ANEXT Bank Business Account Guide: Documents, Verification, Fees, SWIFT Rules
Disclaimer: The content of this article is for informational reference only and does not constitute investment advice, a solicitation, or a basis for major decision-making. Please make independent judgments and consult professional advisors when needed.
For companies registered in Singapore: Summarizes ANEXT Bank's Business Account advantages, required documents and questionnaire tips, SMS/email verification notes, SWIFT rules and common failures, plus official fees and limitations for a smooth account opening.
Who is this article suitable for?
If you are a Singapore-registered company (with an existing UEN), but your main business/team/clients are not necessarily in Singapore, and you hope to:
- Open an account remotely online, without flying to Singapore or attending an in-person interview
- Obtain a corporate deposit account that can be used for cross-border payments and collections
- Manage both SGD and USD currencies/wallets simultaneously
Then ANEXT Bank's Business Account would be a common option.
Note: This article is based on a summary of the account opening materials, account opening guidelines, account usage instructions, fee schedule, and questionnaire template you provided. Specific details are subject to the bank's latest rules.
Question
What is ANEXT Bank (Xingyi Digital Bank)? What is its core positioning?
AIAIGAnswer
ANEXT BANK (Xingyi Digital Bank) is a wholly-owned subsidiary of Ant Group, one of the first digital banks approved in Singapore, primarily serving small and medium-sized enterprises (SMEs) in Singapore and the Southeast Asia region, with a particular focus on scenarios such as cross-border trade. Its ANEXT Business Account is described as: a digital deposit account for SMEs, supporting remote account opening for non-local companies (but the registration location must be in Singapore). [oaicitation:0‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
Question
What are the main advantages of the ANEXT Business Account?
AIAIGAnswer
- Dual Currency Capability: The document explicitly mentions providing SGD account + USD account. [oaicitation:1‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Security Design: Three-factor authentication (login password, one-time password OTP, facial verification). [oaicitation:2‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Lightweight Process: Remote online account opening, no need to fly to Singapore for in-person verification. [oaicitation:3‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Security Design: Three-factor authentication (login password, one-time password OTP, facial verification). [oaicitation:2‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Lightweight Process: Remote online account opening, no need to fly to Singapore for in-person verification. [oaicitation:3‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
Question
What are the prerequisites/boundaries that businesses need to confirm first?
AIAIGAnswer
- Registration Location Requirement: The material emphasizes that "as long as the registration location is in Singapore," remote account opening can be applied for. [oaicitation:4‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Functional Limitations: The document reminds that Xingyi Bank does not have GIRO automatic debit functionality and does not handle letter of credit (L/C) business. [oaicitation:5‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Functional Limitations: The document reminds that Xingyi Bank does not have GIRO automatic debit functionality and does not handle letter of credit (L/C) business. [oaicitation:5‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
Question
What basic documents are required for account opening?
AIAIGAnswer
The basic documents listed include:
- Complete registration documents of the opening company
- Passports and ID cards of directors/shareholders
- Email and mobile number of the bank authorized signatory
And note: After initial submission, the bank may request additional documents via phone/email based on the company's situation. [oaicitation:6‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Complete registration documents of the opening company
- Passports and ID cards of directors/shareholders
- Email and mobile number of the bank authorized signatory
And note: After initial submission, the bank may request additional documents via phone/email based on the company's situation. [oaicitation:6‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
Question
What does the verification of 'all relevant personnel' in the questionnaire mean?
AIAIGAnswer
The account opening instructions clarify: All individuals involved in the questionnaire will be verified (SMS + email with verification links sent simultaneously), so it is essential to ensure that phone numbers and email addresses are accurate. [oaicitation:7‡ANEXT Account Opening Instructions.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
Question
Why are passport/document validity and 'keeping documents on hand' so important?
AIAIGAnswer
Document requirements:
- Passports must have validity exceeding 6 months before submitting the account opening application, and avoid updating passports arbitrarily during the account opening process. [oaicitation:8‡ANEXT Account Opening Instructions.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- From submission until account activation, directors, shareholders/ultimate beneficial owners must keep original passports and ID cards/address proofs with them to prevent verification links from expiring, which could lead to account opening rejection (may require re-submission with additional fees). [oaicitation:9‡ANEXT Account Opening Instructions.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- Passports must have validity exceeding 6 months before submitting the account opening application, and avoid updating passports arbitrarily during the account opening process. [oaicitation:8‡ANEXT Account Opening Instructions.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- From submission until account activation, directors, shareholders/ultimate beneficial owners must keep original passports and ID cards/address proofs with them to prevent verification links from expiring, which could lead to account opening rejection (may require re-submission with additional fees). [oaicitation:9‡ANEXT Account Opening Instructions.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
Question
How to fill out the account opening questionnaire? Which fields are most likely to cause issues?
