Teaching Financial Literacy

Financial LiteracyDue to recent economic conditions there is an increasing number of organizations that provide educators that specialize in teaching financial literacy and money management skills.

For those interested in teaching financial literacy there are many ways you can become involved. Right now there are many opportunities for you to begin to share a practical financial education with those that need this training. There are volunteer opportunities that will give you instruction on how you can providing others a practical financial education and teaching money management skills through a variety of nonprofit organizations or create your own financial education business.

The demand for those skilled in teaching financial education courses has never been higher. You can begin to give others the gift of picking up money management skills.

Nonprofit Organizations. Nonprofit organizations from across the country are receiving financial education grants and impacting the lives of millions nationwide. Groups like Junior Achievement have been giving the gift of money management skills since 1916. Operation HOPE is another national origination that has been teaching financial literacy in underserved areas.

On a more grassroots level, NCMSC Support Center has been going into schools and teaching financial literacy to youth of all ages. And the Brockman Educational Institute hosts Travel 4 Education events that teach personal finance and help junior high student choose careers they may be interested in.

Another organization that is making big strides providing people practical money management skills is the financial literacy and education commission.

Government Programs. The financial literacy and education commission is a government program with the stated mission of providing financial education resources for all Americans. The financial literacy and education commission is an advocate of providing money management skills.

The Fair and Accurate Credit Transaction Act established the financial literacy and education commission and they provide a broad spectrum of services to help people from all walks of life. The financial literacy and education commission offers financial education grant, money management skill resources and is an advocate of teaching financial money management.

To many the financial literacy and education commission has helped them pick up life changing money management skills and has helped many families out of impoverished situations. Through financial education grants and other resources the financial literacy and education commission is making a difference in the lives of those that need to pick up practical money management skills.

Private Companies. If you are interested in starting a business where you are teaching financial literacy and money management skills, there are many resources through a variety of private companies.

There are a few organizations that will provide training and certify you as a financial educator while providing turnkey solutions to financial literacy needs.

These companies provide you the tools necessary to begin teaching financial literacy and help people pick up money management skills. A few areas you may want to explore include: financial literacy curriculum, turnkey workshops / camps, financial educator training and more.

Close look at the opportunities that financial education companies can offer. Talk with their certified financial education trainer and inquire to their years of experience and see if their teaching philosophy matches yours.

There are some companies teach person finance more off theories. While others emphasize a more practical financial education to help client develop real world money management skills. Choose the one that you feel most comfortable with and that matches your learning styles.

Before you begin teaching financial literacy & providing people practical money management skills be sure to do your homework and select a company that fits you and your goals best.

The Benefits Of Development Finance

Development FinancePeople tend to confuse Development Finance with Commercial mortgages, which is more than easily done as the two do tend to overlap one another. Development finance is where an individual or company/business is looking to develop property/properties and have some capital but need a short term loan to help complete the development. Depending upon the lender and the circumstance, such loans normally span between 12-24 months. Commercial Mortgages are different in that they are a form of replacing the short term development finance loan when additional funds are needed. Hence, Development Finance and Commercial Mortgages do tend to overlap. Despite the “Credit Crunch”, Development Finance is rapidly becoming more main-stream and is a very specific type of finance. Development finance is an extremely active market, with businesses wanting to expand for survival during the economic downturn. There are many high street lenders out there and therefore there is a wide variety of development finance specialists available to the consumer. It is recommended that you seek professional advice in order to find the right deal for you.

Development Finance can be used for Property Refurbishment, New Build Projects and Property Conversions but can also be used as funding towards international development plans and initial land purchases. Development Finance usually comes in many different guises, which undoubtedly fuels the confusion surrounding this method of financial assistance. For example, a Senior Debt Loan usually covers the first 70% – 80% of loan to value although it can be arranged against gross development value. A Mezzanine Loan is a second charge loan on top of the senior debt loan, usually used to fund costs on one property while a developers financial resources are tied up elsewhere. Finally, Joint Venture 100% Finance contracts you with an experienced partner who underwrites the project and shares the profits upon completion.

