In Search of Alternatives
Client: Tang Bi Wen
Goal: Retirement planning
“Kum Soon’s advice has changed my thinking towards financial planning. Speaking to him has given me more knowledge and insights into effective retirement planning and wealth generation and has helped me better understand what I read online.”
Bi Wen’s is a classic case. He knows the importance of financial planning and retirement planning but he has no idea where to begin. Even though he reads financial news, he knows that he doesn’t have the financial literary to achieve his goals on his own.
Prior to meeting Kum Soon at Soul Wealthy, Bi Wen was constantly searching for better term savings accounts and fixed deposits. He was proactive in working towards his goals, but he felt that his efforts were not as effective as he wanted them to be. He also found it a hassle to have to go to the bank for withdrawals at the end of his deposit term or to switch accounts when a promotional period ends.
During his first meeting with Kum Soon, Bi Wen clearly shared his goals: in the short term, to increase his savings so that he has a nest egg for in case unforeseen circumstances arise; in the long term, to be financially well-prepared for retirement.
For Kum Soon, it was ideal that Bi Wen had goals in mind. His first step to advising clients starts with data collection — the more, and the more detailed, the better.
Kum Soon kicked things off by doing a thorough analysis of Bi Wen’s financial needs and carefully crafting a retirement plan for him. With Kum Soon’s advice, Bi Wen’s mindset towards retirement planning and wealth generation changed.
“I’ve always believed that we start retirement planning in our early 20s and tried to do it myself. Now, I’ve discovered how valuable it is to have a trusted advisor in the financial industry create a strategy that best suits my needs.”
Kum Soon advised him for alternate investment options on top of investing with funds in his CPF Ordinary Account. He explained that this is because CPF money often used for housing payments so there may not be sufficient funds for retirement by the time Bi Wen reached 55 years of age. Knowing that Bi Wen is new to investing, Kum Soon also assured him that investment is not about timing the market but the time in the market.
Thanks to Kum Soon’s help, Bi Wen, who believes that everyone should start planning for retirement as soon as they starts work, was able to start planning for his financial future.
He now grows his money smartly and effectively with Kum Soon’s guidance and knowledge about different financial products and no longer spends time hunting for the best fixed deposit interest rates, which are likely to do little for his retirement. The financial management approach that Kum Soon advised also proved to hold up well in market fluctuations, like those caused by the COVID-19 pandemic.
Bi Wen is currently building a better retirement plan with products that provide him with much better returns.
If you would like Kum Soon to assist you with your retirement planning needs, contact us now.