book Review
Adaptive Market Hypothesis by Andrew Lo
                                                                               Review by Yash Mishra, CFP®

T
      his Book is a very insightful read. The author          The consultant can assist managers and investors in
      develops a qualitative and descriptive framework        dealing with preferences in a more serious fashion.
      referred to as the Adaptive Market Hypothesis           Instead of simply matching an investment product
(AMH) that develops concrete insights when applied            with a buyer, the consultant can offer three far more
to practical settings such as asset allocation, risk          valuable services:
management, and investment consulting.
                                                              1. Educating investors and managers about
Modern Investment theory and Practice is currently               preferences, expectations, and potentially
based on the Efficient Market Hypothesis (EMH). The              detrimental behavioural biases.
construct is on the notion that markets fully, accurately     2. Assisting investors in articulating, critically
and almost instantaneously incorporate all available             examining and, if necessary ,modifying their
information on market prices. Underpinning this                  risk to suit their stated investment objectives,
further is the assumption that all market participants are       constraints and current market conditions;
rational economic beings, always acting in self-interest      3. Matching an investment manager’s preferred
and making optimal decisions by trading off cost and             investment process with an investor’s suitably
marginal utilities all statistically weighed up. This has        modified risk preferences.
come under question given documented departures
from rationality by a psychologists and experimental          These new services may be more challenging than they
economist. It has shown specific behavioural biases           seem. In many cases, consultants will be the bearers of
that are apparent and easily exhibited in human               bad news. However, that is the essence of fiduciary’s
decision making especially under uncertainty. Several         responsibility to have the client’s best interests in
of these are not desirable a outcomes for an individual       mind, and how else can a client’s best interests be
s economic welfare.                                           determined except through a deep understanding of
                                                              his or her preferences?
In the book, for example, the AMH implies the
following thesis:                                             The very best consultants already do this in an
• Equity risk premium is not constant through time            informal and intuitive manner by investing time and
   but varies according to the recent path of the stock       effort in establishing long-term relationships with
   market and the demographics of investors during            their clients and their managers.
   that path
• Asset allocation can add value by exploiting the            However, a more systematic approach using the latest
   market’s path dependence as well as systematic             innovations in psychological testing and investment
   changes in behaviour                                       technology is likely to yield even more significant
• All investment products tend to experience cycles           benefits and for a broader set
   of superior and inferior performance                       of consultants. It also requires
• Market efficiency varies continuously over time and         the financial consultants to
   across markets; and                                        be sensitive to the changing
• Individual and institutional risk preferences are not       nature of financial markets
   likely to be stable over time                              and the ebb and flow
                                                              of investment products
The aspect that I found particularly interesting as a         and market and must
financial consultant is the envisaged ‘Evolving Role          monitor not only current
of the consultant’. It lays out the argument for why          performance characteristics
independent third parties, investment management              but also the cyclical nature
consultants are ideally positioned to play a central role     of each asset class and
in the asset management industry. Within the context          how it relates to current
of the AMH and behavioural finance, the consultant            business conditions.
can provide several valuable services that are currently
not available such as the following:

                                                                                                                 ■ 15
                                                        November 2017 Financial Planning Association of Singapore
Guest Writer:
Will Investors Adopt Robo-
Advisors, Traditional Advisors
or Hybrid Model?                                                          By Niti Guhathakur, CFPCM

I
    n a recent interaction with a distinguished          This raises a question in most of our minds whether
    group of financial advisors and investors, I was     a robo-advisor is merely an enabler or would it
    asked what is it that you define as a common         substitute human intervention altogether? The slow
objective of a robo-advisor and an advisor. The first    adaptation of robo-advisory in the financial world
though that occurred to me was both exist to serve       as compared to all other sectors clearly showcases
the investor and so the ‘financial well-being’ of the    that human intervention is required when investors
investor has to be the biggest objective of all in the   want to invest their hard earned money. Thus a
financial industry.                                      HYBRID model appears to be a win-win strategy
                                                         and most investors seem to be moving towards it.
A robo-advisory is an algorithm based platform
that provides a financial plan based on the              The hybrid model facilitates risk profiling, goal
investor’s risk profile, goals, monetary and physical    setting, creation of model portfolio basis the risk
assets.
profile of the investor and an automation model           advisors that can share latest developments, products
to inform the investors about the value of their          and refer clients to ensure the investor’s portfolio is
existing investments. This report could be discussed      well managed and the advisor does not miss any
and shared with the advisor to formulate a further        opportunity to enhance the investor’s portfolio. An
customised detailed financial plan.                       advisor must spend at least 60% of his time and effort
                                                          doing the following four major activities:
What’s next?
The financial planning industry appears to be at          1. Advertising and Marketing: Let the world
an interesting juncture with the fast developing             know you are in business. Most importantly,
FINTECH industry. Advisors can benefit from                  they should know you are an expert in this
this opportunity through a detailed understanding            subject. You could write blogs, publish articles
of the investors behaviour and needs. If you have            on LinkedIn, Facebook and be present on B2B
made the choice to be a financial advisor, you               and B2C platforms where both investors and
should commit enough time to meeting more                    advisors exist.
people, sharing knowledge, dispelling fears and
encouraging action.                                       2. Sales: Have a strong value proposition. You
                                                             should be able to explain the significance and
We are now in a flat global economy and everyone             transformation you can bring into the life of
clearly understands the importance of portfolio              an investor. Your sales pitch should be able to
diversification across asset classes and across              illustrate the benefits in a simple language in a
geographies. Thus, it is imperative to stay connected        mathematical manner.
with the industry and form a global community of
                                                          3. Client Management: Keep your client’s best
                                                             interests in mind. Keep updated on your client
                                                             portfolios and connect with them regularly to
                                                             maintain and grow revenue. Focus on this the most.

