Martin Lee @ Sg
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Bringing the Financial Advisory Industry to Greater Heights

Yesterday, the Association of Financial Advisers held their annual congress.

An executive director from MAS was there to give the opening address. She spoke about the state of under-insurance in Singapore, and how Singaporeans were not always receiving quality advice.

The vision for the financial advisory industry in Singapore is for financial advisers to be viewed as professionals, just like lawyers, engineers and accountants, with their own code of conduct and high standards of practice. We are still a far distance from that.

To achieve the vision, financial advisory firms would have to focus on three key areas:

a) first, the Board and senior management need to set the right tone and culture to promote fair dealing with customers;

b) second, representatives have to adopt a long-term view of the business and build trust with their customers; and

c)  third, financial advisory firms need to invest resources to build robust systems and processes to support their business.

Consumers also have a role to play and should take charge of their own financial education so that they know what are the correct questions to ask.

The industry should also be more proactive about initiating changes that improves the standards of practice. If they do that, there will be less of a need for MAS to do that for them.

The full text of the speech can be found here:

Bringing the Financial Advisory Industry to Greater Heights

Leave a Comment:

1 comment
hbushnel2013 says 11 years ago

If more and more are going to study financial onlines and a lot of interested people are going to grab the money making opportunity then we are opening a new door for a different economic era that is highly profitable. Right now I am engage in affiliates programs to make sure I started an investment so I can have a back fall when things ain’t right on my work.

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