When Heartland Boy first understood the concept of savings, his mother helped him opened a POSB Savings Account. A few months ago, this savings received a boost when he was able to turbo charge them via the DBS Multiplier Account. These days, he can be seen happily scanning QR codes on his DBS Paylah App to get 50 cents discounts for his hawker meals. This customer stickiness is about to continue as something caught his attention when he logged on to the DBS Mobile App recently. He noticed that DBS has stealthily rolled out a very sleek feature- a digital financial advisor named “Your Financial GPS”.
Your Financial GPS – Online and Offline
Heartland Boy certainly had a lot of fun exploring this new feature. It is highly interactive and intuitive. For instance, Your Financial GPS allows the bank customer to gain a better understanding of his/her expenditure as expenses from credit cards are automatically sorted into categories. Users can also set financial goals and analyse historical cashflow. Insights like these provide clues onto the size of your financial goals. They are also tailored to the user’s unique financial circumstances. All these are done automatically online with the help of artificial intelligence integrating the various financial planning concepts.
If this got your sufficiently interested, you can consider taking this experience offline by visiting NAV Hub. NAV is a financial planning initiative set up by DBS which aims to help customers navigate through life’s changes, uncertainties and opportunities. It has an expansive suite of offerings which are designed to point you to the right direction in your financial goals. Professional financial advisors will be available to provide private consultations. These are all conducted in a beautifully decorated shophouse space located in Tanjong Pagar, Singapore. Here are other compelling reasons why Heartland Boy thinks it is worthwhile to pay a visit to NAV Hub.
1. A Sanctuary That Respects
Appointments at NAV Hub are strictly via prior online bookings. The very nature of the process and set-up means that your privacy is always protected and respected. Such an environment encourages the customers to share more openly without the fear of being judged. By stepping out of your comfort zone, you would have taken first step to take charge of your financial destiny.
Another trait that Heartland Boy likes is the neutral stance adopted at NAV Hub. Financial consultants there merely provide financial advice or steer you towards a clear direction. NAV Hub maintains that no financial products will be sold during the consultations. Therefore, you will not find yourselves in awkward situations of being coerced into buying financial products. Along the same vein, one should not expect services such as estate planning or will drafting to be done there as well.
The personalised sessions, utmost privacy, professional opinions etc makes NAV Hub a safe and secure sanctuary where you can seek directions for your financial goals.
2. Importance Of A Financial Health Check
Insights from an in-depth survey on millennials by DBS reveal that millennials struggle at financial planning because the topics are too broad. This is despite the fact that these topics are often interconnected. As a result, they often end up with limited understanding on financial planning.
This is where the NAV crew will be able to chip in to provide a helping hand. They can provide an update about the status of your financial health, help you understand your financial goals and how you can go about achieving them. Furthermore, these personalized financial planning sessions are absolutely free and non-obligatory.
Medical professionals often advocate regular health screenings even for the fittest people. Likewise, financial advisors recommend that a diagnosis of your financial health should be done regularly. The professionals at NAV Hub will be able to provide a holistic review and a fresh pair of eyes may even help to uncover any blind spots. This will ensure that any loopholes are identified immediately and the decision to plug them will always be left entirely up to the customer.
3. Improve Your Financial Literacy
In addition, NAV believes that a better way of navigating will be to empower the customers with knowledge. As such, NAV Hub is also a place which helps to improve one’s financial literacy. Ever since its launch, NAV Hub has already conducted a series of classes related to financial literacy. Popular topics such as investing in unit trusts, Exchange Traded Funds (‘ETFs), Real Estate Investment Trust (‘REITs’) have already been conducted. Moreover, attendees only need to pay a nominal fee to secure their places at such talks.
Heartland Boy, together with SG Budget Babe, had the privilege of sharing their personal experiences of planning for their wedding within their budget. They shared some tips on how to reduce the cost of hosting a wedding banquet. A short video of their talk can be found here.
Beyond conducting classes, NAV Hub is looking to launch a forum on its website. It aims to transfer and imbue NAV’s philosophies into the community via meaningful exchanges. It is also a platform that provides opportunities to learn from our fellow peers.
A compass is needed to guide and tell you the direction that you are heading. Financial planning, given the multitude and magnitude of the tasks involved, can sometimes be an overwhelming challenge. Why not give NAV- Your Financial GPS a try, whether online or offline, to steer you to the right direction for your financial goals?
This article is written in collaboration with DBS but the views are his own.