The Concept of Financial Planning

How do you expand one's wealth and ensure that there's a multiplier effect? Some of us may be familiar with the Parable of the Talents (Matthew 25:14-30)— a master entrusted three of his servants some possessions according to their ability. Two of them made good use of the master's possessions and multiplied it, while the third simply dug it underground and hid it. With the overwhelming amount of information on the internet, it's not uncommon to find yourself daunted by the idea of financial planning. That's why a place like NAV hub has the potential to be your wise advisor.

Beyond the grey walls lie a hipster-looking space that serves as an introductory step to the world of financial planning based on your goals. You just have to book a 1-hour timeslot online and either Kai, Sophia or Carol (one of the NAV crew) will contact you.

Mindset cards

During the session, the NAV crew will hand you a tablet that would consists of "Mindset cards". Basically, it helps to profile your attitudes and behaviour in your spending habits as well as the things or people you care about. It's recommended that you come as an individual, rather than with your partner, so that you would have more clarity over your goals.

A comfy and trendy space

There are two groups of customers who will benefit the most from the services of “NAV – Your Financial GPS”. The first group is young adults who are novices in financial planning and need help to get started. The second group is people who may have taken some actions towards their goals and require further guidance. To help these groups of people who may find financial planning conversations daunting, DBS collaborated with various partners such as IDEO, a human-centred design agency to develop innovative tools to make these conversations fun and engaging.

The “NAV Hub” is located in the central business district at Tanjong Pagar, and is the first of its kind to be set up by a bank in Singapore. PHOTO: DBS. 

The space at NAV Hub

Survey research on financial planning

Brandon Lam, DBS’ Singapore Head of Financial Planning Group at DBS, speaking at the launch of “NAV – Your Financial GPS”. PHOTO: DBS 

Wall murals at NAV Hub

Complimentary coffee from Nescafe Gusto

The people from DBS

Who is this for: NAV is recommended for young adults aged 25 - 35 years old. However, the youngest person who has tried NAV is 19 years old, with the oldest being 54.

What is it about: Free advisory services. No financial products sold.

Where: 45 Tras Street

When: Tues - Fri: 11am - 6pm; Sat: 10am - 4pm

How is a NAV session like:

1. Recognising your 'mindsets' (aka attitudes and behaviour)

2. Gaining clarity over your goals

3. A quick check on whether your current financial planning helps you to achieve these goals

For deep diving into certain financial products (e.g. forex investments), there are periodic classes available and details are shared on NAV Hub's website. The NAV's free advisory is not recommended for those who wants to do a deep dive into certain financial products. But, I still think it's a fantastic way to keep your goals in check!

It's never too late to start planning: NAV HUB WEBSITE.

About DBS

DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings, is among the highest in the world.

Images are provided by DBS Singapore.