Property development is about having a vision; it’s about understanding the market and turning that vision into a reality. However, developers often have problems getting the finance right and knowing what products are available and which lenders to use can be confusing. The forms of development finance are dependent upon personal circumstance, for example whether you are a company wishing to expand, a home owner hoping to develop, or a home owner looking to start anew. Community projects also use this form of finance in supporting people and businesses in disadvantaged communities, both in the UK and worldwide. Therefore, Development Finance is determined entirely upon an individual assessment made by the lender. All aspects of the development proposal have to be faultless in the eyes of the lender before they agree to provide funding. Lenders look meticulously at development characteristics such as land purchase, ground work, labour and services, first and second fix and then sign off. In the difficult current market, lenders have to be more careful when choosing which developers to back; they are much more likely to support a developer with experience in the field than someone new to the industry.

Development Finance lenders are there to build a relationship with the developer in order to share their vision and provide the support needed to make that vision a reality. The loan can cover costs such as building costs, labour and can often include any architect costs and other professional fee’s such as wages and drawings. Property development loans will be secured against the land or the property you wish to develop. Traditional forms usually require a 20%-30% deposit, whereas more recent forms are now available for debt, to release equity or mezzanines.

Loan to Value rates and interest rates vary depending upon experience and percentage of funds required for development. Benefits of this form of finance includes that each development case is assessed on its own merit and it’s a form of finance that can be raised quickly, putting your development project into fruition as soon as possible. Furthermore, the development lender will be on hand to support the client with advice on their development throughout the process and the same person, who authorises the funds, will work with the client to manage throughout the Development Programme. No matter what you decide to do with your completed project, whether you plan to sell in order to start the next project or whether you retain the project for investment purposes, Development Finance is a flexible solution to suit your financial needs.

Financial Advisory Services

Financial AdvisoryCertified Financial Planner Certification is a mark of excellence granted to individuals who meet the stringent standards of education, Most of forex advisory services have the facility of sending short- and intermediate-term spot forex and currency futures recommendations, In todays increasingly competitive market, many CPA and Financial Planning firms are feeling that if they do not market. One of its most attractive features is that a unit trust will invest your money across a range of different kinds of investments. The usual reason for interest in any specific investment bank include: (a) a strong platform, which means strong coverage teams. The properties showcased by the Aspire service are added to the Emerges database after close consultation with the property owners. You want to start a business but have no money to start a business. Well there are many players who offer business loan services in the market.

Securities are created and issued by corporate bodies and governments, which are in need of funds to finance expansion or development projects. Network, a business division of NJ India Invest Pvt. Ltd., was established in year 2003 as a dedicated platform offering comprehensive services and support to the independent financial advisors. The financial crisis triggered aggressive and innovative central bank policy responses globally. In the US, we’re familiar with the Fed’s various emergency lending programs. The other hat is the BPO Center of Excellence. To explain how this evolved: when we started really looking across the business we realized that although many departments were starting to do outsourcing. An asset management solutions company aims to add value in your business by exploiting market inefficiencies in the areas of relative value. The most common debt planning advice from experienced financial advisers is to only spend what you can afford. Economically, these disasters can be devastating locally but are almost never big enough to sink national or global economies and, thus, aren’t big enough to derail global stocks. Versatility in the services offered by the chartered accountants is what makes them the most professional financial advisors.

Our recent economic crisis was the result of both irresponsible actions on Wall Street, and everyday choices on Main Street. The government wants the banks to lend more. Banks like lending. Lending is profitable for banks. The government wants to deter risky behavior by increasing taxes. Advisors to privately held businesses play a critical role in this Exit Strategies process. Privately held businesses have limited resources. Many financial dailies, business channels and even trading experts on the social networking sites provide real time trading advice continuously till the closing bell rings. The power of a penny stock is the fact that the shares are normally priced so low that there is an incredible amount of leverage available to the investor. A business owners exit is a once-in-a-lifetime transformation. Were not talking about selling a house or a car. In closing, most business owners will make up their minds to do something when they are good and ready to do so.

