Is this truly going to be helpful to the consumer?
For our target client, the answer is yes. There is a 'but', inevitably. This is the requirement for a fundamental change in the shopping habits of investors.
In the past clients have been able to obtain recommendations from any number of advisers, completely free of charge. They can then, on balance, make a decision to go with the recommendation they like best, or the adviser they feel most comfortable with.
With a fee based approach most firms will offer a free initial consultation, usually lasting 30 minutes or so. After this, time will be billed. This is a revolutionary change for investors used to having fees hidden away in commissions.
The common perception is that products will be cheaper using this approach. This is a double edged sword, cheaper does not necessarily, or indeed usually, mean better. Further, indemnified commissions are paid up front based on a percentage of monies invested. Ongoing fees will rely on a percentage of the assets managed which would increase over time and may in the long run cost more.
From the perspective of the adviser there is a clear view of the way the industry should develop to provide value to investors and facilitate lasting relationships on a win win basis. At this stage I am not sure the average consumer is quite ready for that and there needs to be a fundamental change of attitude toward investing.
Mark Paine
Meyado
Www.meyado.com.sg
Showing posts with label Mark Paine Meyado Singapore. Show all posts
Showing posts with label Mark Paine Meyado Singapore. Show all posts
Friday, April 6, 2012
Sunday, October 16, 2011
Mark Paine Singapore
Mark Paine Singapore
Mark Paine is the Managing Director of Meyado Private Wealth Management in Singapore.
Meyado holds a license as a Financial Advisor in Singapore and is regulated by the MAS.
Mark Paine holds a Financial Representative license and is authorised to advise under the remit of the Financial Advisors Act in Singapore.
For more information about Mark Paine or Meyado Private Wealth Management in Singapore, visit www.meyado.com.sg
Mark Paine is the Managing Director of Meyado Private Wealth Management in Singapore.
Meyado holds a license as a Financial Advisor in Singapore and is regulated by the MAS.
Mark Paine holds a Financial Representative license and is authorised to advise under the remit of the Financial Advisors Act in Singapore.
For more information about Mark Paine or Meyado Private Wealth Management in Singapore, visit www.meyado.com.sg
Tuesday, July 12, 2011
Updated Meyado Website
We are pleased to confirm the launch of our client section of the Meyado Singapore website.
Clients can now log in and access a range of services including full online administration support, asset allocation recommendations and valuations of their investments. Additionally all member clients now have access to the exclusive Meyado investment platform giving cost effective and flexible access to thousands of funds and ETF's.
For more details visit http://www.meyado.com.sg/ and click on Straits Membership
Clients can now log in and access a range of services including full online administration support, asset allocation recommendations and valuations of their investments. Additionally all member clients now have access to the exclusive Meyado investment platform giving cost effective and flexible access to thousands of funds and ETF's.
For more details visit http://www.meyado.com.sg/ and click on Straits Membership
Singapore ranked 8th most expensive city for expats
LONDON - SINGAPORE has entered the top 10 list of Mercer's 2011 cost of living survey, moving up two spots to be ranked the 8th most expensive city for expatriates. Angola's capital, Luanda, has retained the unenviable title of the world's most expensive city for expatriates, narrowly edging out Tokyo, according to the survey published on Tuesday.
At the other end of the scale, the Mercer group's study named the Pakistani port Karachi as the least expensive city, with living around three times cheaper than in Luanda.
New entries in the top 10 list of the costliest cities in the world for expatriates are Singapore (8), up from 11, and Sao Paolo (10), which has jumped 11 places since the 2010 ranking.
The most expensive city in Asia is Tokyo (2), followed by Osaka (6). Singapore (8) has joined the list of the world's top 10 most expensive cities in the world due to the strengthening of the Singapore Dollar and the substantial increase in housing costs.
It is followed by Hong Kong (9) whose ranking dropped by one position due to the devaluation of the Hong Kong Dollar which is pegged to the US Dollar, even though there was considerable increase in housing costs.
