Do you engage a financial planner or do you plan yourself?

[flinger]

Hi,

I think it would be interesting to know how many of us in this forum engage a personal financial planner to plan for your family and how many does not?

Can you also specify why you decided to go the D.I.Y. way or engage a planner?

For my case, so far I have done it myself D.I.Y following financial planning books, but I somehow you have this nagging feeling to go to one, but talking to people who have gone to one, they seem to be doing the same things I did.

So what about you?

[Musicwhiz]

I engage a financial planner who is an insurance broker, just for insurance needs only. This includes term insurance and disability income. For H&S I use another agent from Great Eastern.

As for savings, I DIY. For investments, purely DIY too. For retirement planning and saving for child's education, fully DIY as well!

Hope this helps.

[Zelphon]

Financial Planner = Insurance Agent..

U need insurance to safeguard your wealth against unforeseen event...

But to grow your wealth, u need to do it yourself...

Need to determine a balance between the 2 because both needs MONEY !!!

[intellect]

I have met up with a independent Financial Planner before.

The return from investment plan he proposed using unit trusts less all expenses (including his commission) could not beat the returns generated by my portfolio based on 1, 3 and 5 years horizon.

So didn't use him.

A piece of advice that I got previously from somebody which I find relevant:
The person who is most interested in your finance is yourself.
Therefore personal financial skill is a skill that you must always acquired.

[piggo]

I'm a diy for everything... But will probably start engaging an insurance agent when I have dependents

[Blackjack]

I diy for all money matters except for insurance, which I used to depend on insurance agents to advise. Till I read the sticky thread on insurance especially many of d.o.g.'s postings, I decided that probably my present coverage wasn't for the best and I decided to review all my existing policies.

So... in the strict sense, its still better to rely on oneself since who else is interested in your money and well-being but you?

[Musicwhiz]

Yes, I believe one should manage their own money since it's the most dear to you! No one else will care as much as you for your own money hehe....

And since we are on the topic of insurance, would also like to say a big THANKS to d.o.g. for his discussion on insurance.

I have completed the review of my policies with my financial planner, and will surrender 4 of them (me and wife inclusive), with a fifth to be surrendered by 2012. [Note: Anyone who wants details can PM me, as I do not wish to discuss my policy details openly on the forum]. I've also taken up some disability income insurance and obtained more Term Coverage at a fraction of the expenses incurred for Whole Life. And yes, I am investing the difference.

[Blackjack]

Agreed MW.

A big thanks to d.o.g. from me as well for reinforcing the fact that the importance of insurance should always predominate over investment, I guess this is "looking after the downside" in the simplest form but I failed to do that until now.

MW, I reckon the 4 policies that you dropped are contracted pretty recently? (including your wifey's)

[Musicwhiz]

Not so recent.

My wife's policies were signed in 2004, while mine were signed in 2006.

[Bibi]

Not so recent.

My wife's policies were signed in 2004, while mine were signed in 2006.

Hi MW, before you decide to terminate your policy, i must point out to you that there is this clause pre-existing illness will not be covered. So in your new policy, if it was found that a claim is due to pre-existing illness, it will not be covered. And i can tell you Aviva is very strict on this. For Critical Illness, there is a waiting period of 90 days before you can make a claim on your new policy.

What is did was buy the new policies first, 90 days later terminate and pray hard if claim do arise, its not due to pre-existing illness. Of cos, i hope i wont make any claims .