Today I meet a consultant who recommend a plan, named Vista from Zurich Int'l Life with the following combinations:
Schroder Asian Bond 20%
Baring High Yield Bond 20%
Aberdeen Int'l China Opportunity 30%
Baring Eastern Europe 30%
Could you share with me your views on this combination? Besides, as i'm new to this kind of investment, i have some questions as follows:
The constultant told me that the plan is based on a 30 yrs plan, and for the first 3 yrs that I cannot withdraw from this plan...and from the 4th years onward until the 30 yrs that if i wanna withdraw money..i can only get 70% of it or use loan type...and if i want to totally quit..i need to pay the managment fee for the rest of 30 yrs that i don't continue (they will deduct the lump sum before returning me what i should entitle to) although he said it is quite cheap i.e. 0.33% /M for the total lum sum of the first 3 yrs investment.
He told me all plans out there is more or less the same with a period of say from 20 years onwards, if not 30..and all need to pay the mgt fee for the rest of years if totally quit from that company. Is that true? He also told me that this plan is without insurance element. True or not true?
Re: Today I meet a Fund Agent...pls give comment...
May I know your investment target/goal, like how much, how many years and what the purpose is?
In relation to the funds choice, I will not give any comment as I'm not sure how your consultant get such combination, maybe partially from your view?
Vista's term is 3-30yrs, the min. premium will be quite large if you choose 3yrs term, something like HK$ 8,000pm. But if you choose 10yrs or so, the min. premium should be something like HK$ 2,000pm. Indeed why do you need 30 yrs? If you want to save in a discipline pattern, then 10yrs or 15yrs is fair enough. Who can make such 'long term - 30yrs' planning? Can your consultant guarantee he will stay at working in this industry for 30yrs?
Moreover, if later you want to withdraw or surrender the plan, then the surrender charges are in proportional to the remaining term. If now you only buy 10yrs, and when it's matured, you can always choose to continue the other 10yrs or so. Then you don't need to be bounded for 30yrs or pay for a hugh surrender charges in case you need cash urgently.
The first 3yrs, they called it initial contribution period (ICP), during the ICP period, all your contribution will be put into an initial account. Starting from year 4 onwards, the contribution will be put into accumulative account. The charge of 0.33%pm will be deducted in the way of 0.33% x initial account market value each month till the end of term or 30yrs whenever is shorter. If I remember well, they also have the other charges called 'recoupment expenses charges', deduct monthly till end of term.
Zurich is an insurance company, Vista is an investment-linked insurance plan. That mean all your contribution will be allocated to the funds you choose. But this plan you can assign the beneficiary.
Re: Today I meet a Fund Agent...pls give comment...
HI, Myravdl
Thanks for your view. In fact, I didn't want to commit a plan for 30 yrs too...that's much too long than what i was expected or planning. I told the consultant the same and he said fund plans out there are more or less the same...and since i'm new to it...that's why i post here to double check with BK members. Since now you and some others have told me that there are shorter plans in the market...i dont think i will commit to this one. Besides, i don't like investment-link insurance plan as i have bought several insurance plans already and what i'm looking for is just purely for investment with a more flexible time constriant.
Re: Today I meet a Fund Agent...pls give comment...
If you want to do pure investment, you might consider of investing equity or mutual funds directly. However, it depends on if you have any special funds/equities in your mind. Eg. JF have a master saver - regular saving plan without term. The min. investment per fund is HK$ 1,000pm and the charges is around 5% per contribution. If you have 5 funds in mind, then at least you have to invest HK$ 5,000 pm!
So if you want to invest, let's say HK$ 2,000 pm and you want to diversify your investment in 4-5 funds, then some kind of unit-linked investment savings plan is still worthwhile. If I remember well, Zurich - Vista 5 yrs term, the min. investment is HK$ 4,800pm. But in the market, a lot of other savings plan which the min. monthly investment can be less as HK$ 1,200. Most of the plan will allow certain times free switching each year.
So first of all, you have to figure it out how much you want to invest each month, any funds/equites in your mind...
Re: Today I meet a Fund Agent...pls give comment...
myravdl
You mentioned "The min. investment per fund is HK$ 1,000pm and the charges is around 5% per contribution"...the 5% per contribution is on monthly basis?? Let's say if to invest into 5 funds ....total investment per month will be HK$5000...and total charges will be HK$250 monthly??
Thanks to others comments....i've made up my mind that i wont take that "vista" plan as it is definately not what i'm looking for. In fact, I dont think i'll use this adviser's service as I feel that he didn't want to offer / give me more choices even though i've raised my concern to him. Instead of...he just emphasised to me that plans out there are more or less the same..and in fact..he said if i plan to commit myself to shorter terms..e.g. 5 yrs..or 10 years...then start another new plan of 5 yrs again when the first one is finished..... he said he doesn't know how to help me on my invement plan because the "enter" cost for each period will be higher to just go into a 30 yrs plan. I had the feeling that he only wants me to "look into" and "commit" to this plan . Don't you think he isn't quite "prof" to say such thing??
Re: Today I meet a Fund Agent...pls give comment...
The combination seems to be quite risky.
Schroder Asian Bond 20% = exactly which countries, what currency, who are the issuers of the component bonds?
Baring High Yield Bond 20% - high yield only because of high risk; same Q as above
Aberdeen Int'l China Opportunity 30% - who are the issuers ?
Baring Eastern Europe 30% - again which countries, what currency, who are the issuers ?
Suggest you also ask for proof as to whether it is HK SFA approved (a little safer if yes). You should also ask for credit rating of each of the components (of course the more "A"s the better).
This guy is only trying to sell you what he has on hand, not what you need.
Re: Today I meet a Fund Agent...pls give comment...
Hey Chong
For JF, you might want to visit their website to learn more, when you click daily price, then just choose any fund, you can see charging structure will be 5% for the initial fee more or lee. It's right, for every contribution.
In relation to your consultant, you must understand their commission is calculated on a basis that no of years (term) is an essential factor, for term of 10yrs or 30yrs, the commission difference is 3 times! He should give you a choice for different term and explain the difference.
For the 'enter' cost, actually the premium of traditional insurance will be based on your age to calculate, so if you buy the plan when you're more matured, then it's more expenseive. However, for the investment plan without insurance element, the premium is not based on entry age at all.
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