                                                          4. Business Management: Optimise and benefit.
                                                             It is imperative that every advisor upgrades
                                                             and works towards raising the bar. Evaluate a
                                                             customized B2B model that could support your
                                                             sales, client management and business strategy
                                                             with an AI (artificial intelligence) robo-advisory.

                                                          You could evaluate the recently launched
                                                          assetpie.com that covers all the areas that an advisor
                                                          would need to maximize revenue in the most cost
                                                          efficient manner. Assetpie is a global financial
                                                          marketplace that connects investors with advisors
                                                          and advisors with other advisors. A true B2B and
                                                          B2C platform that is set to revolutionise the financial
                                                          services industry with its robo-advisory enabled
                                                          hybrid model that benefits both investors and
                                                          advisors.

                                                                                                            ■ 17
                                                   November 2017 Financial Planning Association of Singapore
tokiomarine.com
Life & Health | Property & Casualty

                        Protection
                        begins with
                        a touch.

                                                                                                                 And
                                                                                                              lasts a
                                                                                                             lifetime.
                                                                                                                                             #MyLoveForYou
                                                                                                                                        Start the conversation
                                                                                                                                                 Find us on

TM Term Assure.
Protection begins here.
Protecting your child isn't a choice. It’s an instinct.
You felt it that first time you held her. And you'll feel it
every day as you watch her grow. So let TM Term
Assure take care of you, while you focus on being the
best parent you can be.

      SPEAK TO YOUR ADVISER                             CALL 6592 6100

TOKIO MARINE. READY FOR WHAT’S NEXT.

This advertisement is not intended as an offer or recommendation to the purchase of any insurance plan. Kindly seek advice from our authorised distributors before making a commitment to purchase this
plan. Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable (if any) may be less than the total premiums paid.
It is also detrimental to replace an existing life insurance policy with a new one as the new policy may cost more or have fewer benefits at the same cost. Tokio Marine Life Insurance Singapore Ltd.
20 McCallum Street #07-01 Tokio Marine Centre Singapore 069046 (Company Reg. No. 194800055D)
Past Events
A series of soft skills training was piloted as part of FPAS Membership Benefit initiatives. It was conducted
during our Tea Time Talk from June to September 2017. This was in collaboration with Momenta Group, a
people development company. Our members gained knowledge and tips on that helps expand their network.

Part 1 of 3: 19 June 2017 – Executive Branding & Power Networking by Pang Li Kin

   3 Key takeaways:
    Look the part – identify and develop your executive brand and style that is aligned with your professional
                    goals
    Stand out to succeed – project a powerful presence through your appearance and deportment
    Network with confidence – equip yourself with networking tools and practice how to manage and handle
                                   difficult conversations

Part 2 or 3: 16 August 2017 – Effective Prospecting by Carl Thong

   3 Key takeaways:
    Improve your selling chances by capturing the attention of your prospect
    Leverage the power of referrals
    Increase the “permission to proceed” from the first few seconds of engagement

                                                                                                                  ■ 19
                                                    November 2017 Financial Planning Association of Singapore
Part 3 of 3: 13 September 2017 – Consultative Selling by Carl Thong and Marco Low

      3 Key takeaways:
           Understand the psychology of “buying” decisions and leveraging the “buying process”
           Discover what clients truly value and articulate your unique value proposition
           Develop “best practice“ sales habits

   FPAS Tea Time Talk: 19 July 2017 – Half Year Market Review

      A half year market outlook in collaboration with Thomson Reuters who has invited the following speakers for the
      talk; Dennis Quah from Columbia Threadneedle, Ned Phillips from Bambu and Rick Lloyd from Thomson Reuters.

