BAIDURI Bank’s range of Wealth Management services are designed to cater to everyone, offering people of all income tiers products and solutions tailored to their needs.
Financial planning plays a big part in ensuring people are able to achieve their goals, and as such Baiduri Bank has a wide variety of wealth management products and services designed to help customers not only save but also grow their wealth.
As is stated on the bank’s website, “Careful planning is important. The key is to set priorities and work steadily towards long-term goals, eg buying a home, saving for your child’s education or planning for your retirement.”
A good first step suggested by the bank is to carry out a Retirement Gap analysis, which customers can do online or with one of the bank’s own Personal Financial Planners – qualified wealth management professionals who bring the right knowledge, expertise and guidance to identify and help you achieve your specific financial goals.
As the bank explains, a Retirement Gap is identified when a shortfall is predicted between income and expenses. This will lead to the next step in the analysis which is to determine how to bridge the gap by looking at how big the difference is and identifying what steps can be taken on both the income and expense sides to lessen the gap, if possible.
When the analysis shows a negative gap between incomes and expenses, one might want to spend less in one’s working years and save more.
“Money saved can be put into investments with higher return base on individual risk appetite,” states the bank. “Likewise, you may want to revise your expectation of retirement and reduce your retirement income, so that the capital sum will not be so huge as to be unattainable. Or you may want to retire at a later age.”
“A positive gap means that you have a better financial health and have better cash flow. You may want to continue that way and perhaps look into some investment products and diversify some of your portfolio so as to achieve your retirement goal earlier.”
Baiduri Bank’s Personal Financial Planners can guide customers by taking an in-depth look at income, expenses, cost of living and the goals of your retirement lifestyle and interpret the data to make recommendations that are appropriate to the customer.
“It is never too late to begin a retirement gap analysis. Spend more time planning for your retirement and take a look at your financial plan annually to make sure you are in a comfortable position.”
In addition to the Gap Analysis, Baiduri Bank’s website also offers a Retirement Planning Calculator and Risk Profile Assessment.
In terms of actual wealth management products, one example is the Fixed Deposit, where customers can “make your funds work for you”.
As is stated on the bank’s website, “If you have some extra savings, put some aside in a fixed deposit to maximise the growth potential of your savings through an investment with better interest rates as compared to a normal BND Savings Account.”
Certificate of Deposit (CD) is another wealth management product. As described on the website, Certificates of Deposit are similar to savings accounts in that they are guaranteed by the issuing bank, and thus practically risk-free.
Its benefits include an attractive high yield due to closed-ended term investment; fixed term and fixed interest rate; and it is intended to be held until maturity, the CD funds will be withdrawn together with the accrued interest.
Life Insurance is an effective savings tool to help people realise their dreams and aspirations, whether it is for further education, an exotic vacation or to retire comfortably with the assurance that you are financially secure.
Baiduri Bank works with AIA and Great Eastern to offer a combination of insurance protection and savings benefits.
Another product the bank offers is Structured Deposit, which is a combination of a saving account and a structured investment where capital is guaranteed by the issuing bank. They are different from savings accounts in that the Structured Deposit returns depend usually on the performance of an underlying financial instrument.
A Foreign Currency Savings Account is an investment that suits the moderate investor, offering an interest rate that is better than the BND Savings Account and BND Term Deposit Account.
In addition, investors also get to take advantage of favourable exchange rate movements, with the convenience of withdrawing or depositing cash at any time.
A wide selection of currencies is available to choose from, ranging from the Australian dollar, Canadian dollar, Hong Kong dollar, New Zealand dollar, Euro, US Dollar and Great Britain Pound.
Another product is the Baiduri Twin Currency Deposit, which offers the opportunity to get a competitive yield on a foreign exchange linked deposit.
Customers can enhance yields on short-term investments by taking a relative view of how two currencies move against each other. Principal and yield are paid in full upon maturity, either in Base Currency or Alternate Currency.
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