Hi Mr. Tan
Due to some personal reasons, my friend would like to divert all her CPF money to other investment, instead of leaving it in her ordinary account. She is not a person good at managing her finances. What are the options available to her?
She just want to make sure the sum of around 30k will be relatively safe and generate a moderate amount of interest or at least same as what CPF board is offering. When the minimum sum kicks in on 1st April 08, is it true that she can't invest all the 30k?
REPLY
Read this FAQ:
http://www.tankinlian.com/faq/savings.html
I don't understand why people fear being paid 3.5% or 5% by CPF. Isn't the return good? How many can actually get better return? Is it the insurance agents idea? Let me advise you. Don't fall for the trap by insurance agents. They can't help you.They are no investment expert. Inevitably they get you to invest in some dubious, risky single premium endowment which gives at the best marginally higher by 0.5% above CPF but requires you to lock away for a very long time. Is it worth the risk you take? Tell your freind to visit this blog.
ReplyDeleteIf she really must invest tell her to get a qualified, honest and competent financial planner to help her put together a diversified portfolio of funds. I would advise that she gets an adviser with a CFP qualification. She stands a better chance of growing her CPF .
Zhumeng:o)
Cash back for CPF investment is back and this time disguised as higher "return'. MAS is monitoring the situation.
ReplyDeleteIs it possible to close 20 to 30 cases of CPF investment a day ?
I don't think it is possible. First, every customer must be individually attended to, ie, going through all the necessary disclosures and need analysis and the form filling. Today there are at least 20 forms to fill.
Can you give a group presentation for financial product like investment with every one having different needs and close every one together.?
This is possible if you do away all the necessary steps and take short cuts. This is mass selling with an enticement like cash backs and with the help of introducers.
This is what is going on and brisk business as the April 1st. gets nearer
I heard from agent friend in ntuc that one of the consultants could close 20 cases of Growth policy a day to beat the CPF deadline. He was wondering how this agent did it.To accomplish such a feat the agent needed a lot of short cuts and compromised the all FAA requirements otherwise he could not do it. Normally a case would take 2 hrs , from analysis to execution of the sale. It is not difficult to speculate what this agent did. Cash back? Rebates? .......
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