Jonathan Chua

“SG Alliance has forged strategic partnerships with like-minded legal professionals such as Quadrant Law LLC, a specialist in corporate and commercial law. All you need to do is reach out and get in touch.” Financial consultants and legal experts make for a powerful combination for clients. Whether personal or business, almost every aspect of life events with financial impact is regulated. From growing and protecting wealth to distributing and claiming it. Yet, people often seek or provide expert advice in silos – with financial solutions drawn up without legal input, or vice versa. As part of its partnership commitment, Quadrant Law LLC is providing complimentary consultation for the first half hour to SG Alliance clients. source

As part of its partnership commitment, Quadrant Law is providing complimentary legal consultation for the first half hour. While the trend of strategic partnerships between financial and legal advisors has kicked off in some developed economies, practitioners in Singapore remain rather late in the game. Which is why Quadrant Law founder and director, Bernard Tan, is excited about the value-add his profession can bring to the financial planning table with its strategic partnership with SG Alliance Pte Ltd. “Part of a lawyer’s skillset is identifying risks in any proposed solution. Financial consultants can tap on that. Even better, the lawyer and consultant can together get a common understanding from the client, provide coordinated views and suggest solutions that actually work from a holistic perspective for the client,” says Tan. The client is not the only winner in this arrangement. Integrating professional legal expertise as part of their holistic service approach can be a differen...

‘Oniomania’, the uncontrollable urge to buy things, has become somewhat of an ‘acceptable addiction’ these days. With more people confined to closed quarters and working from home due to pandemic movement restrictions, online shopping has become a convenient way to access necessities, grab great bargains, and even quell boredom. According to BestInSingapore1 , online shopping websites like Shopee, Lazada and Qoo10 have gained huge momentum, in the wake of the COVID-19 pandemic. Analytics reveal that some of the largest purchases were made by Singaporeans falling under the demographic of 25-34 years old, with an average S$440 being spent per shopper on e-commerce platforms. According to Credit Counselling Singapore, more than 10,000 people have fallen prey to financial troubles arising from overspending. A recent Straits Times report3 reveal that personal debt for young people in Singapore has soared during the pandemic; the average personal loans and overdraft balances for under 30 ros...

They say, put your money where your mouth is, and some people these days are having mouthfuls of cryptocurrency for breakfast, lunch, and dinner. Why the rising appetite for crypto? Let me first explain about this new investment conundrum that has gone from two-bit curiosity to virtually impossible to ignore. What is cryptocurrency? Simply put, it is virtual money, the currency that operates on the decentralised blockchain platform. Its value is not determined in traditional ways such as by government control or by the price of a commodity like gold. Instead, the value of cryptocurrency is determined by open transactions in the digital sphere amongst the cryptocurrency community. It cannot be counterfeited or double-spent, and since it is not issued by any central bank, it is free of governmental interference. However, that very feature robs crypto of any sovereign guarantee, making it a high-risk asset. Trading and exchange-rate volatility compound this risk. On the positives, crypto’...

When our firstborn son was just shy of two years old, he was struck with a high fever in the middle of the night. Even as inexperienced young parents, my wife and I knew he needed immediate medical care. As we scrambled to prepare to bring him to A&E, I remember my wife asking me which hospital we should take our son to. She was mindful of the high cost of hospitalisation. As it turned out, he had to be warded for two days and the medical bill came up to a whopping S$5,000! Thankfully, everything was covered by the insurance company as we had bought hospitalisation insurance for the whole family. It certainly was one worry less for this pair of jittery young parents at the time. Financial planning for parenthood isn’t just about budgeting for the big and obvious things like pregnancy cost, medical care, education and enrichment classes. It is also about being ready for the little things that crop up along the way. It’s about being financially resilient as a family unit. There are o...

Love and Money are two of the most sought-after life goals, yet money troubles are consistently the root of relationship stress and breakdown. On the other hand, research2 also supports that married couples build more monetary wealth over their lifetime than those who are single. When two people decide to spend their lives together, it is important to get to know each other’s vision not just as life partners but also as a financial team. Regardless of the age you plan to marry, discussing your financial goals as a couple is a critical part of the conversation on your shared life goals. The discussion is even more crucial when you marry beyond your mid-30s, when you are effectively half way to your retirement age. If you have a financial consultant, get them into the picture about your couple goals. In the meantime, here are my thoughts on the top three things to do ahead of the most important day of your life: Show All Your Cards Plan As A Team Get The Edge As You Age source

