Friday, June 17, 2016

GMGH is a... Financial Advisor?!

Please, refer to attached picture.


If you would like to get your own cert, go visit John Oliver and download one for yourself. Of course, this cert is his way of proving the point that was brought up in his recent video that pretty much anyone can call themselves with the loose terms of financial advisor, financial consultant, investment consultant, wealth manager, etc... without having any specific credentials.

Well, in that case ladies and gents, allow me to introduce myself. I'm GMGH, your online financial advisor. (Relax, it's just a joke.)

Isn't it horrendous that there are some people in the world that have no choice but to face "financial advisors" who are of even lower standards that what we have to deal with? In Singapore, I'm rather proud to announce that there are laws governing this, and the MAS is the governing body (if I'm not wrong). I've read their minimum requirements to be a financial advisor. Let's just say that if you really really really wanted to buy insurance from me, give me a week to finish the exams and I can probably sell you a policy on.... next Thursday? But sorry, no coffee and low cut top from me.

Hey, don't get me wrong, there are decent, honest, intelligent and hardworking financial advisors out there. Sadly, they are greatly outnumbered by the hoard of clueless post-grad kids who have joined the industry that don't know jack shit about finance. Let's put it this way, my view of their abilities is so low, that I would even be impressed if they can explain the simple differences between ETFs and unit trusts. If they can do it, so what? Cooke and applause? They SHOULD be able to do it. If they can't, shame on them.


Unfortunately, financial advisor, I am not. I am just an armchair expert.

All I've done is:
- read plenty of books, articles and blogs about finance
- graduate from business school
- pass the CFA level 1 exam
- purchase insurance for myself
- have a perfect 2,000 credit score
- write a personal finance blog that has had 500,000 views

But what do I know?

I am considering taking all the CFMAS and SCI exams (M5, 6, 6A, 7, 8, 8A, 9, 9A, HI, BCP, PGI and ComGI), as well going through the AFP (Associate Financial Planner)  > AWP (Associate Wealth Planner) > CFP (Certified Financial Planner) track so that I can become a.... Certified Armchair Expert. I have close to zero interests in making a living helping people do things that most of them ought to do themselves, but it does give me added credibility when I criticize (of course, you can just as well criticize without any substantial credibility, but it does make it more fun when you do have some.)

I guess that won't be so soon though. I need my SkillsFuture Credit for other things that I'm planning to do, but I do find it exciting as something to do in the future if I'm bored - to pass all these exams and to be qualified.

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