Home Loan A Wise Finance Option

Home LoanWe start planning and saving funds to buy our dream house, the day we start earning. There is hardly any other asset which provides people with so much security, other than their own house. Home loan has made home buying feasible, convenient and beneficial. Now, even if an individual does not have a large amount of money in the bank account, he or she can still buy a house. Home loan enables you to purchase property by making the initial downpayment. The remaining chunk of the loan is paid by the means of EMI (Equated Monthly Installment).
Banks and financial companies today give the option of home construction loan or home improvement loan. Sometimes people also apply for a home extension loan. Home loan programs that have beneficial features usually cover the cost of decorating the house as well, along with financing the property. However, not all lenders provide this facility.
The ratio of the inflow and outflow of your monthly income is an instrumental factor in determining financial stability. However, when this ratio gets disproportionate, financial crisis knocks in. Home loans help you to manage your finances while letting you become the master of a beautiful house. In case you have a land and want to get a house constructed as per your requirement, apply for a home construction loan. For refurbishing and renovation, banks give home improvement loan as well. The facility of repaying home loan via EMI every month is a convenient way to manage your other expenditures as well.
Home loan interest rates play a vital role in providing benefits to the loan applicant. Your loan program will be a wise option for you only if you manage to get reasonable home loan rates. The rate of interest is the prime determinant for the magnitude of your EMI. Hence, if the interest rate is higher the amount of the monthly EMI will increase. Also, the limit of home loan will depend upon your current income and employment status.
Taking a home loan to purchase property gives you tax benefits as well. Mostly, the people who have home loan repayment reflecting on their credit reports are exempted from paying tax, by the government. So, it makes much sense to spend a certain amount of money every month to pay EMI, instead of the rent. At the end of the tenure, you atleast have the certainty to get a house. However, as a tenant you are only squandering away your valuable money and filling the landlords pocket, with no promise of returns.
Many financial institutions have come up with attractive schemes and features, which have made home loans even more convenient. Some companies provide the facility of property search. In this case, along with providing loan amount for buying the property, the bank or financial company also helps in searching the appropriate property for its customer.
With the changing trends in the financial sector, home loan has become a sensible and affordable option for purchasing house.

Different Models Of Car Finance Options Available To Customers

Finance OptionIt is quite normal for the people to buy the cars on finance. The cars price is not paid upfront in full in the normal practice. People take recourse to the financing options available to them so that they are not troubled to take the so much money out from their pockets in one go. Rather, they opt for taking a car loan and paying monthly instalments to the finance companies. This car finance arrangement is beneficial for the car makers, car users and even the finance companies. Car makers have more sales, car users fulfil their aspirations and the finance companies act as a crucial bridge between the supplier and end-consumer earning commissions.

If you are looking to have a car of your own choice, you can fulfil your wish without hurting your pocket or making out-of-turn expenses. The car finance companies have different models of working. You can select the one which suits you the best-for personal use cars or for business cars. Here are some of the common models of engagement:

1. Car Lease: In this model, the financer will purchase the car and hold the title to it. It will give the car to the customer for a monthly lease. When the residual life of the car is over, it can be sold at an auction. If the price received at auction is less than the one determined by the official regulator, then the customer shall make good the loss to the finance company. The rationale behind this is simple, that the financer did not want the car for his own use and was a way to facilitate the customer to drive in his sown car. So, there is no reason for him to sustain losses.

2. Hire Purchase arrangement: In hire purchase arrangement, the title of the car is drawn in customer’s name only after he has paid the full amount of instalments and all the instalments. The car finance company holds the ownership or title in this case as well but the open of auction is not open.

