Top 7 List of Independent Financial Advisers in Singapore 2024

list of independent financial advisers in singapore 1

Sorting out your finances and planning your future? It can be challenging, even daunting, especially when you don’t have experience. That’s when the expertise of a financial advisor becomes indispensable. Contrary to popular belief, financial advice isn’t only for the rich and famous.

Independent Financial Advisors (IFAs) can provide holistic financial planning, which includes wealth management, retirement planning, estate planning, risk management, and more. Their unbiased and personalized advice enables you to make smarter financial decisions, help you achieve your financial goals, and bring you peace of mind.

Here we will discuss what an IFA is and how they are different from tied agents and bank advisers. Plus, a list of independent financial advisers in Singapore to help you get started.

What is an Independent Financial Adviser (IFA)?

Broadly speaking, financial advisors create comprehensive plans to help you in managing your money. They also map out plans for your financial future, including retirement. However, not all financial advisors are made equal.

Independent Financial Advisors (IFA) are free from any institutional bias and can offer comprehensive, objective advice tailored to your unique needs. Unlike tied financial advisors who represent a single financial institution and sell only their products, IFAs are not obligated to any particular company. Best of all, they have access to a wide array of financial products from various companies, including insurance policies, investment products, and other financial services.

In Singapore, financial advisors are licensed and regulated by the Monetary Authority of Singapore (MAS) under the Financial Advisors Act. Currently, there are about 20,000 financial advisors in Singapore – some specialize in selling investment-linked insurance policies and unit trusts offered under the CPFIS.

But how much do IFAs charge?

You can expect them to charge a fee between 0.5% and 1% of the investments they manage. However, this fee can accompany other fees, including consultation fees, investment fees, sales charges, and performance fees. It is best to discuss it with your chosen financial advisor so you can get a clear picture.

List of Independent Financial Advisers in Singapore

Global Financial Consultants

1. Global Financial Consultants (GFC)

With decades of experience, Global Financial Consultants (GFC) is a trusted licensed financial advisory firm in Singapore. Operating since 1977 in Sydney, Australia, this firm provides comprehensive financial planning services, including wealth management, retirement planning, education planning, estate planning, and insurance solutions.

One of the key strengths of GFC is its independent status, so they are not tied to any single product provider. This allows them to give impartial advice and recommend the most suitable financial products from a broad spectrum of providers.

Services:

  • Savings & Investments
  • Insurance & Protection
  • Education Planning
  • Retirement Planning
  • CPF Investment
  • Legacy & Succession Planning
  • Tax-Effective Strategies

Contact Information:

Financial Alliance

2. Financial Alliance

Financial Alliance is Singapore’s largest independent financial advisory firm. Established in 2002, the firm has made its mark in the financial services industry through its dedication to unbiased financial advice and commitment to clients’ financial well-being. Their team of expert financial advisors provides impartial advice, ensuring that their clients are given the best-suited financial plans.

They are guided by their philosophy – the 5 Pillars of Wealth that is in line with MAS’s Fair Dealing Guidelines. The company offers an extensive range of financial services, including wealth management, insurance solutions, retirement planning, estate planning, and investment advice.

Services:

  • For Individuals
    • Personal Financial Advisory
    • Private Wealth Advisory
    • Islamic Wealth Advisory
    • Fee-based Advisory
  • ·For Corporate
    • Employee Benefits
    • Business Succession Planning
    • Commercial Business Planning

Contact Information:

  • Address
    • 150 Beach Road #12-01/08, Gateway West Singapore 1897205
  • Phone
    • +65 6222 1889
  • Website
Providend

3. Providend

Established in 2001, Providend is Singapore’s first fee-only independent financial advisory firm. Committed to providing impartial and unbiased advice, it operates on a fee-only model, eliminating potential conflicts of interest related to commissions from product sales.

Providend offers a comprehensive suite of financial planning services that include retirement planning, wealth management, estate planning, and insurance solutions. They serve a broad clientele, ranging from individuals and families to businesses, always focusing on providing tailored financial strategies to meet their unique needs and goals.

Services:

  • Wealth Management
  • Investment Management
  • Risk Mitigation Planning
  • Estate Planning

Contact Information:

Synergy Financial Advisers

4. Synergy Financial Advisers

Established in Singapore in 2007, Synergy Financial Advisers is a prominent Independent Financial Advisory firm that has built a strong reputation for delivering comprehensive and unbiased financial advice tailored to the unique needs of its clients. 

Catering to both individuals and corporations, the firm is committed to helping its clients navigate their financial journey successfully. Synergy Financial Advisers offers a wide range of services, including wealth management, insurance solutions, and investment advice.

Services:

  • Personal Solutions
    • Investment Funds
    • Health and Disability Insurance
    • Wealth Management
  • Corporate Solutions
    • Group Insurance
    • Business Keyman Protection
    • Golden Handcuff
    • Business Buy-Sell Funding
  • General Insurance

Contact Information:

  • Address
    • 229 Mountbatten Road, #03-30 Mountbatten Square, Singapore 398007
  • Phone
    • +65 6654 1888
  • Website
SingCapital Pte Ltd

5. SingCapital Pte Ltd

SingCapital Pte Ltd is a distinguished independent financial advisory firm based in Singapore. With over 15 years of experience, the firm has established a strong reputation for delivering bespoke and unbiased financial advice to both individuals and corporate clients. SingCapital is not affiliated with any specific financial product provider, allowing it to provide objective advice and recommend the most suitable financial products.

They provide a free personal financial health check when you complete the online interest indication firm. The firm is also an advocate for financial literacy.

