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..

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How would you like to get into the right financial advisory group right from the start? I am about to share with you the research I have done as well as my own personal observations.

A quick refresher from the previous article, the financial advisory pie is divided into three groups: personal or private bankers, tied-agents, multi-tied or IFAs. Due to the breadth of products and services offered, they tend to appeal to differing demographic groups, customer profiles, and also require different skill-set to market services to them. Their business models also have different strengths and weaknesses. Read it all..

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“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.” - Sun Tzu

Make no mistake. The financial services market is a lucrative and therefore a competitive one. But does that mean that as a new entrant, you cannot compete with more entrenched players?

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How would you like to command an income of more than $500,000 per year? An established financial adviser managing $50m from 50 high net worth individuals (HNWI) can easily accomplish that. A more average financial adviser managing 100 client accounts each $200,000, manages $40m, and can earn $200,000 per year from wrap fees.

Of the three segments of the financial services market: mass market, mass affluent (between $80,000 to $300,000 per year income) and accredited investors or High Net Worth Individuals (personal net worth above S$2m or income above $300,000 per year), the last two represent great opportunities for you to build a profitable financial advisory career and business. Read it all..

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