The dawn of the robo-advisor began as recently as in the early 2000s1 in the form of automated portfolio allocation software. The first robo-advisor began working, taking real investments, in 2010 in the United States. So in all, robo-advisory is still in its infancy, mostly developed by startups leveraging emerging technologies or forward-looking financial institutions looking to remain relevant to their customers in an increasingly competitive, automation-frenzied world. In Singapore today, robo-advisory has a small and steady following with the presence of around a dozen brands offering the service. Not surprisingly, the market is predominantly younger, with investors who tend to be more experimental and looking for an affordable and easier way to grow their savings rather than just putting it in the bank. Robo-advisory also came at a time when bespoke portfolio management was a service reserved for the rich. However, this is no longer the case today. Professional financial advisory...

Diabetes is an expensive and silent disease costing Singapore over S$1 billion a year to manage1. Treatment costs for working-age people suffering from diabetes could increase to over S$10,000 a year2 in 2050, according to a National University of Singapore study. For patients and their families, the disease can also take a great emotional toll. Elevated blood glucose levels can damage nerve endings and blood vessels, leading to complications that can range from kidney failure to blindness, heart attack, and stroke. Diabetic patients often face a big challenge getting insurance protection because of the complexities of the disease. Some have repeated bad experiences with insurance products that do not adequately cover their needs while others have a hard time getting enough coverage because diabetics, up until recently, have been somewhat considered “uninsurable”. source

Buying insurance is not an option these days. It’s a responsibility. It’s an act that reflects your acknowledgement that life comes with risks as much as it does rewards. These risks must be managed by getting the right coverage you need to protect yourself, your loved ones and your future within your means. Here is my opinion of the top three types of insurance coverage for millennials who are new in the workforce. Top 3 Important Insurance Coverage for Millennials: Take up an integrated shield plan (IP) Get long-term disability income supplement Plan for income replacement that covers Total and Permanent Disability (TPD) and Critical Illness (CI) when you start work. Looking after one’s financial health is a lifelong exercise. SG Alliance has a platform of dynamic content and digital tools that provide you error-free, secure and seamless online insurance submissions. Let us do the hard work shortlisting the products right for you from our growing list of industry-leading insurance pa...

“Good insurance plans mirror your personal growth while better plans anticipate your trajectory.” If you were born around the years from 1977 to 1995, you are a millennial. You have a good grasp of the importance of insurance as part of sound financial health. According to a 2019 survey on Millennial attitudes towards Insurance1, 7 in 10 millennials believe in buying insurance. More than half are aware of different insurance products while a good 44% consider themselves knowledgeable on insurance products. Savvy as you are, young working millennials in Singapore are also showing signs of biting off more than they can chew when it comes to taking on financing and personal loans for commitments such as weddings, buying a car or home. In fact, 20-somethings are among the biggest delinquents in personal debt repayment in our country. Quoting a recent Straits Times2 article, “an average personal loan and overdraft balances for borrowers from 21 to 29 years old shot up to $49,689 in the firs...

The best time to start is now (if you haven’t already done so) Many experts advise us to start retirement planning as early as possible to enjoy the longest possible runway and the advantages of compounding interest. While that is good advice, it doesn’t have to trigger the panic button even if you have not done so and find yourself middle-aged or beyond. Based on my experience helping clients achieve their retirement dreams in my two-decade long career, I know it’s never too late to start because there is always room to plan ahead for tomorrow. By starting later, you need to climb a steeper slope to reach your goal. However, late starters may be in a stronger financial position, such as having accumulated a bigger savings account that can accelerate their returns. Some may have finished paying off their home or other major loans, leaving them debt-free. In my previous article on retirement planning, I touched upon the 3 progressive phases of retirement, namely Active, Relax and Steady...

“Protect the goose that lays the golden egg.” Insure or invest? Young adults making this decision are already on the right track of planning for their long-term financial wellbeing. I remember vividly when I got my first job; money was tight. On hindsight, I wish I had someone advising me what I am sharing with you now. Prioritise securing the right type and level of insurance coverage. Make sure you secure your vault first before you continue to save and grow your wealth. Most of us earn a living by going to work. When an unforeseen mishap or critical illness prevents us from working, our earning capacity will be affected or completely stopped. Getting the right insurance safeguards our current wealth, standard of living and potential earnings. Unless you have an emergency fund to dip into, insurance minimises financial havoc. If you’re the lucky few with enough investments to fall back on, you may still suffer severe losses when forced to liquidate your assets in a hurry. You might a...