Monday, August 10, 2009
Cost of Financial Planning advice
Some financial planners say that they need to spend 40 hours to gather information and give suitable advice to the customer. They need to charge $500 to $1,000 for this advice. This is expensive.
If doctors spend 40 hours to gather information about a patient and give suitable treatment, it will also cost just as much to see a doctor. But the doctor (i.e. general practitioner) has found a way to reduce the time taken, so that the information gathering and treatment can be done within 15 minutes. The doctor charges around $30 for consultancy. Read this report about what the doctor has to know and practice.
It should be possible for a financial planner to reduce the time that is needed to give advice. Some of the steps are:
a) Give a booklet to the consumer to read on their own, and understand the basics
b) Ask the consumer to provide the details in a form
c) The financial adviser has a preliminary discussion with the consumer
d) The financial adviser takes some time to prepare the analysis
e) The financial adviser presents the recommendation in a separate visit
If this is done using a more efficient approach, the time taken can be reduced to between 2 to 4 hours. This will reduce the cost of financial planning advice by 90%. Maybe a fee of $100 to $200 will be sufficient.
If doctors spend 40 hours to gather information about a patient and give suitable treatment, it will also cost just as much to see a doctor. But the doctor (i.e. general practitioner) has found a way to reduce the time taken, so that the information gathering and treatment can be done within 15 minutes. The doctor charges around $30 for consultancy. Read this report about what the doctor has to know and practice.
It should be possible for a financial planner to reduce the time that is needed to give advice. Some of the steps are:
a) Give a booklet to the consumer to read on their own, and understand the basics
b) Ask the consumer to provide the details in a form
c) The financial adviser has a preliminary discussion with the consumer
d) The financial adviser takes some time to prepare the analysis
e) The financial adviser presents the recommendation in a separate visit
If this is done using a more efficient approach, the time taken can be reduced to between 2 to 4 hours. This will reduce the cost of financial planning advice by 90%. Maybe a fee of $100 to $200 will be sufficient.
Hassle for Travellers
Do you find it discouraging to travel to another country, with the unnecessary hassle given to you by the authorities in the countries that you visit - immigration, custom, health forms, on top of the security checks? Share your views here.
Norway towns sue Citi over structured note losses
Perhaps it is time for Town Councils in Singapore to sue the distributors, following the example of the towns in Norway. Read this article.
I suggest that residents send this article to their Town Councils involved in the credit-linked notes.
NS for adult new citizens not practical
Published in Straits Times Forum Page
I REFER to last Friday's letter by Mr Michael Ang, 'Make English and modified NS a must'.
National service (NS) is not merely a rite of passage for young male Singaporeans. It was conceived with a specific objective to build up a citizens' army to defend Singapore militarily. This objective remains true today.
It is tempting to argue that foreigners should do NS as a price to pay for Singapore citizenship because many view NS as a liability borne by Singaporeans. However, NS functions as part of a wider framework of the war-fighting doctrine of the Singapore Armed Forces (SAF), as well as Singapore's national development. Manpower requirements, including those for conscription, must be meticulously identified and implemented.
Many foreigners coming to Singapore are in their late 20s or older. They are already economically productive and can immediately contribute to Singapore's economy. It makes little sense to disrupt their activities for two years. Whatever social networks they have developed would also need to be rebuilt.
Having modified NS is feasible only if it fits in with the overall requirements of the SAF and complements its capability. It is a waste of resources if it exists only to make some people 'serve their duty'.
Furthermore, the largest army corps is the infantry and this is where the SAF needs the most people. However, studies in other countries have shown that the specific kind of fitness needed for infantry soldiers, involving a combination of agility, stamina and tolerance of sleep deprivation, starts to degrade from the late 20s onwards. This is why armies across the world have a lower maximum age to join the infantry.
Xiao Fuchun
I REFER to last Friday's letter by Mr Michael Ang, 'Make English and modified NS a must'.
National service (NS) is not merely a rite of passage for young male Singaporeans. It was conceived with a specific objective to build up a citizens' army to defend Singapore militarily. This objective remains true today.
It is tempting to argue that foreigners should do NS as a price to pay for Singapore citizenship because many view NS as a liability borne by Singaporeans. However, NS functions as part of a wider framework of the war-fighting doctrine of the Singapore Armed Forces (SAF), as well as Singapore's national development. Manpower requirements, including those for conscription, must be meticulously identified and implemented.
Many foreigners coming to Singapore are in their late 20s or older. They are already economically productive and can immediately contribute to Singapore's economy. It makes little sense to disrupt their activities for two years. Whatever social networks they have developed would also need to be rebuilt.
Having modified NS is feasible only if it fits in with the overall requirements of the SAF and complements its capability. It is a waste of resources if it exists only to make some people 'serve their duty'.
Furthermore, the largest army corps is the infantry and this is where the SAF needs the most people. However, studies in other countries have shown that the specific kind of fitness needed for infantry soldiers, involving a combination of agility, stamina and tolerance of sleep deprivation, starts to degrade from the late 20s onwards. This is why armies across the world have a lower maximum age to join the infantry.
Xiao Fuchun
MY VIEWS
The Singapore Government has not resolved. I brought this issue up 25 years ago to point out the serious disadvantage faced by our male Singaporeans in having serving National Service, and having to compete for jobs with girls and foreigners. Over the years, this problem has became more serious.
NYTimes.com: Shut Out at Home, Americans Go to China
Read this article about job opportunities in China.
Sense of belonging lacking among youth
44 years of nation building may be futile. Read this article.
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