Services:

  • For Individuals
    • Comprehensive Financial Planning
    • Protection Planning
    • Investment Planning
    • Estate Planning
    • Mortgage and Home Insurance
  • For Businesses
    • Corporate Risk Management
    • Business Loan and Business Insurance
    • Employee Benefits
    • Training for the Real Estate Industry
    • Professional Indemnity Insurance Scheme (PII)

Contact Information:

IPP Financial Advisers Pte Ltd.

6. IPP Financial Advisers Pte Ltd.

IPP Financial Advisers Pte Ltd is one of the oldest and largest independent financial advisory firms in Singapore. Established in 1983, IPP has consistently upheld its commitment to deliver impartial and comprehensive financial advice to its clients, gaining it a reputable standing in the industry.

IPP offers a broad spectrum of financial services, including financial planning, investment planning, insurance advice, and more, for both local and international clients. They provide tailored financial strategies – for individuals and corporates- designed to meet their unique needs and financial goals.

Services:

  • Personal Financial Advisory
  • Private Wealth Advisory
  • Retirement Planning
  • Business Advisory Services

Contact Information:

Policy Pal

7. PolicyPal

PolicyPal is a unique player in Singapore’s financial advisory landscape. Founded in 2016, it is now the leading insurtech company in Singapore that allows its users to manage their life and health insurance digitally. With over 100,000 users, the independent app utilizes technology to simplify and enhance the process of buying and managing insurance policies.

PolicyPal operates as a digital independent financial advisory firm, offering a wide range of insurance products as well as providing advice so users can plan and reach their financial goals. Its digital platform allows clients to view and manage all their insurance policies in one place, while its proprietary technology assists in identifying coverage gaps and recommending suitable products.

Services:

  • Tiq Invest
  • Insurance Product Services
    • Travel
    • Pet
    • Critical Illness
    • PA Insurance
    • Maid Insurance
    • Integrated Shield Plans
    • Term Life

Contact Information:

  • Address
    • JustCo, OCBC Centre East 63 Chulia Street, #15-01 Singapore 049514
  • Phone
    • +65 3163 9184
  • Website

Comparison of an IFA to Other Financial Advisers

  Independent Financial Adviser (IFA) Tied Agent Bank Financial Adviser Robo-Advisor

Compensation Model

Typically fee-based, between 0.5% to 1% of the investment they manage

Primarily commission-based

Primarily commission-based

Fee-based, often a percentage of assets under management

Product Offerings

Wide array of products from multiple providers

Products from a single company/provider

Limited to products from their respective bank

Wide range of products, typically Exchange-Traded Funds (ETFs) and mutual funds

Level of Advice

Personalized and comprehensive

May be limited due to product restrictions

Can provide comprehensive advice, but products offered are limited due to product restrictions

Generally automated based on a questionnaire and risk profiling

Regulation

Regulated by the Monetary Authority of Singapore (MAS)

Benefits of Working With an Independent Financial Adviser

1. Objective and Unbiased Advice

IFAs are not tied to any specific financial institution or insurance provider and are free to recommend the most suitable financial products from the entire market. As such, their advice is based solely on your best interests with limited influence from external factors or incentives.

2. Customized Financial Planning

Independent financial advisors will analyze your unique financial situation, goals, and risk tolerance. They will use this information to create a tailored financial plan as well as develop a strategy that aligns with your objectives.

3. Comprehensive Range of Financial Services

Since they are not affiliated with specific financial institutions, independent financial advisors are free to offer a wide range of financial services. As such, a financial advisor can manage different aspects of your financial life for a more efficient and streamlined process.

4. Transparent Fee Structure

Many IFAs operate on a fee-based model, which ensures transparency. You pay for the advice you receive, and there are no hidden costs or commission-based incentives that could potentially influence the advice they provide.

Factors To Consider When Choosing an Independent Financial Adviser

1. Experience and Qualifications

Choose an IFA firm with a proven track record in the industry and the necessary credentials to offer sound financial advice. Make sure that they are licensed by the MAS and ask for the FA representative’s unique representative number. Check the following:

2. Financial Institutions Directory

To determine if they are authorized by MAS to provide financial advisory services.

3. Register of Representatives

To see if the individual you are talking to is a financial advisor representative.

4. Fees and Charges

It’s important to understand their fee structure so you can anticipate the cost of their services. A transparent fee structure is a good sign of a reputable advisor.

5. Range of Services Offered

Consider your financial needs and goals, and ensure the IFA offers the services you require. Some advisors may specialize in certain areas like insurance products, wealth management, or retirement planning. If you need comprehensive advice covering all aspects of your financial life, ensure the adviser offers a wide range of services.

6. Client Reviews and Testimonials

Reading online reviews, testimonials, and ratings is a good starting point. However, remember to approach online reviews with a degree of skepticism and consider the overall feedback trends rather than individual comments.

Conclusion

The best independent financial advisor in Singapore can provide you with unbiased and personalized advice coupled with a range of services that suits your needs. As you explore your options, the list above will help you get started on your financial journey, as these IFA firms have excellent track records and a broad array of financial services under their belt.

Key Takeaways:

  • Financial advisors create comprehensive plans to help you in managing your money.
  • Independent Financial Advisors (IFA) are free from any institutional bias and can offer comprehensive, objective advice tailored to your unique needs.
  • Unlike tied financial advisors who represent a single financial institution and sell only their products, IFAs are not obligated to any particular company.
  • FAs can charge a fee between 0.5% and 1% of the investments they manage, but it may include other fees, such as consultation fees, investment fees, sales charges, and performance fees.

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