MT20 - What Differentiates The Financially Successful

1. MT20 | WHAT DIFFERENTIATES THE FINANCIALLY SUCCESSFUL Many of us – may be most of us – take advice and tips from our friends and peers. Or perhaps we might read articles about high net worth people and how they made their money. But few of us are privileged to connect with and observe the habits of financially successful people on a day to day basis. Well today we have with us Mark Reeve, Partner at St James Place Wealth Management, who’s spent his entire career advising people on how to deploy and invest their money. And he’s going to give us insights into how financially successful people think about managing money. Key Points Top tips that financially successful people follow Why Sticking to the plan is so important

2. Successful people listen to advice Understand the market cycle for long term Save hours of work and stay on track with your investments with our handy checklists and resources Many of us give up on investing because it takes so much time and effort. If you’re one of those, fear not. Just use our handy tools and templates to save hours of effort so you can focus on your money rather than on the mechanics. Head on over to the Resources page and start investing like a pro! Transcript Many of us – maybe most of us – take advice and tips from our friends and peers. Or perhaps we might read articles about high net worth people and how they made their money. But few of us are privileged to connect with and observe the habits of financially successful people on a day to day basis. Well today we have with us Mark Reeve, Partner at St James Place Wealth Management, who’s spent his entire career advising people on how to deploy and invest their money. Mark, thanks a lot for joining us today. Would you like to introduce yourself? I moved to Singapore in 2012 and is married with 2 young boys. Prior to moving to Singapore, I was at Barclays Bank for 18 years .and finished my career there as a Private Banker, managing over USD 300m. I have now set up my own business within St. James’s Place, Wow, setting up a business helping others achieve financial freedom. We are exactly the same, aren’t we?

3. In the last 15 years, I would estimate that I have been lucky enough to work with circa 300 financially successful people. 300 people. That’s a lot of dollars! And data points. So you must really have a lot of insight into how they approach their portfolios. Speaking for myself, I tend to approach my portfolio with care, in case it bites – or turns into a bunch of zeros. But I suppose your clients have no such concerns. Generally, they have a plan which they review regularly. They take advice – may not always implement it but being open to receiving advice is important and they understand how markets work over the longer term. OK, I can already see why they are more successful than others. Having and sticking to a plan is easier said than done. Yet it’s so important, isn’t it? Having a plan of what your needs & goals are means you are more likely to become financially secure & independent in the future. These goals will change over time, but having an idea of where you need to get to significantly increases the chances of getting there. Early in life, when I was finishing University, it was about enjoying myself and I think this is important for people. At some point though developing good habits with money is essential. I get so frustrated that this is not actually taught in school. The basics of knowing how much we earn each month, our spending and getting used to saving something even if it is very small. Starting somewhere and when relatively young is far better than only giving it some thought in your mid 40’s and then having less time in the years ahead.

4. Successful people in managing their finances, keep track each year of how much savings they have, and how the value of their investments have grown. Seeing this information build over time really helps us evaluate how our investments/ wealth is growing. I see a lot of people with good intentions, plan for the future, but with life being so busy they lose track or momentum over time. Exactly – sticking to the plan is far harder than just making one. And I suppose that’s why financial advisors such as yourself play such an important role in their success. And speaking of advisors, you also mentioned that they are open to advise, even if they don’t act on it. What does that mean? Everyone management, tax planning, mortgages, insurance, succession planning & will writing. They may not implement the advice straight away but to start thinking about things is very important. needs advice whether it be for wealth For me, developing a long term trusted relationship is essential for most people to become financially secure in the future. Unfortunately I see a lot of short term advice from banks & insurance agents that focus on selling products rather than helping people plan properly. Even for people who are managing investments themselves, rarely do I find someone managing all their wealth themselves. For the odd few that can do this and do it well that’s great. +65 8245 0373 www.crazytok.online