I don't believe in financial planners for one simple reason, because there is a clash of interests. If anyone is to plan my finance, it will be planned by me or my wife. Therefore I really hate it when someone I didn't know call me and said "hi" so and so who is your friend gave me your contacts. My immediate response, though a bit mean, was "if you are calling about financial planning than no thanks". I don't want to waste her time telling me the wonders of financial planning because at the end of the day, they will end up either promoting an insurance or investment plan of their company which translate to commission. I mean, why would someone you don't know, get your number from your friend, call you and do something for you for free?

What financial planners want you to know is that you will retire, that you need to save up for marriage, for house, for car, for your kids and for rainy days. That you need to know how to divide your earnings for all the things you want and that by setting aside a few dollars every day you can save up so much plus interest to realise your . Chances are, the interest they offer can barely cover the inflation rates and/or you will be stuck with it if something better came along. They can tell you whatever they want but at the end of the day, they look after the interest of their shareholders more than their customers and that is why I don't trust them to manage my own finance.

Update (30/06/05): And then there's a second call on financial planning today. Sheesh..

tagged: singapore financial planning