Special thanks to Financial Alliance’s Corporate Development Director, MK Chan, for sharing his knowledge and experience to make this article possible.
– Written by Malcolm Mejin, the Financial Alliance Writing Team
Are you stuck in a career rut? Are you a banker or a tied agent who’s hoping for a career with real job satisfaction? Among the possibilities out there, you may have even considered joining an independent financial adviser .
But what does independent mean, and how will it benefit you in the long run?
Firstly, independent financial advisers (“IFAs”) are organisations whose professionals (also known as representatives) offer independent financial advice to their clients and recommend suitable options from a wide range of financial products.
According to Financial Alliance founder Vincent Ee, IFAs offer unbiased financial advice, always acting in the best interests of their clients. “Being “independent”, IFAs are not tied to any particular financial product as opposed to a personal banker or an insurance agent.”
He pointed out that even though insurance agents, personal bankers, and IFAs work in a similar capacity in the financial advisory industry, their roles are different. Mr. Ee explained that insurance agents (also known as tied agents) are appointed representatives of their insurance companies. Acting in the best interests of their insurance companies, they only recommend products offered by their companies. For example, Prudential agents will only sell products from Prudential.
As for personal bankers, they represent the bank they work for. They only recommend products offered by their bank. However, they may also sell products from life insurance companies that their bank has partnered with.
He added, “Even though independent financial adviser representatives only recommend products from the IFA firms they represent, their recommendations are based on a much wider range of products because IFA firms work with not just one – but many – product providers, such as life insurance companies, investment houses and platforms. With a much wider base to work from, their advice is not biased in favour of any single product provider.”
IFA firms also offer benefits that non-independent firms do not:
IFA representatives provide customised advice and recommendations based on clients’ needs. IFAs are not tied to any particular insurance or investment product, so their representatives have the flexibility to offer a wider range of customised options to their clients than an insurance agent or a personal banker.
Going independent also offers the freedom to structure a business model that fits both the IFA representatives and their clients.
Most IFA representatives forge deeper, personal relationships with their clients, as they build a strong understanding of their clients’ situations in the long run. This often leads to a relationship that’s more responsive, attentive and personal.
Some IFA firms have also better infrastructure, and technological support and services at their disposal to help enhance productivity and optimise results.
According to Mr. Ee, Financial Alliance is well-equipped with the latest technology and infrastructure to assist IFAs in their tasks. “Most of our consultants are able to work efficiently due to the comprehensive business operations support that we provide to facilitate their tasks, leading to greater job satisfaction.”
IFA representatives become their own bosses. By being able to plan their own working schedule, IFA representatives enjoy a more flexible career and lifestyle. Instead of being tied to a nine-to-five job, they have the freedom and flexibility of planning their working schedules in order to achieve their desired work-life balance.
Benefits-wise, being an IFA representative sounds appealing, and for those considering it as a career, Mr. Ee has a nugget of wisdom, “You must have a strong desire for success. With that desire, you must constantly push yourself to do what’s right and best for your clients. You also must be willing to embrace the “independent” business model in order to be truly independent.”
On career viability as an IFA representative, he added, “You win the competition most of the time because you have a wider range of options as opposed to a non-independent agent. You have stronger product offerings that are better suited to your clients’ needs.”
However, as attractive as it sounds, Mr. Ee said that this job may be challenging for some. “It’s not an easy job. You need to have personable traits, such as confidence, when dealing with clients.”
On making a career decision, Mr. Ee remarked that choosing the right place to start amidst the diverse career choices available today is the key.
So if you’re thinking of becoming a representative at an IFA firm as your next career move, do know that it may not come easy. However, by developing the right mindset and attitude, you’ll find yourself on the path to achieve a fulfilling career as an IFA representative.
If you think you have what it takes to be an independent financial adviser representative, you’re welcome to join Financial Alliance, Singapore’s largest independent financial advisory firm who has won many awards – including getting certified as a Singapore Quality Class Star company and a People Developer – and built a solid reputation in the financial advisory industry. Stay connected to our Facebook page by liking us to be notified when the next article is published.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Jacqueline started her financial planning journey with as an agent with a Tied Agency in 1997. Over time, as the insurance industry became more competitive and clients’ needs evolved, she saw the importance of improving customer experience by offering more well-rounded advice and customised products that would appeal to her clients at a deeper level.
In 2007, she joined Financial Alliance as an Associate Director as she is aligned with their vision of providing a service that is both balanced and unbiased. In doing so, she created an autonomous and productive team of her own.
Under her leadership, Jacqueline’s team grew in size and business has thrived. Today, she has 19 Advisory Associates under her management.
Perhaps the reasons for her team’s prominence and for people taking the plunge to join her are because of her candor, affection, and the consideration she has for her team members and clients.
The insurance industry is one of the most dynamic and complex industries in Singapore, but Jacqueline has made her agency flourish by staying agile and flexible, and she has kept up with all the changes by staying abreast of emerging technologies and trends.
Jacqueline’s commitment is that she will always be unselfish with her own time and her own energy in order to support her team members. This is based on her belief in helping them discover financial success by trusting them and motivating them to do their best.
If Jacqueline’s nurturing way resonates with you, come and learn more about how you can be part of her team.
By submitting this form, I confirm that
In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.
根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.
By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.
Subscribe to our newsletter to receive updates on our latest content!
Will I be able to retire comfortably?