Called "PROPEL with Singlife", it is designed to enable financial adviser representatives (FARs) to start their own advisory firms.
The move demonstrates Singlife’s commitment to an open architecture, empowering both advisers and customers with greater freedom and choice in financial solutions.
With more FARs starting their own companies and growing customer demand for tailored solutions, PROPEL is set to disrupt the market by removing administrative challenges tied agents face in establishing their own firms, while ensuring customers benefit from unbiased advice and a broader range of financial products.
Mr Steven Ong, CEO at PROPEL with Singlife, said, “At PROPEL, we understand the hurdles advisers face because we’ve been in their shoes. Our mission is to revolutionise the way self-employed financial advisers run their businesses by providing them with best-in-class support, thus enabling them to thrive in a competitive market. PROPEL is a true and trusted partner in helping advisers achieve their entrepreneurial aspirations while delivering exceptional service to their clients.”
To date, PROPEL has already onboarded over 230 advisers from across seven FA firms.
In the coming months, PROPEL expects to cross the 1,000-advisers mark, with a goal of surpassing 3,000 advisers and 20 FA firms by 2029.
Singlife expects to naturally capture a share of business generated by the new FA firms PROPEL serves and foresees the business to contribute to growing its overall sales.
Singlife forecasted FAs to become the main distribution channel in Singapore, driven in part by consumers’ preference for options. The FA channel is expected to grow at a rate of about 13% per annum over the next few years.
Independent research commissioned by Singlife indicates that while many tied agents aspire to become entrepreneurs in their field, they face significant challenges in making the transition. These include a lack of robust back- and middle-office support provided by their current companies, which they perceive as critical to their operations. They also say they lack efficient software systems handling processing functions.
By providing cost-efficient, scalable, and reliable support, PROPEL empowers advisers to start and grow their own advisory firms while maintaining high standards of operation.