There's no blanket answer. Every person is unique as they have their own wants and also expectations.

RM5 million is not a small sum, neither is it a large one. I would suggest you engage a financial planner, a fiduciary, not a UT agent or insurance agent. Engage those which charge a fee and not through commissions to get the best advice.

Financial planning encompasses expenses, income, protection and legacy planning. Some provide tax advice and also naturalisation services. Remember that they don't provide investment advice. They're there to provide plans and based on your risk profile, possible outcomes. You make the ultimate choice. They should also not promote any particular product but can advise you on purchasing certain product types or asset classes. Run away from those who say they can give you better price from this company and that. There's always a catch.

Fees can be charged as a percentage of your assets or a fixed sum. You may consider paying a retainer too.

This post has been edited by kelvinlym: Oct 22 2021, 02:01 PM

Don’t really need private banking. Depends on the individual needs. TS is a mum and is looking to plan for here financial future.

There are good financial advisors but TS needs to be wise in choosing the right one.

Again, what works for me may not work for you. Best to engage a financial planner if you have that kind of wealth.

If 5 mil is all I have now and I'm 35, I would allocate 1 year of expenses into a high yielding cash account, 1 year of expenses in a dividend yielding investment such as AAPL and MSFT. The rest would be in Tesla.

However, this is only based on current information. It may change as time moves on and new information is available.

FD or money market that has a higher yield than normal FD.

E.g. current 1 year FD is 1.85%, I would go to the bank and ask for something around 2% or more or try to look for promo.

I always keep 1 year of expenses. 2% is not enough to fund expenses. Im talking from the perspective that I don’t have other sources of income. No matter how liquid stocks can be, you may sometimes need to liquidate your stocks at an inopportune time. But that’s just me. You should be comfortable with your decision. That’s why I said it depends on person to person. You don’t know what situation I’m in and I don’t know what situation you’re in. That’s why I said to engage a financial planner. Not enough to just write on a forum with limited context.

I do not want to liquidate my stocks just because I have a big expense coming up. Therefore, no matter how invested I am, I always keep liquid cash.

My quote was before the recent rate increases but yeah, if we look hard enough, we can get better yields.