During the past year, the US Dollar has devalued against most Asian currencies. In particular, the Singapore Dollar and Australian Dollar appreciated considerably, not only against the US Dollar, but against other currencies such as the Euro and British Pound. -- AFP
Background:
The Mercer cost of living survey covers 214 cities across five continents and measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment. It is the world's most comprehensive cost of living survey and is designed to help multinational companies and governments determine compensation allowances for their expatriate employees. New York is used as the base city and all cities are compared against New York. Currency movements are measured against the US dollar. The cost of housing - often the biggest expense for expatriates - plays an important part in determining where cities are ranked.
At the other end of the scale, the Mercer group's study named the Pakistani port Karachi as the least expensive city, with living around three times cheaper than in Luanda.
New entries in the top 10 list of the costliest cities in the world for expatriates are Singapore (8), up from 11, and Sao Paolo (10), which has jumped 11 places since the 2010 ranking.
The most expensive city in Asia is Tokyo (2), followed by Osaka (6). Singapore (8) has joined the list of the world's top 10 most expensive cities in the world due to the strengthening of the Singapore Dollar and the substantial increase in housing costs.
It is followed by Hong Kong (9) whose ranking dropped by one position due to the devaluation of the Hong Kong Dollar which is pegged to the US Dollar, even though there was considerable increase in housing costs.
During the past year, the US Dollar has devalued against most Asian currencies. In particular, the Singapore Dollar and Australian Dollar appreciated considerably, not only against the US Dollar, but against other currencies such as the Euro and British Pound. -- AFP
Background:
The Mercer cost of living survey covers 214 cities across five continents and measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment. It is the world's most comprehensive cost of living survey and is designed to help multinational companies and governments determine compensation allowances for their expatriate employees. New York is used as the base city and all cities are compared against New York. Currency movements are measured against the US dollar. The cost of housing - often the biggest expense for expatriates - plays an important part in determining where cities are ranked.
Wednesday, February 16, 2011
Financial Training for 2011, little and often
If you have ever read the book 'Rich Dad, Poor Dad', you will appreciate the concept of every little helps when it comes to accumulating wealth. If you have not read the book it is a good read and worth the hour or so it takes to go through it.
The main principle of needing to accumulate wealth for a secure future later in life is lost on many expatriates. We live a life of freedom, freedom from over bearing taxes, and freedom from state intervention. This sadly though had a major downside, and that is lack of discipline.
Take Australia for example, high rates of tax, and as I experienced on our family Christmas there, an extreemly expensive place to live. However, the state imposes a compulsory pension contribution, or Super Annuation, which all earners subscribe to. Companies and the government help with contributions and the average Australian can be secure in the knowledge that there is a pot waiting for them on retirement. Of course it's not perfect and there are many flaws, but it's something that we in Singapore on Employment Passes don't have.
I have met clients who have been in Singapore for 15 years, generally aged between 45 and 55, with either minimal or zero wealth. As they have been non resident in their home country they have not paid any taxes, or national insurances and have thus not accumulated any pension benefit. The average 55 year old who would like to retire at 65 on $50,000 a year (which does not go far in Singapore by the way!) would need to put aside in the region of $6,000 a month to achieve the necessary pension fund, his 35 year old self would have needed to put away only $800 a month. It's an old story expounded by many a financial adviser, but with good reason.
But back to the topic on hand, what is the principle of accumulating wealth. Quite simply to create wealth is extreemly difficult. Putting aside 20% of your lifetime earnings gives the average person 6 years of their average salary - say around $1,000,000 for the average employee. Invest that money wisely and it could be worth 2 or 3 times that, but it still won't give you enough to open an account at a Private Bank.
Wealth is generally accumulated by large capital injections, the sale of a house, business, profit share payments as well as high risk, high return investments. Any of these could create liquidity problems as they are not short term, as bankers are now experiecing with bonus payments, or property owners in the UK with negative equity or a stagnant market understand.
This should not preclude however the principle of little and often. Saving dollars here and there does soon add up. Smokers who quit would now save over $4,000 a year if they quit their pack a day habit. Taking the bus and not the taxi in Singapore could save you over $7,000 a year. Over a working lifetime you accumulate over $300,000 on these two savings alone.
Of course I understand we can't live like hermits but one of the good things which has emerged out of the recession is a humbling of peoples spending habits, the excesses of 5 years ago seem to have slowed. Businesses cut their costs 3 years ago and are now reaping the rewards and declaring profits, the individual consumer was slower to react though and will only now perhaps begin to feel the effects of reducing spending and debts.
