How much we lag behind the UK financial advisory industry.
In some developed countries, a financial adviser is a professional. The profession consist of highly educated and respected members of society. In Singapore, given the low entry criteria, financial advisers are looked upon as uneducated and people who cannot land better jobs, such as lawyers, engineers, doctors, etc. A friend once asked me why I would consider this role given my ample academic qualifications. Many have asked me when I said I am a financial adviser, “you mean selling insurance?”
In UK, they are talking about plans to ban commission payments from product providers and force financial advisers to agree fee payments with clients upfront.
One Response to “How much we lag behind the UK financial advisory industry.”
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You have made a valid point here about the Singapore financial advisory industry. Having been taught by and worked with many UK financial professionals whilst I was in a similarly regulated country (Australia/NZ), I am in a position to share that the Singapore industry is probably 10 years behind. Though regulation has a part to play, I think the responsibility lies more heavily on the shoulder of financial institutions. The good news? There’s only one way to go – Up.