Chief executive and founder, Duncan Anderson, whose business was licenced in 2005, said there are five advisers currently; and the recruitment drive to add another six advisers will use a mix of advertising, a recruitment agency and word of mouth.
They are spreading the net wide, having already been in touch with people in Spain, Vietnam, Hong Kong and Hungary, where a young women who they have already interviewed is joining Portfolio Builders as a trainee.
The main focus is about taking on experienced and qualified advisers, and Anderson is interested in applications from UK diploma level four qualified IFAs who are interested in a move to Singapore.
Anderson said he welcomed the regulator Monetary Authority of Singapore (MAS) consultation on the Financial Adviser Industry Review (FAIR) and that Portfolio Builders was well positioned to deal with strong regulation.
“We have a strong persistency rate and obtain a significant level of client referrals from the positive relationships we build and maintain.”
He added the number of expats in Singapore is growing yet the number of new IFA firms licenced by MAS appears to have ground to a halt.
This situation has created “good conditions” for Portfolio Builders to grow from its 300-strong almost entirely expat client base, and its current income of around s$1.7m.