What can be done in Singapore then to accumulate wealth. Best advice is to have some discipline. My major gripe on the available accumulation plans in Singapore is that they are too flexible. It's also the feature clients demand the most. In my opinion this is completely wrong. There should be an incentive for individuals to save money into plans which don't allow redemptions and encashment, because plans will only work if you continue to invest into them (see my comments earlier regards the 55 and 35 year old savings amounts). A plan is of no use what so ever if you stop paying in and take the money out.
Whatever happens, whether it goes under the mattress or into a structured plan, it's vital that expatriates wake up to the reality that if they don't look after themselves, nobody else is going to do it for them.
The main principle of needing to accumulate wealth for a secure future later in life is lost on many expatriates. We live a life of freedom, freedom from over bearing taxes, and freedom from state intervention. This sadly though had a major downside, and that is lack of discipline.
Take Australia for example, high rates of tax, and as I experienced on our family Christmas there, an extreemly expensive place to live. However, the state imposes a compulsory pension contribution, or Super Annuation, which all earners subscribe to. Companies and the government help with contributions and the average Australian can be secure in the knowledge that there is a pot waiting for them on retirement. Of course it's not perfect and there are many flaws, but it's something that we in Singapore on Employment Passes don't have.
I have met clients who have been in Singapore for 15 years, generally aged between 45 and 55, with either minimal or zero wealth. As they have been non resident in their home country they have not paid any taxes, or national insurances and have thus not accumulated any pension benefit. The average 55 year old who would like to retire at 65 on $50,000 a year (which does not go far in Singapore by the way!) would need to put aside in the region of $6,000 a month to achieve the necessary pension fund, his 35 year old self would have needed to put away only $800 a month. It's an old story expounded by many a financial adviser, but with good reason.
But back to the topic on hand, what is the principle of accumulating wealth. Quite simply to create wealth is extreemly difficult. Putting aside 20% of your lifetime earnings gives the average person 6 years of their average salary - say around $1,000,000 for the average employee. Invest that money wisely and it could be worth 2 or 3 times that, but it still won't give you enough to open an account at a Private Bank.
Wealth is generally accumulated by large capital injections, the sale of a house, business, profit share payments as well as high risk, high return investments. Any of these could create liquidity problems as they are not short term, as bankers are now experiecing with bonus payments, or property owners in the UK with negative equity or a stagnant market understand.
This should not preclude however the principle of little and often. Saving dollars here and there does soon add up. Smokers who quit would now save over $4,000 a year if they quit their pack a day habit. Taking the bus and not the taxi in Singapore could save you over $7,000 a year. Over a working lifetime you accumulate over $300,000 on these two savings alone.
Of course I understand we can't live like hermits but one of the good things which has emerged out of the recession is a humbling of peoples spending habits, the excesses of 5 years ago seem to have slowed. Businesses cut their costs 3 years ago and are now reaping the rewards and declaring profits, the individual consumer was slower to react though and will only now perhaps begin to feel the effects of reducing spending and debts.
What can be done in Singapore then to accumulate wealth. Best advice is to have some discipline. My major gripe on the available accumulation plans in Singapore is that they are too flexible. It's also the feature clients demand the most. In my opinion this is completely wrong. There should be an incentive for individuals to save money into plans which don't allow redemptions and encashment, because plans will only work if you continue to invest into them (see my comments earlier regards the 55 and 35 year old savings amounts). A plan is of no use what so ever if you stop paying in and take the money out.
Whatever happens, whether it goes under the mattress or into a structured plan, it's vital that expatriates wake up to the reality that if they don't look after themselves, nobody else is going to do it for them.
Sunday, January 9, 2011
Private Banking Asia 2011
I have kindly been invited to speak at the forthcoming Private Banking Asia convention on 14th March 2011 in Singapore.
Details on the event can be found here
Mark Paine
Meyado
Singapore
Details on the event can be found here
Mark Paine
Meyado
Singapore
Wednesday, March 24, 2010
2010 UK Budget
The chancellor delivered the UK budget yesterday. As was voiced by the conservative party it was a bland budget designed for an imminent election.
The most shocking change was a hefty tax on strong cider, hardly earth shattering unless you are one of the south western constituents preparing to oppose this hike or perhaps on the current Magners drinking band wagon everyone seemed to be on in the UK last summer.
