Backpacking across Europe. Skydiving 10,000 feet in the air. Getting bragging rights to your own condo before your peers. People love talking up their bucket list and how amazing it would be to experience something at least once, but how many actually make a conscientious effort to check it? For those who don’t, having ‘no money’ would pose as a typical Singaporean refrain. But what if we told you that there is a cozy little hub in the CBD that debunks that excuse and helps you realize your dreams a little quicker –all without being charged a cent?
Actually, that is more like something DBS bank would say. They are the first bank in Singapore to launch the NAV Hub, a financial planning center that offers F.O.C consultancy for youths and does away with the corporate sales smoke and mirrors. Once customers make a successful appointment with the NAV crew via the online portal, they are guaranteed a free one-on-one financial advisory session where they can seek all kinds of money insights to chase their goals.
Inside of the NAV Hub, you would probably wonder if you have stepped into the wrong unit, because nothing about the casual décor screams ‘THIS IS A BANK AND WE’RE GOING TO SELL YOU STUFF!’. Even the DBS insignia is evidently absent within the space. Instead, you would see frivolous writings on the walls. ‘Turn your bling bling into ka-ching-ching’, one says. Aligning with their mission in true fashion, DBS wants to reach out to young working adults to instill financial literacy using an innovative approach. If their statistics are anything to go by, that more than 50% of this demographic don’t plan and don’t know how to get started, it is high time someone gave the free-wheeling millennial generation a leg up.
You can book more than one financial advisory session and each one lasts for an hour. Whether or not you are a financial planning newbie who can barely differentiate a savings account and fixed deposit, you can expect the NAV crew to provide a comprehensive six-page breakdown of your current state of personal finance, and then guide you towards where you see yourself in the future.
If you care about money at all and how you can make the most of it, here are five fun facts that might make you navigate yourself to the DBS NAV Hub.
FREE financial services
We have said it above, and we will say it again. You won’t have to pay anything for all the advisory services provided by the NAV crew, and you won’t have to worry about having financial products shoved down your throat. It is like having your personal financial consultant at your beck and call, without the ever lurking sales pitch and a gazillion questionnaires.
The strict no-sales, no obligations environment of the NAV Hub focuses purely on value adding; the NAV crew will only refer you to a DBS relationship manager if you signal interest in plugging gaps in savings, investment or insurance.
Notice there is no asterisk in the ‘free’.
The NAV Hub may be set up with youths and young working adults in mind, but there is no reason to stop yourself from getting some free financial advice if you fall out of the ‘age range’. After all, the crew is also looking to advise those who already have some measure of financial planning knowledge, but are keen to explore depth in this area.
Gamifying financial planning
DBS is currently leading the charge in digital banking, and it does not come as a surprise that the NAV Hub is powered by their technology and innovation. While the NAV crew takes care of the human touch, you will soon be acquainted with a Money Mindset game developed in conjunction with world renowned human-centered design firm IDEO.
By the end of the Mindset card game, the algorithm would have profiled you like a Sorting Hat (there is a total of seven profiles including Sleepy Panda, Passion Paver, Impulsive Magpie and Status-Quo Settler) and you get to understand more about your present and future money habits. From there, the NAV crew will also run you through a thorough analysis of your financial standing and a game plan to nail down your bucket list.
Personal finance seminars
NAV Hub organizes regular seminars on topics that resonate strongly with Singaporeans. For a nominal fee, you get to be part of it and pick up expertly tips on housing, investment and just overall money savviness. Since its soft launch, more than 70 appointments have been made and its inaugural financial planning seminar –‘How to own your first HDB’—was sold out.
The seminars will facilitate networking sessions with finance professionals and bloggers –a ripe opportunity for you to hanker after an insider investment tip.
The NAV Hub is conveniently located in the heart of CBD, at Tras Street. Popping by after work hours should be a cinch. We are guessing the good fellas there see more value in you activating your financial GPS over an actual one. Speaking of convenience, you may easily book an appointment via their online portal here.