Chew Hock Beng
What are my responsibilities and rights when investing?
First and foremost, select financial advisers that are regulated. Ask to see their name cards or licenses. Call the adviser’s firm to verify that the adviser is their authorised representative. You can refer to www.mas.gov.sg/directory for the list of financial institutions.
Next, work with your financial adviser to identify products suitable for your individual needs. Always provide accurate information about yourself, your financial situation and investment objectives to them.
Do not be enticed by gifts and promotions or promises of high returns. Remember that the higher the return promised, the higher the risk you have to bear.
Do not invest in products you do not understand. Do not invest in “hot picks” or “trendy stocks” just because others are buying them.
Read the investment documents thoroughly. Ask questions and take note of key areas including the risks involved, terms & conditions, fees & charges, and commission or distribution costs.
Especially for the seniors, always ask for assistance if you are not conversant in English or find it difficult to understand the information. You should bring someone who can explain the information to you when you meet your financial adviser. Do not invest in anything you do not understand. Say “NO” if you find the product is unsuitable for you!
For life insurance products, you may return the policy if it is not suitable and request for a refund within 14 days from the date the policy is issued. But if it is tied to investments, you may have to incur some costs.
For unit trusts, you can cancel your purchase within 7 days if you find it not suitable. But if it is tied to investments, you may have to pay for any loss incurred,if the investments suffered a downturn in value.
Lastly, always monitor the performance of your investments regularly to ensure that they continue to deliver the returns you expect and meet your needs.
We will share more on the retirement planning and investment asset allocation method in our upcoming event on how to construct and build your retirement portfolio without losing your sleep. Please register your attendance HERE as seats are limited.
See other event here. http://mystocksinvesting.com/events/