Singlife has introduced PROPEL with Singlife, a new shared services hub designed to assist financial advisers in establishing and running their own advisory firms. The platform, which currently supports over 230 advisers across seven financial advisory firms, aims to streamline the operations of financial adviser representatives (FARs) by reducing the administrative burdens involved in starting and managing independent advisory businesses.
This initiative is part of Singlife’s broader strategy to promote an open architecture within the financial advisory industry, offering both advisers and clients greater flexibility and access to a diverse range of financial products and services. The company’s focus on supporting FARs comes at a time when more financial advisers are seeking to venture into independent businesses, driven by rising consumer demand for customized financial advice.
PROPEL provides a comprehensive suite of tools that simplifies critical processes, including electronic financial needs analysis, client onboarding, and commission tracking. With a dedicated team of nearly 100 financial services professionals, the platform offers expert support to advisory firms, helping them navigate the complexities of running a business while ensuring customers receive impartial advice.
Singlife has seen strong early adoption of the platform, with over 230 advisers already using PROPEL. The company expects this number to grow significantly, aiming for more than 1,000 advisers and 20 financial advisory firms by the end of the next few years, with a long-term target of 3,000 advisers by 2029.
In addition to supporting FARs, Singlife intends to leverage PROPEL to capture a share of the business generated by these emerging advisory firms. The company is also banking on the growing financial advisory channel in Singapore, which is projected to grow at an annual rate of approximately 13% in the coming years, making financial advisers a dominant distribution channel in the country.
By providing a more efficient, flexible, and comprehensive platform for financial advisers, Singlife aims to contribute to the continued growth and evolution of the financial advisory industry.
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