OCBC rolls out financial advisory scheme for seniors

The Silver Years by OCBC Life Goals initiative aims to provide wealth solutions that protect and grow a person's investment funds that have accumulated over the years.
The Silver Years by OCBC Life Goals initiative aims to provide wealth solutions that protect and grow a person's investment funds that have accumulated over the years. PHOTO: REUTERS

A financial advisory and lifestyle programme started by OCBC Bank yesterday will address key issues faced by people over 55 - a period known as the "retirement risk zone".

The Silver Years by OCBC Life Goals initiative aims to provide wealth solutions that protect and grow a person's investment funds that have accumulated over the years, while minimising risks so they can maintain their desired lifestyles.

OCBC research found that older people have a higher-than-expected risk appetite and that "returns from investments" was the most popular choice when it came to deciding their primary source of retirement income.

While they are keen to invest in a managed portfolio of income-yielding products to maintain or increase cash flow, a common gripe was that there was often no advice from financial institutions on when to sell or rebalance portfolios to offset risks.

OCBC said it is tackling this by identifying 30 unit trusts and bancassurance products that are most suitable for clients to safeguard assets and build wealth.

The programme also addresses health matters by distributing a range of hospitalisation, personal accident and whole life insurance plans that need no medical underwriting.

One research finding cited the desire by people to have the option of contingency healthcare plans in the event of unfortunate circumstances.

BEYOND BASICS

Celebrating what they have achieved is not nearly enough; we need to provide regular and timely financial advice.

MR DENNIS TAN, OCBC's head of consumer financial services Singapore, on the bank's older clients.

The programme is partnering health providers such as Jaga-Me Home Care to provide clients with nursing home care services at preferential rates.

Beyond financial advice for wealth protection, the programme has partnered the Infocomm Media Development Authority to develop a customised curriculum to teach older people Internet banking and cashless payments.

These will be held at 30 Silver Infocomm Junctions islandwide.

In addition, the usual rewards and deals from merchant tie-ups - from travel to dining, and medical to fitness - have been incorporated into the programme.

Mr Dennis Tan, OCBC's head of consumer financial services Singapore, said older people have "reached a stage of self-actualisation and the need to constantly stay abreast of current trends".

"Celebrating what they have achieved is not nearly enough; we need to provide regular and timely financial advice.

"We also need to prepare them for the ever-changing digital transformation of the banking industry through workshops and provide access to relevant wealth and insurance products.

"We want our senior customers to be able to enjoy the same level of ease and comfort in today's banking world."

A version of this article appeared in the print edition of The Straits Times on May 29, 2018, with the headline 'OCBC rolls out financial advisory scheme for seniors'. Print Edition | Subscribe