SINGAPORE - 22 July 2024 - Since its official launch in April 2023, Prudential Financial Advisers Singapore (”PFA”), Prudential Singapore’s (”Prudential”) dedicated financial advisory arm, has expanded to over 800 PFA representatives. The company is on track to have a 1,000-strong team of PFA representatives by the end of 2024 and aims to grow to 1,500 by the end of 2025.
PFA was set up to provide customers with more holistic professional advisory services amid the backdrop of rising longevity and increasing wealth management needs of the growing high net worth (HNW) segment in Singapore. The country is a growing wealth hub that is attracting an increasing number of ultra wealthy individuals. There were 333,204 millionaires in 2023, and this number is expected to increase by 13 per cent to 375,725 in 2028. Median wealth per Singapore adult was US$104,959 in 2023, up from US$99,488 in 2022.[1]
To attract more professionals to a career as a financial representative and grow its team of PFA representatives, Prudential enhanced its Management Associate Programme (MAP) earlier this year to better support fresh university or polytechnic graduates and young professionals in building their career as financial representatives.[2] It is also looking to attract mid-career professionals from the wealth sector, as well as those who have taken a break from the workforce and are looking for a new challenge.
Mr Ben Tan, Chief Distribution Officer and Chief Corporate Development Officer of Prudential Singapore, said: “Prudential remains committed to growing our financial advisory business and distribution network to serve more customers with diverse financial needs and goals. We will continually enhance our offerings and services to meet the evolving needs of Singaporeans who are living longer and preparing for a secure future.”
Mr Jeff Ang, CEO of Prudential Financial Advisers Singapore, said: “We are proud of the milestones that Prudential Financial Advisers Singapore (PFA) has achieved in its first year of operation, with the support of our dedicated team of more than 800 PFA representatives and our corporate staff. We continue to grow our team so that we can better serve the needs of the mass affluent and high net worth customers with holistic financial planning and a broad range of insurance and wealth solutions from Prudential and our more than 10 product providers.”
Mr Ang was appointed the CEO of PFA on 1 July 2024. He joined Prudential in 2018 as Head of Enterprise Business and was subsequently appointed Deputy CEO of PFA. He succeeds Mr Bernard Chai who is retiring at the end of the year. Mr Chai will remain at PFA as an advisor till then to ensure a smooth transition.
The launch of PFA marked a significant step for Prudential and added to its distribution ecosystem. The firm offers a wide range of insurance products and wealth solutions from more than 10 product providers. This includes general insurance such as travel insurance, motor insurance, and wealth solutions such as unit trusts and index universal life insurance, on top of Prudential’s core offerings in life insurance, health insurance, savings plans, retirement plans, and group insurance. Customers can also tap on the complementary solutions and auxiliary services including estate planning, family office and tax advisory, provided by PFA product providers.
For more information on Prudential Financial Advisers, please visit: https://www.prudentialfa.com.sg/
[1] Source: https://www.ubs.com/global/en/wealth-management/insights/global-wealth-report.html
[2] For more information on Prudential Singapore’s Management Associate Programme for financial representatives, please refer to: https://www.prudential.com.sg/about/newsroom/press-release/2024/prudential-ramps-up-hiring
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