Financial Planning in Singapore, Explained Clearly

What does financial planning actually involve?

Financial planning involves reviewing your income, commitments, existing insurance and savings, agreeing your priorities, and then considering the options that fit those priorities and your comfort with risk.

In practice, a first conversation is mostly about gathering an accurate picture. Without that picture, any product discussion is guesswork.

Financial planning is not a single event. It is revisited as your circumstances change — a new job, a mortgage, a child, or a shift in what matters to you.

• Your objectives, and when you expect to need the money
• Existing insurance coverage and what it actually covers
• Monthly commitments and how much can realistically be set aside
• Emergency cash reserves before any long-term commitment
• Comfort with fluctuations in value
• Liquidity needs over the next few years

Where should someone in Singapore begin?

Begin with what you already have. Most people hold policies and savings arrangements they have never had explained in plain language.

Understanding existing coverage often reveals overlaps, or gaps that appeared as life changed. That understanding alone can be more valuable than a new purchase.

Once your current position is clear, priorities usually order themselves naturally: protection first, then accessible savings, then longer-term accumulation.

How is a Financial Consultant different from doing it yourself?

A Financial Consultant brings structure and product knowledge, explains risks, fees and commitments, and provides ongoing service as your circumstances change.

You are entitled to ask what a consultant is authorised to advise on and how they are remunerated. Those are reasonable questions.

Danny Chua is a Financial Consultant representing Prudential Assurance Company Singapore (Pte) Limited, MAS Representative Number CCS300848890.