SeaPRwire

Former financial planner who cheated seven clients given 6-year prohibition order

aseanpr
2 minutes

SINGAPORE - A former financial planner who cheated seven clients has been issued a six-year prohibition order by the Monetary Authority of Singapore (MAS), following his convictions in the state courts for forgery and cheating. Under the prohibition order, Mr Stedtson Koh Kesheng will not be allowed to provide any financial advisory service, or take part in the management, directing or be a substantial shareholder of any financial advisory firm. He is also prohibited from taking part in the management or carrying on business as any insurance intermediary. The order took effect on Wednesday (Oct 27). Mr Koh was employed at insurance company Manulife as a financial planner from 2013 to 2015. While there, he convinced seven of his customers to sign contracts for new Manulife insurance policies by telling them the premiums they had paid for their existing policies from another insurer could be transferred to the new policies. Mr Koh later forged documents to deceive them into believing the cash value of their existing policies had been successfully transferred to their new policies. The clients, who believed the documents were real, stopped paying premiums for their existing policies. ...

SeaPRwire

Money tips for an equal marriage

elean
6 minutes

(NYTIMES) - A year and a half of pandemic living has revealed - or reminded us of - some persistent patterns around money, gender, marriage and families. And they aren't always pretty. There is data showing a link between financial stress and domestic violence. And millions of women felt they had no choice but to leave paid employment to provide care for children or other family members. Matrimony and parenting involve compromise, without question (and sometimes, seemingly, without end). But it need not be disproportionate. There are plenty of reasons to equalise the financial decision-making in your marriage - and this goes for every couple. If you're among the many getting married now as part of the great pandemic wedding boom, consider adding another promise: that yours will be a financially egalitarian marriage. Here is what that might mean. 1. First, understand where the power lies When a new household is setting a financial baseline, it is almost impossible to avoid talking about power. Sociology professor Rachel Sherman, of the New School for Social Research in New York, examined arrangements of authority in the marriages of the affluent in her book Uneasy Street. While gend...

SeaPRwire

Offering financial know-how to graduates

elean
4 minutes

(NYTIMES) - With financial adulthood comes a series of firsts - apartments, loan payments and other complex decisions, all made while rent is high and starting pay cheques are low. So, what if that young adult heading out into the working world could confide in a trained, trusted guide, someone who might share the magic of compound interest or illustrate how setting aside just a little money at age 22 instead of 32 can translate into hundreds of thousands of dollars later? If you are close to someone entering this new phase - whether from high school, graduate school or somewhere in between - providing the gift of professional advice may be one of the most efficient ways to set him or her on the right path. Financial know-how comes in many forms, so highly motivated individuals can figure out how to navigate on their own. But there are plenty of snake oil salespeople - and TikTok videos and crypto-hyping friends do not always provide sound advice. Laying out a few hundred dollars for guidance can help prevent costlier mistakes, while providing the support to arrive at financial decisions more thoughtfully, even if it is not the most favourable option on the spreadsheet. "Often, I e...