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There are different avenues to growing your wealth, having a well diversified portfolio is just one of them. The key to getting where you want to go, is to first know your outcome. What does financial wealth look like to you?
There is a difference between having security and having financial independence. If your goal is financial freedom, it doesn't just happen by chance, you'll need a plan to get you there.
Once you have identified what your outcome is, then the next step is to evaluate where you are right now. How far are you from achieving your goals? The key to closing the gap, between where you are and where you desire to be, is to implement the tools and strategies necessary to succeed.
The areas below are the four pillars to advancing confidently toward your personal definition of success.
Investments serve a different purpose dependent upon what you want to achieve. Are you saving for a specific goal, such as children's education costs? Is it long-term retirement planning? Or perhaps tax-free capital gains is the priority.
Whatever your reasons are to invest, you'll likely need guidance to determine your attitude to risk, asset allocation and keep your investment portfolio aligned with your personal blueprint of what you wish to achieve, as invariably, our relationship with money changes over time.
Insurance is all about financial protection and ultimately peace of mind. Certain unexpected events happen in life, often when we are least prepared. A death in the family, loss of income or a major illness can strike without warning. We may not be able to control the events in our lives but we can ease the burden of stress financially with a suitable protection plan in place.
Life insurance, critical illness cover and disability income all help to mitigate the effects of something unforeseen happening to you or your dependent family. Often, a term-life policy is the most cost-effective form of life insurance as you only pay for pure protection cover. And being level-term means the premium is 'locked-in' for the duration of your cover, so your premium will not change.
If you're on an employment pass, you won't be contributing to a private pension. Expatriates may miss out on valuable years' of contributions toward building your pension pot. Add to that the lost benefits of compounding returns, and it could amount to a significantly large sum.
Fortunately, you don't have to miss out on this key area of building your wealth. You have the opportunity to take advantage of the current capital gains tax-free environment here, and continue this benefit even if you relocate in future to a higher tax jurisdiction.
Speak to us about the available options for covering this shortfall. Often, a simple, automated solution with the added benefits of a tax shelter, can be put in place tailored around your personal circumstances.
Leaving a legacy behind can be a messy affair, if unplanned for. There are many considerations to take into account both while alive and once deceased. Tax is an issue for most people, especially due to the complex nature of ever-changing tax rules among different tax jurisdictions.
Whether your particular circumstances are best served through holding a Trust for estate planning, or compiling a Will, may help to increase your wealth while alive and also disseminate your assets according to your wishes with tax efficiency in mind.
Our principles-based approach ensures our fiduciary responsibility to our clients' is never compromised. Acting with integrity & high ethical standards, continues to benchmark our level of commitment to industry best practices.
Being independent & impartial means we are not tied to any specific providers' & can 'go-to-market' to find you a tailored solution around your unique needs. We work with only the most internationally-renowned & reputable insurance & investment companies.
FW Group services -
▪ Financial Planning
Retirement planning │ Overseas pension replacement │ Children's education costing │ Financial goals
▪ Wealth Management & Investments
Investment management │ Portfolio analysis │ Research │ Multi-asset and alternative investments │ Unit-cost averaging solutions
Life insurance │ Critical Illness cover │ Disability protection │ Medical insurance │ Expat insurance solutions
▪ Legacy & Estate Planning
Tax optimisation │ Inheritance │ Division of family estate assets
▪ Wills & Trusts
Arrangements for a Will │ Trust services │ Confidentiality & anonymity │ Guardianship letter
UK pensions assessment │ National Insurance overseas contributions │ SIPPS/QROPS │ private pension transfers & consolidation │ Superannuation alternative investments │ CPF-OA & SRS investment advice & management
Sir John Templeton
This is a common question. Ask yourself, does your workplace guarantee your perpetual employment with them? If the answer is “no”, then it makes sense to take out your own policy, which is not dependent upon any employer or employment. Moreover, your own independent policy is tailored to your individual circumstances and hence you get to choose the level of cover and when the policy expires, at aged 65, 75 or 85, for example. Many employer-tied policies do not provide any additional cover for disability or critical illness, which can easily be packaged together with a life policy. It pays to have professional advice here, to identify any gaps in coverage and talk through all the options with you.
A life insurance policy is paid out in a single, lump sum to your chosen beneficiaries. Intrinsically linked to life insurance is critical illness cover, which can be easily attached as a “rider” to a main policy. It increases the overall financial protection for the family in the event that the breadwinner suffers a major illness, such as cancer, stroke, heart attack, Alzheimer’s, Parkinson’s disease, plus many more.
Financial plans allow you to prepare for things like your child's education, your retirement, or big/unexpected life changes.
It should start with your goals and objectives, and from there we will build an investment portfolio, retirement and tax planning, as well as insurance needs.
Speak to us about tax shelters and the benefits available to you as an expatriate working abroad. The Supplementary Retirement Scheme (SRS) is another way to lower your taxable income each year with the added benefit of investing those savings.
The first thing to get started is to decide the percentage of your income you’re going to set aside automatically. From 5% to 20% to 50%, the amount is entirely up to you, though a financial planner can help with you with this. Track how much you earn and spend in a month and see how much you can put aside. Save as much as you can, because there's a payoff between lifestyle comfort today and lifestyle enjoyment later in life.
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FW Group is a Principal Partner Practice of Promiseland Independent Pte. Limited, licensed & regulated by the Monetary Authority of Singapore and is a member of the Investment Management Association of Singapore and Association of Financial Advisers (Singapore).
Investing involves risk. Historical returns are not a guarantee of future performance.
Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.
FW Group does not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisers before making any financial decisions.
This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. FW Group offers a broad range of investment advisery services. A financial needs analysis is required by regulations, before any recommendation can be made.
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