AIAIGAnswer
The questionnaire template you provided outlines some "mandatory formats/common pitfalls":
- Must be filled out in English, and questions are mostly mandatory. [oaicitation:10‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
- Name field in uppercase pinyin (example: ZHANG SAN). [oaicitation:11‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
- Primary country of business operations can only be one. [oaicitation:12‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
- Country of funds origin can only be one. [oaicitation:13‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
- Customer/buyer country, supplier country: The document emphasizes "only the country name is needed," and newly established companies can fill in planned customer/supplier countries. [oaicitation:14‡星熠银行开户-新增问题.docx](sediment://file0000000081c8722faeea3b833506ce66)
- Must be filled out in English, and questions are mostly mandatory. [oaicitation:10‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
- Name field in uppercase pinyin (example: ZHANG SAN). [oaicitation:11‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
- Primary country of business operations can only be one. [oaicitation:12‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
- Country of funds origin can only be one. [oaicitation:13‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
- Customer/buyer country, supplier country: The document emphasizes "only the country name is needed," and newly established companies can fill in planned customer/supplier countries. [oaicitation:14‡星熠银行开户-新增问题.docx](sediment://file0000000081c8722faeea3b833506ce66)
Question
What are the common requirements for Supporting Documents?
AIAIGAnswer
The new question document requires:
- Provide personal account (or related account) bank statements for the past 3 months for each individual or corporate shareholder. [oaicitation:15‡星熠银行开户-新增问题.docx](sediment://file0000000081c8722faeea3b833506ce66)
The questionnaire template has the same requirement, and under the "Does the company already have other bank accounts" section, it asks for materials such as the company's main operating account statements for the past 3 months. [oaicitation:16‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
- Provide personal account (or related account) bank statements for the past 3 months for each individual or corporate shareholder. [oaicitation:15‡星熠银行开户-新增问题.docx](sediment://file0000000081c8722faeea3b833506ce66)
The questionnaire template has the same requirement, and under the "Does the company already have other bank accounts" section, it asks for materials such as the company's main operating account statements for the past 3 months. [oaicitation:16‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
Question
If there are "associated companies/related entities," what additional documents are typically needed?
AIAIGAnswer
The document indicates: If there are related entities (parent company/subsidiary/associated company, etc.), relevant questions need to be answered, and may require supplementation of:
1) Official registration documents of the related entity (including full names and ID/identification numbers of directors/shareholders)
2) Latest tax return, or latest tax records, or at least 2 bills of lading/air waybills + corresponding invoices/purchase orders
These requirements are reflected in both the new question document and the "Associated Business / Related Entity" section of the questionnaire template. [oaicitation:17‡星熠银行开户-新增问题.docx](sediment://file0000000081c8722faeea3b833506ce66) [oaicitation:18‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
1) Official registration documents of the related entity (including full names and ID/identification numbers of directors/shareholders)
2) Latest tax return, or latest tax records, or at least 2 bills of lading/air waybills + corresponding invoices/purchase orders
These requirements are reflected in both the new question document and the "Associated Business / Related Entity" section of the questionnaire template. [oaicitation:17‡星熠银行开户-新增问题.docx](sediment://file0000000081c8722faeea3b833506ce66) [oaicitation:18‡Anext星熠银行开户表格-0630更新.docx](sediment://file00000000fcc471f5b83d600e51f154e1)
Question
What are the mandatory rules for post-submission verification (SMS/email + face scan + ID upload)?
AIAIGAnswer
The account opening guide provides very specific operational rules for "post-submission verification/authorization":
- Verification during working hours: It is recommended to complete verification during working hours (within 9 AM to 6 PM). [oaicitation:19‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- Must use original documents: Verify passport, upload address proof (within the last 3 months), and take photos as required. [oaicitation:20‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- Face scan requirements: Face scanning is required; it must be verified by the person themselves, and it is recommended not to wear glasses. [oaicitation:21‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- Verification during working hours: It is recommended to complete verification during working hours (within 9 AM to 6 PM). [oaicitation:19‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- Must use original documents: Verify passport, upload address proof (within the last 3 months), and take photos as required. [oaicitation:20‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- Face scan requirements: Face scanning is required; it must be verified by the person themselves, and it is recommended not to wear glasses. [oaicitation:21‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
Question
How should address proof be prepared to avoid rejection?
