Of wealth and health

The Sunday Times highlights two new services for investors and a health insurance plan

Mr Charles Wong of Citibank Singapore says the Total Health Adviser offers a holistic view of a client's overall financial health, and makes it easier to track the progress of one's wealth portfolio. Investment Clinic is a new programme introduced by
Mr Charles Wong of Citibank Singapore says the Total Wealth Adviser offers a holistic view of a client’s overall financial health, and makes it easier to track the progress of one’s wealth portfolio. Investment Clinic is a new programme introduced by Sias. Issues raised at the inaugural session recently included stocks that have been delisted and how investors can recover value. The next session is on Oct 7. PHOTO: SIAS

TOTAL WEALTH ADVISER (TWA) BY CITIBANK SINGAPORE

Launched recently, this is a goals-based planning tool that measures performance by the success of investments in meeting a client's personal goals. It is targeted at Citigold customers with assets under management of $200,000 to $1 million.

The bank says TWA is the only such holistic platform in the market.

Mr Charles Wong, Citibank Singapore's retail bank head, said: "It is capable of offering a holistic view of our customers' overall financial health covering investments, retirement and insurance among others, in addition to the ability to track and measure the progress of their total wealth portfolio.

"This digital tool makes it so much easier for our customers to monitor their different goals without having to rely on different trackers for each of them."

TWA gives a customer a comprehensive overview of his liabilities and short-term as well as long-term assets, and allows clients to map goals to portfolios based on their risk tolerance, how much resources they have and their time horizon. The aim is to produce an investment portfolio that performs in line with their expectations.

Using a research approach that combines quantitative and qualitative metrics, Citibank identifies a selection of global asset managers and funds with proven money management expertise. TWA will provide customers the ability to track their goals on the go, via online or mobile platforms, as well as incorporate annual reviews of their goals.

Customers will also be provided insights through online videos and investment seminars.

TWA shifts the focus from one centred on short-term performance to a customer's goals. This is in contrast to the traditional investing methodology that defines performance as return against a benchmark.

This means that the focus has shifted from achieving higher returns, which can result in clients taking unnecessary higher risks, to meeting a client's financial goals.

In doing so, customers are better protected from pitfalls, such as selling based on emotions, resulting in fewer knee-jerk reactions to market fluctuations.

INVESTMENT CLINIC BY SECURITIES INVESTORS ASSOCIATION SINGAPORE (SIAS)

This is a new programme which allows retail investors with issues regarding their investments to seek assistance face-to-face from a panel of Sias-appointed experts from the financial and legal fields.

Mr Charles Wong of Citibank Singapore says the Total Wealth Adviser offers a holistic view of a client's overall financial health, and makes it easier to track the progress of one's wealth portfolio.t 7. PHOTO: CITIBANK

They will help retail investors better understand their investment issues and potentially find avenues to resolve them.

According to Sias, this is the first time in a Sias programme that retail investors will have the benefit of seeking guidance from a panel of experts.

Sias' president and chief executive, Mr David Gerald, said: "Investment Clinic provides yet another avenue for investors to seek help and assistance with their issues from the panel of lawyers, retail brokers and financial advisers face-to- face. Investors will get opinions from these professionals.

"Where necessary, Sias will assist to follow up with the various financial institutions to help resolve the issue."

To have a consultation at the Investment Clinic, investors have to be Sias members and should first provide their particulars and details of the investment issues they are facing by e-mailing Sias at admin@sias.org.sg.

Sias will conduct investment clinics every two months. The next session is on Oct 7. However, members can e-mail Sias their issues or problems if they are urgent, as in the past, and they will be attended to.

Issues raised at the inaugural session recently included stocks that have been delisted and how investors can recover value, questions on the performance of some unit trusts, understanding a company's rights issue and questions on how to exit a stalled investment in alternative US investment schemes.

The retail investors with these issues were informed about their rights as investors, and where and how to pursue their issues for resolution.

Mr David Gerald, president of Sias, says Investment Clinic provides yet another avenue for retail investors to seek help with their investment issues from experts face-to-face. PHOTO: SIAS

AIA TRIPLE CRITICAL COVER BY AIA SINGAPORE

This is a health insurance plan that provides coverage for 104 critical illness conditions through the early, intermediate and major stages.

The plan also covers five special conditions, including osteoporosis and diabetic complications, for which AIA will pay out an additional 20 per cent of coverage amount, up to $25,000 per condition.

Compared with existing critical illness plans in the market that cover only major-stage critical illness, AIA Triple Critical Cover provides a more comprehensive coverage.

It offers a "power reset" feature where the life insured will have his critical illness coverage amount fully restored to 100 per cent once 12 months have passed from the previous claim, even for early-stage critical illness conditions.

Multiple valid claims are permitted up to 300 per cent of the coverage amount.

Upon the death of the life insured, the family will receive from the insurer 100 per cent of the coverage amount (less any critical illness claims paid) and a $5,000 compassionate benefit.

This plan will appeal to those willing to pay for higher protection for critical illness conditions.

This is because most critical illness plans in the market cease to provide cover after a claim, and it is difficult to obtain further critical illness coverage.

Alternatively, you can consider buying a critical illness rider on a series of cheaper term insurance plans over 10, 15, 20 or 25 years and effectively reduce your cover as you get older, because the older you get, the less protection you need.

TWA gives a customer a comprehensive overview of his liabilities and short-term as well as long term assets, and it allows clients to map goals to portfolios based on their risk tolerance, how much resources they have and their time horizon.

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A version of this article appeared in the print edition of The Sunday Times on August 28, 2016, with the headline Of wealth and health. Subscribe