At International Adviser’s Future Advisory Forum Singapore earlier this month, delegates were asked: ‘The Life Insurance Association is reportedly reviewing how advisers and brokers can be recruited. If changes are made, do you think they will be?’
- Positive – produce better client outcomes = 52%
- Neutral = 43%
- Negative – Make hiring more difficult = 5%
- Unsure = 0%
Reports of an LIA review followed the mass exodus of advisers to the newly formed AIA Financial Advisers from Great Eastern. Around 300 advisers are thought to have made the leap.
It has raised concerns of potential mis-selling as advisers are pressured to meet sales targets or risk having financial incentives clawed back.
Moderate impact
Advisers in Singapore expect further regulatory change to have a moderate impact on their businesses over the next year.
Delegates were asked: ‘How much do you think regulatory and legislative changes will impact your business over the next 12 months?’
- Significant = 37.5%
- Moderate = 50%
- Minimal = 12.5%
- Not at all = 0%
The response from Singapore IFAs mirrored their Hong Kong counterparts, who gave a similar response at IA’s Future Advisory Forum Hong Kong event two days earlier.