Of more relevance to my audience is the freezing of the IHT tax limit at £325,000 for the next four years, despite a reported 3% inflation rate, this has obvious detrimental effects to British Domiciled persons.
The other change of note was the alteration of stamp duties, raising duty to 5% on £1m + homes and a temporary abandonment of the duty altogether on homes of less than £250,000 for the next two years. Good news for first time buyers then.
Of course none of this even scratches the surface of the real implications of spending cuts and stealth taxation. Higher earners and businesses being hit hard, companies national insurance contribution going up 1% next year, no changes in personal allowances for any earners despite inflation, higher earners losing personal allowances and facing 50% tax post £150,000 income and higher earners again being hit by pension relief cuts. No wonder there are so many expats.
Read more: http://www.dailymail.co.uk/news/article-1260474/Budget-2010--15bn-tax-raid-didnt-mention.html#ixzz0jAEvnJjm
The most shocking change was a hefty tax on strong cider, hardly earth shattering unless you are one of the south western constituents preparing to oppose this hike or perhaps on the current Magners drinking band wagon everyone seemed to be on in the UK last summer.
Of more relevance to my audience is the freezing of the IHT tax limit at £325,000 for the next four years, despite a reported 3% inflation rate, this has obvious detrimental effects to British Domiciled persons.
The other change of note was the alteration of stamp duties, raising duty to 5% on £1m + homes and a temporary abandonment of the duty altogether on homes of less than £250,000 for the next two years. Good news for first time buyers then.
Of course none of this even scratches the surface of the real implications of spending cuts and stealth taxation. Higher earners and businesses being hit hard, companies national insurance contribution going up 1% next year, no changes in personal allowances for any earners despite inflation, higher earners losing personal allowances and facing 50% tax post £150,000 income and higher earners again being hit by pension relief cuts. No wonder there are so many expats.
Read more: http://www.dailymail.co.uk/news/article-1260474/Budget-2010--15bn-tax-raid-didnt-mention.html#ixzz0jAEvnJjm
Friday, February 12, 2010
Gong Xi Fa Chai : Happy Chinese Ney Year
Chinese New Year takes place 14th / 15th February and we will enter the Year of the Tiger
Gong Xi Fa Chai!
Thursday, February 11, 2010
Meyado Private Wealth Management Appoints Managing Director
Meyado Private Wealth Management Pte Limited, based in Singapore, today announced the appointment of Mark Paine as managing director.
Mark has been a member of staff at Meyado for almost twenty years and his appointment endorses the experience and commitment Mark has brought to the organisation.
Mark Paine joined Meyado Frankfurt in 1993 as an advisor. Over the past 17 years he has worked in Europe, the Middle East and was appointed managing partner of Singapore in 2007.
Commenting on the appointment, Mark Paine said,
“I am very happy to have taken on this role which enables me to develop further the Asian operations of Meyado. I am very excited about the scope for development of our Private Wealth Management solutions throughout South East Asia, commencing with the immediate development of the Singapore operation.
“In addition to our current offering, we have some new unique and beneficial solutions to offer our existing and new clients which we will be rolling out over the coming weeks.”
-ENDS-
For further information contact:
Gug Kyriacou, Polhill Communications
Tel: +44 020 7655 0550
E-mail: g_kyriacou@polhill.com
Mark Paine, Meyado Private Wealth Management
Tel: 6538-3538
Email: markpaine@meyado.com
Notes to Editors:
About Meyado
Meyado provides independent Private Wealth Management advice to over 5,000 clients worldwide. Originally founded in Frankfurt in 1993, they are licensed by the Financial Services Authority in the United Kingdom and the Monetary Authority in Singapore. Global operations include Singapore, London, Frankfurt, Dubai, Sao Paolo and Madrid.
Mark has been a member of staff at Meyado for almost twenty years and his appointment endorses the experience and commitment Mark has brought to the organisation.
Mark Paine joined Meyado Frankfurt in 1993 as an advisor. Over the past 17 years he has worked in Europe, the Middle East and was appointed managing partner of Singapore in 2007.
