If you have been following my posts – risk management, the following will impact most of us
1. There will be a major change in the insurance industry as Singaporeans are getting more insurance savvy and demand for better and suitable products
2. In housing loans, while most of you have been debating and timing between fix, floating or hybrid interest rates, did most of you measure the future affordability when rates increase to 3-4%. As a result, where would most of you have the additional cash to finance the mortgage loans???
Since the financial crisis/Lehman back to 2008, Singaporeans have been enjoying competitive housing interest rates for almost 4 years. As always, most Singaporeans fail to see financial impacts while enjoying with their high standard of living and comfort.
BUT When (2) occurs (it will definitely occur as a result of global growth), situations will occur and WILL impact most Singaporeans, financial industry, stock market and the economy!
The above post is a reminder to Singaporeans/PRs/mortgage loan owners who may not be savvy enough to identify, recognize and visualize the financial impact UNTIL it is TOO late.
What should you do next? Are your financial planners, HNW bankers thinking OUT OF THE BOX? (I doubt so as they're out to make more money from you.) Make sure you engage the right financial planner to access the financial impact. In addition, if you find my posts interesting, do not keep it in your drawer/inbox/trash but please forward to your freinds and share the thoughts....
My warning comes ... such that you are advised to make and take precautions and not become as a victim to the above events.
The following is just my personal opinions which differs from most investors, economists, etc who are much highly experience than my humble self.
Read more on:
Greece needs more than an AMD
Boom Gloom and Doom
SUN TZU Art of War
Read more on:
Greece needs more than an AMD
Boom Gloom and Doom
SUN TZU Art of War
The wealth management industry will have major change as well. Too many bankers are advising their customers based on their own interest rather than interest of their customers.
ReplyDeleteHi,
ReplyDeleteI won't deny this. It's obvious.
For further discussion, read my next post on Sun Tzu.
And to narrow down the victims, please assist to forward the blog to your friends. Thanks in advance.
Hi,
ReplyDeleteI was talking to a friend the other day. He agrees to your comment. However, being Singaporeans, individuals are not reporting this to the relevant authorities.
Hence, the relevant authorities will not take action as this goes un-noticed.
It would need to take a large wake up call like the Minibond event to trigger the relevant authorities. Meanwhile, the issues will persist!
I definitely agree with you on point 2. I'm sure many Singapores will be caught off guard when interest rates slowly creep up.
ReplyDeleteAs for point 1, I'm not sure if the govt will allow for a major change to one of Singapore's money-spinning industry. I've a feeling the govt has financial interests in it too. In the end, the average Singaporean is on the losing end.
Also, I recently spoke to my friend who's an insurance agent. He doesn't seem at all concerned about the MAS review into the industry. His view is that everything will remain as per normal. He continues to sell many life policies and ILPs, and go on incentive trips as per normal.
If you read between my lines and understand the financial impact how the products are designed to the clients' disadvantage, you will(definitely) agree. The keyword is suitability and is related to my previous posts.
DeleteThanks for your comments.