AIAIGAnswer
The document clearly states:
- If using ID card for address proof: Use original ID card to take photos and upload. [oaicitation:22‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- If foreign nationals use bank statements, etc.: It is recommended to take photos of the paper version and upload, do not take photos of the computer screen; if only electronic version is available, print it and take photos of the paper version. [oaicitation:23‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- The customer address filled in during verification must match the address proof uploaded this time and the registered address on the registration paper. [oaicitation:24‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- If using ID card for address proof: Use original ID card to take photos and upload. [oaicitation:22‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- If foreign nationals use bank statements, etc.: It is recommended to take photos of the paper version and upload, do not take photos of the computer screen; if only electronic version is available, print it and take photos of the paper version. [oaicitation:23‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- The customer address filled in during verification must match the address proof uploaded this time and the registered address on the registration paper. [oaicitation:24‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
Question
What are the most common reasons for verification failure and how to avoid "link expiration" pitfalls?
AIAIGAnswer
- When taking photos of documents, ensure "all four corners are visible and avoid glare". [oaicitation:25‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- The document reminds: If verification fails once or twice, do not repeatedly attempt, otherwise the link will expire; if verification is not completed for too long, it will also expire, try to complete it within two working days. [oaicitation:26‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- Success indicator for completed verification: The page must show "Authorisation is completed" for verification to be successful; if it shows "submission has been successful" or similar wording, the document indicates it may not be successful, and you need to wait for manual review before retrying as guided. [oaicitation:27‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- The document reminds: If verification fails once or twice, do not repeatedly attempt, otherwise the link will expire; if verification is not completed for too long, it will also expire, try to complete it within two working days. [oaicitation:26‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
- Success indicator for completed verification: The page must show "Authorisation is completed" for verification to be successful; if it shows "submission has been successful" or similar wording, the document indicates it may not be successful, and you need to wait for manual review before retrying as guided. [oaicitation:27‡ANEXT Account Opening Guide.pdf](sediment://file000000001664722f97a55b3d0e8cf211)
Question
What is the account/wallet structure and currency rules for receiving and paying in ANEXT?
AIAIGAnswer
Account usage instructions note:
- USD and SGD share one account, but have two separate "wallets": SGD wallet + USD wallet. [oaicitation:28‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
- If SGD is deposited: it goes directly into the SGD wallet; if other currencies are deposited: they will be converted to USD at the day's exchange rate and deposited into the USD wallet. [oaicitation:29‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
- USD and SGD share one account, but have two separate "wallets": SGD wallet + USD wallet. [oaicitation:28‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
- If SGD is deposited: it goes directly into the SGD wallet; if other currencies are deposited: they will be converted to USD at the day's exchange rate and deposited into the USD wallet. [oaicitation:29‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
Question
How should the SWIFT Code be filled out? What is the difference between SGD and non-SGD?
AIAIGAnswer
Account usage instructions provide guidance on filling out the SWIFT Code:
- The SWIFT Code is split into: 1- Bank industry code; 2- Non-SGD account (branch); 3- SGD account (branch). [oaicitation:30‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
- For SGD (Singapore Dollar) transfers: fill in "Part 1 + Part 3" information. [oaicitation:31‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
- For non-SGD transfers (e.g., USD, EUR): fill in "Part 1 + Part 2" information. [oaicitation:32‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
- The SWIFT Code is split into: 1- Bank industry code; 2- Non-SGD account (branch); 3- SGD account (branch). [oaicitation:30‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
- For SGD (Singapore Dollar) transfers: fill in "Part 1 + Part 3" information. [oaicitation:31‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
- For non-SGD transfers (e.g., USD, EUR): fill in "Part 1 + Part 2" information. [oaicitation:32‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
Question
How to contact the bank if encountering issues? What are the digital bank code/branch code?
AIAIGAnswer
Account usage instructions provide hotline and codes:
- Overseas hotline (Chinese customers): (65) 6813 3688. [oaicitation:33‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
- Digital bank code: 9742; if branch code is needed: 000. [oaicitation:34‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
- Overseas hotline (Chinese customers): (65) 6813 3688. [oaicitation:33‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
- Digital bank code: 9742; if branch code is needed: 000. [oaicitation:34‡3. ANEXT Account Usage Instructions.pdf](sediment://file0000000075d071f5a3c616f32b014a70)
Question
What are the key conclusions of the fee structure (document version)?
