Last year this time, did you hear of many people making New Years’ resolutions to exercise more, be a better person, and business goals to close more sales and so on? And how did they fare?
Hardly anyone I know keeps those goals, others simply give up making them. Why is this so? Read it all..
Recent articles on 28 and 29 October in Straits Times highlighted that customer satisfaction fell in various industries like retail, food and beverage and education. This is despite four years of efforts in various ways, such as training and awareness campaigns.What exactly is happening? And how does that affect your Financial Advisory Business? Read it all..
Superwoman Financial Solutions, an Australian-based financial services company is expanding it’s services to Singapore, targeting at female clients, sovereign funds and charitable organizations. Headed by Mr Colin Grant, they hope to bring understanding to investment products. They feel women generally prefer things that they can touch and feel. Most likely riding on the a fund manager’s license, they are set to roll out more investment products like water, luxury brand goods and food themes over the next 18 months.
The article is however unclear as to whether they are also providing financial advisory services as registered under MAS Financial Advisers Act.
Read it in this article here.
Asia remains the place for Private banks to hunt for new wealth to manage, as an article on Straits Times 06 Oct stated. Major banks like HSBC, Julius Bear,, Merril Lynch are all boosting their relationship manager numbers.”China is expected to be one of the most important markets for us in Asia for domestic private banking …” SG Private Banking.
Read the full article here.
UOB is selling it’s life insurance unit via an auction to divest it’s non-core business with Prudential and Manulife among the suitors. Without a strong distribution arm like Great Eastern for OCBC, UOB Life Insurance has been a minor player in the multi-billion dollar industry. What’s the impact on the industry? Read it all..
Manulife will be selling 17 “Elite” funds of which five are managed by it’s own asset management arm Manulife Asset Management, and 12 from other financial institutions like Aberdeen Asset Management. They aim to grow the pool to 40 funds in the next 12 months. The funds will be sold as “pure” unit trusts as opposed to investment-linked funds. Is it a Big Deal? Read it all..
The US taxman set 23 Sep as a deadline for tax evaders to come clean on their prior taxes unpaid before being penalised if caught. Even Switzerland banks like UBS were “arm-twisted” to release information of tax-dodgers, as the US government tries to raise money to fund it’s huge budget deficit.
US citizens are taxed wherever they are working on income, as well as interest and capital gains. The taxes are only off-set with valid tax-treaties, which Singapore does not have with US. In effect, a US citizen may be taxed twice.
To see the original article, click here.
A new law governing insurance nominations came into effect on 1 Sep 09. This law clarifies exisiting uncertainties about nominations and trusts. New policy holders and existing policies without nominations (not applied retrospectively) can now name beneficiaries and change them when the need arises. What should a Financial Planner know about this law? Read it all..
From 2 Sep, Citigold clients can opt for a wrap-fee based service, which reduces the front-end transactional cost to better align client/adviser interests. This is offered to those with $1 million to US$10m of investments under management. Instead of the front-end sales charges or commissions, they will be billed annual fees on the portfolio under management (including structured notes, bonds and unit trusts). A significant change of trend perhaps? Read it all..
A new consumer watchdog (officially formed in Apr 09) FiSCA or Financial Services Consumer Association , aims to be the champion of consumers of financial products and services, declaring itself to be independent unlike the incumbent and recognized route for financial services related disputes like FiDREC. What’s this all about? Read it all..