We’ve been making friends
in Asia for over 25 years
Your savings, investments and protection partner

www.fpinternational.sg
External Events
7 September 2017: Singapore Institute of Landscape Architects
(SILA) – LA Week: Financial & Legal Talk
FPAS participated in SILA LA Week giving a Financial talk to their students – “Think Big, Start Small,
Build Deep” by Ms Kee Siew Poh, CFP®.

SILA’s youth wing enjoyed an interactive financial session with Ms Kee and a forum with Ms Elaine
Phang and Mr Timothy Wu, lawyers affiliated to Asia Law Network.

9 September 2017: National Senior Volunteer Month by
RSVP Singapore
RSVP Singapore’s third run of NSVM! It was a day of fun-filled activities and talks by other voluntary
welfare organisations, corporations, and government agencies.

GOH was Minister Chan Chun Sing and special guest appearance by President Halimah Yacob.

FPAS participated in conducting a talk on “Investing Wisely during Your Golden Years” by Daniel Tan.

                                                                                                     ■ 21
                                              November 2017 Financial Planning Association of Singapore
27 September 2017: NTUC U Associates Exchange Event between
  FPAS and IEA (Institute of Estate Agents, Singapore)
  The inaugural NTUC U Associates Exchange event in collaborations with IEA and special guest speaker
  Mr Lee Chiwi from Rockwills. The event provides networking opportunities for exchanges of knowledge
  and skills between the two practitioners from financial planning and real estate.

22 ■
November 2017 Financial Planning Association of Singapore
TAKING TRUST
TO THE              NEXT LEVEL
 You have reached the pinnacle of trust. What’s next?
 Trust is the foundation beneath every relationship. Trust is gradually built over time, like charging a rechargeable battery. Let’s call it the “Trust
 Battery”. You work consistently on gaining your client’s trust to fill up the battery.

 The above analogy sounds easy, but on the ground, we know that trust building is easier said than done.

 Many of us start off, hand holding clients through the jungle of financial products and services out there, asking questions which prick and pry at
 the clients’ “Great Wall” to unravel the slightest hints of their needs.

 The trust building starts to form as we begin to know more about our clients and how we can position ourselves to add value to them.

 As we present them with workable solutions to their needs, they begin to appreciate our efforts. Over time, we meet more of their needs and
 soon, on their own initiative, they ask us for advice. At this point, the Trust Battery is 50% charged.

 Let’s pause for a moment here, as I can hear your violent objection at my writing that the Trust Battery is only 50% charged. Do hear me out. It is
 aptly at 50% because the clients can choose whether or not to act on your advice. The decisions lie with the clients.

 Time passes and soon you have built a track record for yourself. The clients have seen that you could deliver professionally and now hand you
 a sum of money and ask you to manage it on their behalf. You have reached the pinnacle of trust with the clients and the Trust Battery is now
 fully charged.

 You can take this trust to the next level by managing clients’ funds on a discretionary basis. In this role, you are now the decision maker on how
 to invest clients’ funds and your actions will need to be transparent to the clients to maintain their trust.

 by Anthony Hoe, CFP®, Chief Investment Officer and Sebastian Goh, Portfolio Manager, Managed Account Services with Phillip Securities Pte
 Ltd. Phillip Securities has core and independent portfolio managers who manage clients’ monies under its Managed Account Services.

 Independent Portfolio Manager
 Taking it to the next level

 Are you already advising your clients on their investment                          decisions and documentation of your investment executions.
 needs? You would have earned the trust of your clients who                         Requirements
 act on your financial advice. Now, you can take this trust
 to the next level and scale your AUM business by managing                          •     Degree holder
 your clients’ funds at managed account service level on a fee                      •     Experience in financial advisory, equity research, dealing
 sharing structure.                                                                       or portfolio management would be an advantage
                                                                                    •     Good interpersonal and communications skills (both
 Capitalize on an exciting opportunity to run and manage                                  verbal and written)
 your own investment strategy. Leverage on the PhillipCapital                       •     Ability to build and retain a client base for Managed
 brand, investment platform and support and your years of                                 Accounts
 investment expertise to take your business to greater heights.                     •     Meets the Guidelines on Fit and Proper Criteria, including
                                                                                          but not limited to, competence and capability and
 As an independent Portfolio Manager, you will be responsible                             financial soundness and have the prerequisites to apply
 for marketing Managed Account services and managing                                      for a Representative Licence for Fund Management
 these portfolios. You are required to engage with the
 account holders and be responsible for the performance                             If you are looking for an environment of growth and
 and asset growth of their portfolios. You will actively engage                     opportunities, please direct a full resume, stating present and
 in the investment process including securities research                            expected salaries to the HR Department at:
 and selection and maintain the basis for your investment                           recruitment@phillip.com.sg

                                                 We regret that only shortlisted candidates will be notified.
                               Brought to you by Phillip Securities Pte Ltd (A member of PhillipCapital) Co. Reg. No. 197501035Z.
You can also read