AIAIGAnswer
The key points of "Bank Fees" listed in Mingliang Consulting materials include:
- Minimum initial deposit: S$0 (no minimum initial deposit requirement) [oaicitation:35‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Minimum account balance: S$0 (no minimum average balance requirement) [oaicitation:36‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Annual fee: S$0 [oaicitation:37‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Early account closure within 6 months: S$50 per account [oaicitation:38‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Audit confirmation letter: S$35 per request (mail only) [oaicitation:39‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Cross-border transfer: USD $10 per transaction; SGD S$15 per transaction [oaicitation:40‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Cross-border receipt: S$0; local transfer: S$0 [oaicitation:41‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
And note: Fees charged by correspondent/overseas banks are not included, and fee changes are subject to the official website. [oaicitation:42‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Minimum initial deposit: S$0 (no minimum initial deposit requirement) [oaicitation:35‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Minimum account balance: S$0 (no minimum average balance requirement) [oaicitation:36‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Annual fee: S$0 [oaicitation:37‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Early account closure within 6 months: S$50 per account [oaicitation:38‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Audit confirmation letter: S$35 per request (mail only) [oaicitation:39‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Cross-border transfer: USD $10 per transaction; SGD S$15 per transaction [oaicitation:40‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- Cross-border receipt: S$0; local transfer: S$0 [oaicitation:41‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
And note: Fees charged by correspondent/overseas banks are not included, and fee changes are subject to the official website. [oaicitation:42‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
Question
What more detailed telegraphic transfer fee breakdowns are supplemented in the Fee Schedule?
AIAIGAnswer
The ANEXT BANK PTE. LTD. Fee Schedule (v1.2 Nov 2024) you provided gives more detailed fee breakdowns for outward telegraphic transfers, including BEN/SHA and OUR billing options, and lists fixed fees for SGD, USD, CNH, and EUR respectively; it also lists fee information for items such as audit confirmations, account balance/annual fees, and bulk payments. [oaicitation:43‡ANEXT星熠银行费用(1).pdf](sediment://file00000000b454722fb42a645d0482f0be)
Question
What are the "hidden costs/limitations" at the usage level after account opening?
AIAIGAnswer
- Lack of GIRO automatic debit: This means many common automatic deductions in Singapore (such as some bills/subscriptions) may require arranging payments through other methods. [oaicitation:44‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- No letter of credit (L/C) business: If your trade settlement heavily relies on letters of credit, you need to prepare alternative settlement solutions in advance. [oaicitation:45‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
- No letter of credit (L/C) business: If your trade settlement heavily relies on letters of credit, you need to prepare alternative settlement solutions in advance. [oaicitation:45‡星熠数字银行---明良咨询(1)(3).pdf](sediment://file000000004794722f9a695a726b3c2769)
On-site Verification Practical Checklist (Recommended for Self-Inspection)
A. Before Submission (Critical)
- Passport validity > 6 months; try to avoid passport renewal during account opening
- Mobile numbers + email addresses for all individuals in the questionnaire (directors/shareholders/UBOs/authorized signatories, etc.) are confirmed correct
- All individuals have prepared and will keep the originals of their passport, ID card, and address proof with them until the on-site verification
B. After Submission (Complete within two days is more stable)
- Complete SMS/email verification during business hours (9:00-18:00)
- Document photos: All four corners visible, no glare; Facial scan completed by the person themselves (try to avoid wearing glasses)
- Address entry must match the address proof and the address registered on the incorporation certificate
- Do not attempt frequently to avoid link expiration
C. Remittance/Receipt Setup
- First confirm currency: SWIFT code filling logic differs for SGD and non-SGD (USD/EUR, etc.)
- Understand wallets: SGD goes into SGD wallet; other currencies may be converted into the USD wallet
If you want me to organize the "questionnaire fields" into an English template ready for copy-paste (automatically generating candidate answers based on your company's business scenario), you can also continue to send me your company business description/trading countries/main partner information.
Disclaimer: The content of this article is for informational reference only and does not constitute investment advice, a solicitation, or a basis for major decision-making. Please make independent judgments and consult professional advisors when needed.