Q: It’s exhausting to maintain observe of my funds throughout all my totally different accounts. Is there a option to be extra organised with my cash?
A: For a consolidated view of your funds throughout totally different financial institution accounts and authorities businesses, you possibly can entry the Singapore Monetary Knowledge Trade (SGFinDex) service via seven collaborating banks, together with UOB.
SGFinDex aggregates info – together with your financial institution financial savings, loans, bank card balances, investments, and Central Provident Fund balances – which you’ll view via your banking app or web banking platform.
The problem is the right way to use this information to make higher selections about your cash. All of us have totally different monetary targets, formed by what issues most to us and our family members. That is the place personalised digital instruments and recommendation might help.
Our advisers are geared up with the UOB Portfolio Advisory Instruments, which draw on the newest SGFinDex information and might analyse your consolidated wealth holdings in actual time. These digital instruments use historic market information to mission threat ranges and doable returns on your portfolio underneath totally different market circumstances.
This permits our advisers to supply extremely personalised suggestions for our purchasers to work in direction of their wealth targets whereas defending their portfolio from potential pitfalls. By visualising totally different situations for each their present portfolio and really helpful choices, our purchasers can then make acceptable selections primarily based on their threat urge for food.
Q: I’m single. How do I plan for myself financially?
A: Flying solo provides you flexibility to make your personal monetary selections primarily based in your aspirations, however you will need to have a gentle earnings stream, be it via your wage or your personal enterprise. Additionally, you will want a wealth plan that’s simply best for you.
There are some ideas it’s best to take note. Firstly, ensure you are lined ought to any unexpected circumstances happen. Hospitalisation, important sickness and incapacity insurance coverage are key. Additionally, contemplate growing passive sources of earnings, resembling via investments that pay common dividends. Preserve your threat urge for food and time horizon in thoughts when making funding selections, and do not forget that these will evolve as you progress in life. Lastly, that you must plan on your personal retirement.
Being single doesn’t imply you must undergo your monetary journey alone. There are various on-line wealth administration instruments that may assist, no matter the place you’re along with your monetary plan.
Past personalised suggestions and insights, the UOB TMRW app additionally lets you make investments with digital platform UOB SimpleInvest, embedded throughout the app. You possibly can make investments in response to your monetary targets, whether or not it’s to protect your liquidity, generate recurring earnings or go for capital progress.
For some, it may be reassuring to have a monetary adviser to assist with their plans. For this reason we invested in AI fashions to determine purchasers who would profit from totally different section choices. They’re then matched with a relationship supervisor who can tailor a plan for them.