3. Chattel Mortgage: In this model of car loan arrangement, the financer does not hold the title to the car. Rather, it is the customer who has the ownership of the car with him from the very beginning. The finance companies do, however, have a charge on the asset because they have provided the loan to the customer for purchasing the car.

4. Packaging the car with the salary of the employee: Many companies have this arrangement called the Novated Car lease arrangement. In this, the employee chooses the car and the employer pays for the car instalment from the salary account of the employee. If the employee leaves, the car and its obligations go with the employee and are passed on the next employer, if he or she so desires.
Due to the different natures of these arrangements, it is important that the customer inquires about the incidence of taxation (sales tax, income tax, etc) and the quantum of the same before opting for any one of these car finance options.

Financial Modelling Fundamentals.

Many outsiders often ask a question: what constitutes a financial model? The answer is not as simple as some may imagine. Because of the variety of intended uses, the definition of a financial model can only be a rather broad one. Simply put, a financial model is a spreadsheet (most commonly in Excel) created for the purpose of financial analysis of companies, projects, portfolios and other subjects. Financial models are used in Investment Banking and Corporate Finance fields, as well as Commercial Banking, Portfolio Management and Venture Capital / Private Equity applications. Different types of financial models exist:
Risk analysis models used to analyze different types of risk
Trading models – used in portfolio management and sales/trading functions
Portfolio allocation models determine asset type and other allocations within a portfolio.
But the most commonly used type of a financial model, and the core of the Financial Modelling Group’s courses, is the financial statements projection model. Financial Modelling Group’s flagship Financial Modelling in Excel and Valuation course focuses specifically on building a financial statement forecast model and later derive at a company’s valuation using the model’s outputs. Financial statements projection model forecasts the company’s future financial results and consists of:
Income Statement
Balance Sheet
Cash Flow Statement
Supporting schedules – CAPEX Schedule, Debt Schedule, Working Capital and other schedules.

The financial projections model is an essential building block for valuation and investment decision making analysis. Subsequent valuation models such as the Discounted Cash Flow (DCF) models, Comparable Trading and Comparable Transaction analysis models, LBO (Leveraged Buyout) models, and Mergers and Acquisitions (M&A) models build on the financial statements projection model.

The level of detail of a given model depends on its intended use. For example, if the model’s purpose is to analyze your company’s tax situation, then building a detailed tax schedule into your model will suit that purpose. In another example, if your company has a complicated debt structure with layers of senior and junior debt, adding a complex debt schedule outlining all debt segments and determining repayment order will be warranted. Finally, if you want to analyze the CAPEX program of your company , you need to build a more comprehensive CAPEX schedule to analyze different CAPEX inputs and their dynamics over time.

When building a financial statements projection model an analyst creates financial statements of a company that reflect its historical financial performance (usually 1-3 years), and forecasts the company’s financial performance over a certain period of time (usually 3 to 10 years). The forecast period can be monthly, quarterly or yearly depending on the requirements. The modeller focuses on the three main financial statements: Income Statement, Balance Sheet and the Statement of Cash Flows.

The Income Statement would typically have the following line items: Sales Revenue; Cost of Goods Sold (COGS); Sales, General and Administrative Expenses (SG Research and Development Expenses (R Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA); Depreciation and Amortization Expense (D Interest Expense; Earnings Before Taxes (EBT); Income Tax Expense; Net Profit (Net Income).

The Balance Sheet in the financial modelling context will consist of the following line items: Current Items (Cash, Investments, Accounts Receivable, Deferred Taxes, Prepaid Expenses, Inventory); Fixed Assets – mainly Property, Plant and Equipment (PP&E) net of Accumulated Depreciation; Current Liabilities (Short-term Borrowings, Current Portion of Long-term Debt, Accounts Payable, Accrued Expenses); Long-term Liabilities mostly Long-term Debt and Pensions; Shareholders’ Equity typically consisting of Common Stock, Treasury Stock and Retained Earnings.

The Cash Flow Statement acts as an indicator of sources and uses of cash. In a typical model it consists of the three main parts: Cash Flows from Operating Activities, Cash Flows From Financing Activities and Cash Flows From Investing Activities. Every year-to-year change in the model’s Balance Sheet is reflected on the Cash Flow Statement.

Who Else Wants Beneficial Finance

A good choice indeed to read this article, we hope that you will enjoy your time visiting us again for more excellent papers.

Loan Seeker and good Finance are not affiliated in any form. As far as diverse products provided by Salutary Finance are concerned, they certainly have an edge over the products of other financial institutions.

The interest rate to be used shall be the rate in effect at the close of the period in which the cost of deferred compensation is assignable if you think employees at ameriquest hfc and good finance are they are part of hsbc as was decison one mortgage before that unit shut down.however Salutary Finance is famous for its predatory sales tactics. As far as the Salutary Finance is concerned, it has got all the expertise and experience to ensure that a person gets the right type of services and help that he needs.

Many second mortgages are structured as daily interest loans such as observe card loans. For making a decision about loans, there are many automated decision fashioning systems and credit scoring methods that are used and it is the score obtained by a person in these methods as well as the loan amount, on which the interest rate depends. however Of course, if you have credit problems, you may need a co signer. If you cannot pay up off your balance every month, you are disbursement more than you can afford and need to stop using your credit card until you can pay off the balance use our online loan application and mortgage calculator to determine if you may this articulation may allow you to accession a non hsbc website good has no.however The longer your observe has been extended and the largeramount you have been allowed to charge, the better your creditrating will be.

finance industriousness plays an important role in the development of economy. however Finance obtained in this type of product can be victimised for buying new car, for the purpose of debt consolidation or for any other type of purpose. however Finance and financial services are vital to government, businesses and retail consumers. There are many reasons for which it can be said that a person should approach Salutary Finance for getting the required financial services. Real estate finance secrets that can make you rich.

If you can’t make the final payoff they take your home through foreclosure, making even more money when the home sells. If you do, you have a goodchance getting the money you need. however In case a person requires more money than what is uncommitted from other financial institutions, he can easily approach good Finance. Get the most home for your money.

good Finance is one name where a person gets complete satisfaction and in case, a person does not get his issues resolved in a satisfactory manner, he can slowly approach Financial Ombudsman Service, who provides free and independent advice to a person regarding banking services. however All the queries that are made at the Salutary Finance are responded in a quick and exhaustive manner and thus, a person gets all his doubts etc cleared. One of the very important features of good Finance is that the privacy of the customer is held in all situations. however After release throught the above discussion, it can be rightly said that good Finance is one of the important financial institutions in U.

Thanks for reading, If you have any other questions why not browser through our other article then may be of help to you.

A coward is a hero with a wife, kids, and a mortgage. Marvin Kitman

Financial Destination Inc Review Is It A Scam

So the big question about Financial Destination Inc (Also called FDI) is whether it’s a complete scam or a viable home based business. In other words, can you really make money if you choose to start a home business with FDI?

Before I give you my own considered opinion about Financial Destination Inc and whether they’re a scam, let’s review the criteria for a good business opportunity:

1. High Demand Products In A Growing Industry
2. Compensation Plan
3. Training For Success

Any home based business opportunity that fills these three basic criteria should provide a viable platform for a business. Let’s measure this company up to the criteria.

1. Does FDI Have High Demand Products In A Growing Industry?

FDI offers world class personal and financial concierge services. Those services include LIFELOCK, EquityTrax, CreditTrax, legal services, discounted vision and dental, and a whole bunch more. They literally offer services that touch every part of your life.

But there’s more. Financial Destination Inc can also save you 50-95% of the cost of ALL your telecommunications through their own proprietary technology and VoIP. That includes cell phone service, landline phones, teleconferencing, and more.

That means if you start a home business with FDI you can be earning income every time someone picks up their phone plus you’re saving your customers money at the same time.

People spend over $4 Trillion per year on telecommunications world-wide and that’s expected to increase another 30% over the next three years.

I think it’s fair to say that Financial Destination Inc offers high demand products in a growing industry.

But if you’re not convinced, try comparing FDI to other companies that offer expensive vitamins, weight loss stuff, or juice drinks — I don’t want to name any Herbal-names, but it’s nearly impossible to sell that kind of stuff in a home business.

2. Does FDI Offer A Good Compensation Plan?

In case you haven’t figured it out yet, Financial Destinations Inc is a network marketing opportunity. I know network marketing has gotten a bad reputation over the years, but the theory behind it is a sound business model.

Even Robert Kiyosaki (Rich Dad, Poor Dad) and Donald Trump advocate network marketing as a great way to leverage your time and effort to build a home business income in less time.

Personally, I think FDI has a great pay structure and they always pay their people on time — unlike some of the affiliate programs I’ve been involved in!

3. Does FDI Train People For Success In Their Home Business?

My back office review of Financial Destination Inc proves that they are dedicated to the success of home business owners. I found an entire library of webinars, audios, videos, downloads, newsletters, marketing materials, and much more.

If anything, I think people will be overwhelmed by so many training materials.

That’s kind of a bad thing.

On the other hand, a lot of the training for new home business owners in Financial Destination Inc comes from their sponsors. So anyone interested in this particular business must be sure to choose a sponsor who will provide them with any additional support that they might need. Not all sponsors are well-versed in online marketing strategies — something that every home business should use nowadays.

Great internet marketing training helps the home business owner create a constant flow of leads and prospects for their FDI business, rather than chasing down friends and family in a typical MLM.

Is Financial Destination Inc A Scam?

After careful consideration and review, I don’t believe FDI to be a scam. In fact, I think it’s a great home based business opportunity, provided that any new home business owner chooses a good sponsor to help them get started.

Although this is network marketing, it fills all the main requirements for a successful home based business: high demand products in a growing industry, a great compensation plan, and training for success.

I think this kind of business comes out far ahead of an affiliate business model, but that has nothing to do with Financial Destination Inc.

Ways To Have Your Identity Stolen

Think identity theft can’t happen to you? Think again. Research shows that 10 million individuals will become a victim of identity theft this year. If you are not aware of the ways your identity can be stolen, it is very likely that you will be one of the millions of individuals who will have their identity stolen this year. The best defense against becoming a victim of identity theft is by knowing the 6 ways your identity can be stolen.

One way your identity can be stolen is through a lost or stolen wallet. Once thieves have your personal information from a driver’s license, social security card or other identifying information from your wallet, they can open credit card and utility accounts in your name. They can also charge large amounts of merchandise on your credit cards. Thieves may also use your identity when dealing with the government to obtain public services, get a driver’s license or official ID card issued in your name, but with their picture, or even give out your personal information when arrested. Some thieves have even been known to use someone else’s identity when applying for jobs in order to use their background to pass criminal screenings.

Another way your identity can be stolen is by becoming too comfortable with your day to day happenings and let your guard down concerning your paper trail, especially your financial paper trails. Believe it or not, identity theft crimes are more likely to be done by someone you know or who you feel comfortable with. For example, if you employ someone to clean your home, you need to be sure that your personal papers are kept in a secure location within your home. Also, be aware of sales clerks, waiters or cashiers who process your credit cards for you. Untrustworthy clerks can duplicate your credit card receipt or use a special device to capture your data. Be aware of who you perceive to be trustworthy before you allow them access to your home or credit cards.

Another way thieves can access your personal information is by scouring dumpsters or trash cans and to find receipts from financial institutions or pre-approved credit card applications. Thieves then use this information to create counterfeit checks or open credit card accounts in your name. Mailboxes are also locations where thieves can steal checks, bank statements and other financial documents before you ever know they are missing. Monitoring your incoming and outgoing paper mail and shredding all financial documents before trashing them is crucial to protecting your identity.

A fourth way thieves steal your identity is through telemarketing phishing scams. Callers may pretend to be an employee of a popular company, such as Wal-mart, and indicate that there was a problem with your payment. Most people fall for this type of scam hook, line and sinker. It is also important to be careful about what you tell others about yourself when on social websites or employment websites. Identity thieves are great at using any tidbits of personal information to take over someone’s identity.

The fifth way thieves try to steal your identity is by watching your transactions at ATM machines. You should always be aware of your surroundings when standing at automated teller machines. An experienced thief can see pin number you type in. They may then follow you, wait for a chance to get your ATM receipt, and then have access to your bank account.

The sixth way to have your identity stolen is to, as simple as it sounds, fail to put protective measures in place to keep thieves from gaining access to your personal information. Whether you purchase identity theft protection services or put your own identity theft protection services in place, the important thing is for you to be proactive when it comes to protecting your identity. If you are not protected from identity theft, you inevitably have your identity stolen.

Knowing a thief’s offense is by far the best defense in protecting your identity. Knowing how your identity can be stolen is the first step to guard against one of the 10 million individuals who will have their identity stolen this year. It is important to become aware of how thieves can access your personal information and so you can put protective measures in place.

Can Singapore Private Banking Replace Swiss Private Banks

Singapore private banking has grown massively over the past decade. Assets under management at Singapore private banks have grown to around 300Bn, 6 times what they were 10 years ago. It is estimated that Singapore manages around 5% of the world’s private wealth, while Swiss private banking manages around a quarter.

Singapore has benefited from tight bank secrecy regulation, in addition to a rise in the number of Asian millionaires, especially the type that want to invest with private banks and financial instruments rather than in property.

Yet in response to demand from the G20 group of developed countries, Singapore has promised to rethink its ultra private secrecy laws. Like Switzerland, Singapore has to walk the tightrope between keeping its sovereignty and international acceptance of its laws and banks.

One of the reasons why Singapore has grown is because it already was a large financial center in its own right. Unlike smaller tax havens and dependencies of other countries which have been accused of ”inventing” laws to benefit from capital flight, Singapore is a long-standing trading hub and center of international financial settlements.

There are several arguments in favour of Singapore keeping its privacy laws. Many private banking clients in Singapore are very powerful people among neighbours like China, Indonesia and Thailand. It’s in their interest to ensure that Singapore bank secrecy is not relaxed. Furthermore, Singapore is an international financial center – it cannot be blackmailed in the same way as other jurisdictions.

However Singapore has made concessions, and may not necessarily see its future in harbouring Western tax evaders. Singapore has signed TIEAS with a number of countries and promised to adopt article 26 of the OECD model tax convention on information exchange over tax matters.

After Swiss banking secrecy was put under the spotlight, it was widely reported that bankers were urging a massive flight of capital to Singapore, where bank secrecy rules still held strong. But in reality, basing any structure on bank secrecy is like building a house on a fault line, it’s bound to change. The smartest investors instead used techniques which do not depend on bank secrecy in any single country.

Savvy private banking clients are now using distinct structures which operate independent of bank secrecy such as investing through trusts or trust companies.

Further, the reasons for banking in an offshore centre like Switerland do not depend entirely on tax. In fact the biggest reason is security. Hundreds of banks have been going under in the US, not Switzerland. Investors are also escaping from currency devaluations, civil forfeiture and frivolous lawsuits.

Singapore wealth management is certainly growing in sophistication, but it is still in a learning phase. During the mid 2000’s when Singapore’s private banking industry was growing rapidly, it was alleged that ther were not enough bankers to meet demand. Singapore private banks were instead employing local hairdressers and carsalesmen with good people skills and turning them into private bankers.

Singapore private banking is modelled closely on Swiss private banking, even down to its family trust law. In terms of weathering geo-political events like the war on bank secrecy, Singapore may have to follow the Swiss lead also.