The Financial Services Industry in Singapore has undergone a sea change and the following changes have become irreversible trends…
Overview, Trends, Business Model
The Financial Services Industry in Singapore has undergone a sea change and the following changes have become irreversible trends:
From product-pushing to providing client centric advice and customised solutions
From single representation or tied agents to multi-representation or distributing for many product providers
From representing Principals’ interests to representing clients’ interests
From just providing “reasonable basis” advice (non-independent advisers) to “fair and objective” advice (independent financial advisers (IFAs))
A fifth trend which is strong in many of the developed nations and which will likely come to Singapore is from commission-based to fee-based.
Those seeking careers in the industry must factor in these trends and focus and build for the future with companies with business models and strategies which embrace and not resist these trends.
As Singapore continues to build its reputation as a wealth management centre, agents doing insurance alone will be insufficient to meet clients’ total needs. Financial planning and wealth management (which includes wealth protection) would become a minimum staple for all.
We have also detected a sixth trend which is from catering to individuals alone to meeting the needs of business corporations. Promiseland is intentionally run as a corporation and geared towards building business with corporations.
“Presently, … Insurance brokers and agents sell insurance, stockbrokers and remisiers deal with shares, banks and fund management companies sell unit trusts… We aim to change this model, to promote the emergence of a single class of independent advisors, who can offer comprehensive financial planning and advice on the entire range of investment options. Their interest will lie in representing their clients, rather than pushing any particular product or service provider.”
Speech by DPM Lee Hsien Loong at the 1st Anniversary Dinner of the Securities Investors Association (Singapore) on 7 Jul 2000
Independence and Specialisation
To meet the challenges presented by these trends, Promiseland has built a distinctive business model of an INDEPENDENT one-stop station with specialists working in teams to become the IFA not only of the present but the future.
We seek dynamic and enterprising men and women of solid character and commitment to success to join us and build a “COMMUNITY OF TRUST”.
Our Track Record
Promiseland is Singapore’s most established Financial Adviser with a track record and wealth of experience built up since 1986. It is a leading example of a one-stop financial services station helmed and staffed by specialists all contributing to giving maximum value to clients.
1986 – Singapore’s second composite insurance broker
1990 – Singapore’s first life insurance broker
2003 – One of Singapore’s first Independent Financial Adviser
2004 – One of Singapore’s first one-stop stations for financial services
2005 – Regional network
The old adage: People are your most important asset is wrong. People are not your most important asset. The right people are.”
Author: Jim Collins,
“Good to Great”
Management must take time and effort to clearly articulate the firm’s core values and purpose. They have to demonstrate commitment and credibility by “walking the talk” with concrete policies, procedures and actions. The firm’s leaders must themselves be seen to be guided by those same qualities they want their staff to emulate. And programmes to build a culture of trust and ethics cannot be a one-off exercise to fend off bad publicity or to placate the regulator. Shaping culture demands a sustained effort.
Mr Ravi Menon, MD of MAS in a speech at the MAS Academy of Law conference. Singapore 23 Jan 2015
What clients look for most is TRUST
What builds solid business is TRUST
And what builds TRUST is CHARACTER
And what build CHARACTER is a strong belief and faith in God and willingness to put others before self.
And it’s the family and good teachers and mentors who inculcate good values like honesty, humility, integrity and genuine care and concern for your clients.
DAVID CHOO, MD, Promiseland Independent