Commenting on the appointment, Mark Paine said,
“I am very happy to have taken on this role which enables me to develop further the Asian operations of Meyado. I am very excited about the scope for development of our Private Wealth Management solutions throughout South East Asia, commencing with the immediate development of the Singapore operation.
“In addition to our current offering, we have some new unique and beneficial solutions to offer our existing and new clients which we will be rolling out over the coming weeks.”
-ENDS-
For further information contact:
Gug Kyriacou, Polhill Communications
Tel: +44 020 7655 0550
E-mail: g_kyriacou@polhill.com
Mark Paine, Meyado Private Wealth Management
Tel: 6538-3538
Email: markpaine@meyado.com
Notes to Editors:
About Meyado
Meyado provides independent Private Wealth Management advice to over 5,000 clients worldwide. Originally founded in Frankfurt in 1993, they are licensed by the Financial Services Authority in the United Kingdom and the Monetary Authority in Singapore. Global operations include Singapore, London, Frankfurt, Dubai, Sao Paolo and Madrid.
Tuesday, February 9, 2010
Press Release : MEYADO LAUNCHES LIFESTYLE BENEFITS PROGRAMME
Meyado Private Wealth Management, headquartered in London, is partnering with Cream Counsel to launch the Cream Card to it’s clients, bringing a new level of meaning to “boutique financial advisory”. Designed for the lifestyle of Meyado clients in mind, the Cream Card offers a bespoke concierge service, benefits and preferential treatments with a select group of merchants, and privileged access to a variety of business, social, and networking events throughout the year.
“The Cream Card allows us to provide our clients with unsurpassed services we aim to deliver as a boutique financial advisory”, says Mark Paine, Managing Partner of Meyado. “The Card’s concierge help desk gives clients the full service attention they need as busy international executives, while supporting our Advisors who are able to focus on delivering the results our clients expect”.
The benefits of the Cream Card include:
• Use of Cream Concierge, powered by a team of personal assistants who help with everything from arranging for a limousine service for a next meeting with a Meyado Advisor, recommending and securing a restaurant reservation for a business lunch, confirming the departure time of an upcoming business trip, or making an appointment for a 2-hour escape from work at a renowned spa.
• An extensive array of benefits including privileged access and year round discounts with merchants catering to the lifestyle needs of business executives. Participating merchants include premium men’s tailors, specialised wine merchants, boutique gyms, and fine dining establishments.
• Exclusive invitations to events ranging from social and networking events to business and investment seminars to keep clients updated on a constantly changing business environment.
The launch of the Cream Card is another of Meyado’s efforts to reward valued clients for their loyalty, and provide distinctly personalised service in an increasingly competitive marketplace.
- Ends -
For further information, please contact:
Mark Paine
Meyado Private Wealth Management
Tel: 6538-3538
Email: mark.paine@meyado.com
Lindsay Goh,
Cream Counsel
Tel: 6595-0870
Email: lindsay.goh@creamcounsel.com
About Meyado
Meyado provides independent Private Wealth Management advice to over 5,000 clients worldwide. Originally founded in Frankfurt in 1993, they are licensed by the Financial Services Authority in the United Kingdom and the Monetary Authority in Singapore. Global operations include Singapore, London, Frankfurt, Dubai, Sao Paolo and Madrid.
“The Cream Card allows us to provide our clients with unsurpassed services we aim to deliver as a boutique financial advisory”, says Mark Paine, Managing Partner of Meyado. “The Card’s concierge help desk gives clients the full service attention they need as busy international executives, while supporting our Advisors who are able to focus on delivering the results our clients expect”.
The benefits of the Cream Card include:
• Use of Cream Concierge, powered by a team of personal assistants who help with everything from arranging for a limousine service for a next meeting with a Meyado Advisor, recommending and securing a restaurant reservation for a business lunch, confirming the departure time of an upcoming business trip, or making an appointment for a 2-hour escape from work at a renowned spa.
• An extensive array of benefits including privileged access and year round discounts with merchants catering to the lifestyle needs of business executives. Participating merchants include premium men’s tailors, specialised wine merchants, boutique gyms, and fine dining establishments.
• Exclusive invitations to events ranging from social and networking events to business and investment seminars to keep clients updated on a constantly changing business environment.
The launch of the Cream Card is another of Meyado’s efforts to reward valued clients for their loyalty, and provide distinctly personalised service in an increasingly competitive marketplace.
