Ethos Wealth Planners

Many parents would buy life insurance for their children. However, there are at least 5 mistakes parents make when they buy such insurance. Let Wilfred Ling, FA Associate Director of Promiseland Independent Pte Ltd explain.

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What is meant by professionalism in the financial industry? Why being ethical and law abiding are not the same? Wilfred Ling, FA Associate Director of Promiseland Independent Pte Ltd explains 4 ways which an individual can select their financial advisers.

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Wilfred Ling, the FA Associate Director of Promiseland Independent Pte Ltd, tells us why the HDB flat is not a good long term investment.

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Housewives tend to have insufficient insurance although they hold 4 jobs. Is this true? Is it fair? What are these 4 jobs? What should husbands do? Wilfred Ling, FA Associate Director of Promiseland Independent Pte Ltd explains.

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Wilfred Ling, the FA Associate Director of Promiseland Independent Pte Ltd, explains why Singapore Permanent Residents tend to buy insurance compared with citizens. He also discussed special considerations which PRs should take into account of when buying insurance.

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Many undergraduate students are also part time financial adviser/ insurance agents. They would often sell financial products to their peers. Fang Shihan from newnation.sg interviews Wilfred Ling, the FA Associate Director of Promiseland Independent Pte Ltd on this phenomenon.

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Mr. Wilfred Ling, the FA Associate Director of Promiseland Independent Pte Ltd tells us why Singaporeans Are Underinsured despite paying hefty premiums. He shares why an individual who paid more than $80,000 in annual premiums was still underinsured. He answers the following questions:

1. What is the average life insurance that a typical working adult should have?
2. What are the reasons for underinsurance?
3. Senior Minister Goh said that the insurance adviser plays a critical role here in product recommendations. Can you elaborate?
4. What is your advice for consumers?

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FIRST, you can select your executors. Because the executors hold huge powers, you can choose your most trusted executors to distribute your assets. If you have no Will, the Administrator will hold this huge power. It is better to select the person of your own choice. During your life time, you would always secure your assets and only permit your most trusted persons to handle your money. Similarly when you die, only your most trusted individuals should handle your money.

Unlike Simple Wills provided by others, our Wills is able to appoint a MAS licensed trust company either as the sole Executor or a final substitute Executor. Many individuals hesitate to write a Will because they do not know whom they can appoint as Executors. Now, there is no excuse!

On 26 October 2010, the Health Minister Dr. Khaw Boon Wan stated on his blog[1] that his recent bypass surgery only cost him $8 out-of-pocket expense. This attracted quite a buzz in cyberspace. In response to some skepticism, the Ministry of Health (MOH) spokesperson posted on the MOH’s Facebook page[2] that his total bill came up to about $25,000. $20,000 were paid by a private-integrated shield policy while the remaining from his CPF’s Medisave. Dr. Khaw’s blog described the national health insurance such as Eldershield and Medishield as “umbrellas” which he spent time reviewing and fixing them periodically. The problem is that these “umbrellas” are often misunderstood by ordinary citizens.

There was a recent high court case of Soh Eng Beng (as executor and trustee of the Estate of Soh Kim Poo, deceased) v Soh Eng Koon[1]. The executor and one of the beneficiaries brought their dispute to court in order to seek assistance from the judge to decide the exact meaning of an ambiguous clause. What interests me was the process in which the Will was drafted:

Wills and Trusts are often associated with estate planning. These are also often associated for the rich rather than for the poor. Is this true?

Actually, everyone does some form of estate planning. When you open a joint-account with your spouse or purchase a property with your spouse jointly, you are already doing some estate planning. So, what exactly is estate planning?

Some people asked me why I encourage young graduates to save aggressively to saving accounts and fixed deposits. This is contrary to advice given by financial advisers that given the long time horizon, investing into a higher risk portfolio could yield better returns on a long-run.

Firstly, many financial advisers do not do financial planning and so they will just use the textbook answer that a person with long-term horizon tends to do better in investing. These are “textbook financial advisers.”

Last week, I encountered a few cases of young clients who had made serious mistakes financially even though they had just started their career. For young people, they must understand what lies ahead of them. These are: