Singapore: When the value of his
His bank had put most of his cash in volatile emerging market bonds, which were hammered by the financial turmoil.
Tan, who asked that his real name not be used, kept his money in the bank, but engaged the services of an adviser unrelated to the institution in order to staunch the losses.
Six years after the crisis, a growing number of
Banks put the focus on selling and this can sometimes lead to risks being overlooked in favour of revenue, according to analysts.
"My positions were restructured and portfolio risks were managed," said Tan, a publicity-shy father of two who owns a range of high-end cars.
"I feel a lot more comfortable now about my market exposure," added the self-made businessman whose assets are now more than
An exporter of manufactured goods in his 40s, Tan had heard about independent wealth advisers being quite popular in
"The concept and acceptance of independent wealth managers is certainly on the growth trend," said
This growth "is due to the demand for more transparency and also objective client service", he told AFP.
He added that while
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