- Ends -
For further information, please contact:
Mark Paine
Meyado Private Wealth Management
Tel: 6538-3538
Email: mark.paine@meyado.com
Lindsay Goh,
Cream Counsel
Tel: 6595-0870
Email: lindsay.goh@creamcounsel.com
About Meyado
Meyado provides independent Private Wealth Management advice to over 5,000 clients worldwide. Originally founded in Frankfurt in 1993, they are licensed by the Financial Services Authority in the United Kingdom and the Monetary Authority in Singapore. Global operations include Singapore, London, Frankfurt, Dubai, Sao Paolo and Madrid.
Tuesday, January 26, 2010
Back to Basics
I wrote this article a year or so ago but it still holds true today - as should any strategic plan - cut and past the link below into your browser to view the pdf file.
http://mycpf.cpf.gov.sg/NR/rdonlyres/C489AD64-048E-4B46-B709-00EB7707F44B/0/023024_Meyado.pdf
http://mycpf.cpf.gov.sg/NR/rdonlyres/C489AD64-048E-4B46-B709-00EB7707F44B/0/023024_Meyado.pdf
Thursday, January 7, 2010
Second Reuters Article on Money Control
"Private banks should be worried, but if you look at the size of the market there`s enough to go round," Meyado`s managing partner Mark Paine said. "Even if we only take five percent of what the banks have, it`s enough for us to operate -- it`s a question whether the banks are sensitive to that."
CLick on the post title to link to the full article
Reuters Article Mentions Meyado Singapore
Tuesday, November 10, 2009
Sunday, October 18, 2009
Wednesday, September 23, 2009
By way of update...
I haven't posted for a while, the summer seems to have come and gone in a flash. We've had a lot more cheery news from the markets and investors are thankfully seeing a recovery in their portfolios.
Meyado in Singapore is continuing to expand and we are activley seeking qualified advisors, an insurance desk manager and a new team leader.
We are looking forward to a strong finish to the year for the markets and a sense of direction. As a company we are focussed on ensuring that asset allocation is carefully considered as portfolio mixes change with performance.
Meyado in Singapore is continuing to expand and we are activley seeking qualified advisors, an insurance desk manager and a new team leader.
We are looking forward to a strong finish to the year for the markets and a sense of direction. As a company we are focussed on ensuring that asset allocation is carefully considered as portfolio mixes change with performance.
Thursday, March 19, 2009
Meyado Announces Singapore Expansion, Mark Paine
MEYADO PRIVATE WEALTH MANAGEMENT ANNOUNCES EXPANSION &
RELOCATION OF SINGAPORE OFFICE
20 March 2009
Singapore – Meyado Private Wealth Management has recently announced an expansion of
operations as well as a relocation of offices. Formerly housed in Singapore Land Tower,
Meyado has taken over space in a shophouse in Far East Square.
In addition to moving offices, Meyado has recently hired more staff, growing from 10 to 12
employees in their Singapore branch. Future plans for growth include hiring as many as five
additional employees in the next six months to a year, despite the global financial crisis.
‘Yes, the economy is tough right now,’ said Mark Paine, CEO of Meyado Singapore. ‘But the
reality is that some sectors of the financial community provide unique, valuable services to
individuals that are now more important than ever. As an independent financial advisory,
more and more people are coming to us for impartial advice, while simultaneously seeking
out a company with very personal relationships. Hence, our growth.’
Meyado Private Wealth Management provides independent financial advice to over 5,000
clients worldwide. Originally founded in Frankfurt in 1993, they are licensed by the Financial
Services Administration in the United Kingdom and the Monetary Services Authority in
Singapore. Global offices include Singapore, Hong Kong, London, Frankfurt, Dubai, Sao
Paolo and Lisbon.
The new Singapore office address is Far East Square, 32 Pekin Street #03-01, 048762. The
main telephone line is +65 6538 3583 and the fax is +65 6538 3234.
For further information, please contact:
Mark Paine, CEO
markpaine@meyado.com
+65 6538 3538
www.meyado.com
Brent Oddson, Market Research Analyst
brentoddson@meyado.com
+65 6538 3538
www.meyado.com
Monday, March 16, 2009
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