New Singlife shared services hub to support financial adviser

Over 230 advisers across seven financial advisory firms have joined the platform.

Singlife has launched PROPEL with Singlife, a shared services hub designed to support the financial advisory (FA) industry by enabling financial adviser representatives (FARs) to establish their own advisory firms. 

This initiative aligns with Singlife's commitment to an open architecture, offering both advisers and customers greater flexibility and choice in financial solutions.

With a growing number of FARs venturing into independent businesses and increasing customer demand for tailored financial advice, PROPEL seeks to alleviate the administrative burdens associated with starting and managing advisory firms. The platform ensures that customers receive unbiased advice and access to a wider range of financial products.

PROPEL provides an integrated tool to simplify key processes such as electronic financial needs analysis, client onboarding, and commission tracking. It is backed by a team of nearly 100 professionals with expertise in financial services, offering comprehensive support to FA firms as they navigate their challenges.

Over 230 advisers across seven financial advisory firms have joined the platform. Singlife anticipates this number to exceed 1,000 advisers in the near term, with a long-term target of more than 3,000 advisers and 20 FA firms by 2029.

Through PROPEL, Singlife aims to capture a share of the business generated by these emerging advisory firms, contributing to its overall sales growth. 

The company projects that financial advisers will become Singapore's dominant distribution channel, fuelled by consumer preferences for diverse options. The FA channel is expected to grow at an annual rate of approximately 13% in the coming years.