Financial Planning Standards

Financial Assumptions and Parameters are extensively used in financial planning scenarios and outcome of financial planning scenarios. An incorrect assumptions used can result in one's goals not being achieve.

Hence, it is important to have financial planning standards that are accurate, up to date with current economic conditions and reasonable.

The below standards are used in financial planning at Synergy Financial Advisers. These standards are based upon credible sources and sound research methodologies which have been endorsed by academics and industry's veteran practitioners, professional Certified Financial Planner (CFPs) and Chartered Financial Consultants (ChFCs)


Currently there is no known financial planning standards governing the use of these assumptions and parameters. Hence at SYNERGY, we aim to provide reliable financial planning references that standardises the assumptions and parameters used for their financial planning needs.

This in turn provides the answers to the question of how one can achieve their financial goals set. Be it for their own retirement, for their child's education or for wealth planning, the standards aim to give an accurate and realistic estimation to how one can achieve their goals set.

For example, a parent today could be thinking how much is needed to send their child to a local university in 15 years' time. By using the figures provided such as Local Average Cost of Education, Local Education and Rate of Returns of Investments, an estimation can be derived on how much is needed to be invested now to achieve the aim.

These figures are updated yearly to reflect the changes in the current economic landscape.


For assumptions where data are available from the various official sources, the figures are extracted from those websites. Some examples include CPF OA / SA Rates and Life Expectancy.

For assumptions where data are available from the various official sources, but an average figure and timeframe is required, the figures are first extracted from the various websites. Then, the figure used is based on the time frame selected which is decided by the panel of financial planning experts consisting of our CFPs and ChFCs. Some examples include Inflation Rate and Healthcare Inflation Rate.

For assumptions where data from official sources are not available and no primary data research can be conducted, we adopt the “widely-use best practices” which uses the average rate from an annual market survey of our CFPs and ChFCs. Some examples include Rate of Return from Equity Investments and Fixed Income Investments.

Do visit each label above to see what the rates are and how they are derived.


These are the members of the panel who have given their feedback in the formation of the financial planning standards and subsequently endorsed the standards to be reasonable and accurate.

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