Unlock Your Potential: A Guide to Starting Your Own Financial Advisory Firm with PROPEL

At some point in every financial adviser's journey, the question arises: “What’s next?” For many, it’s not just about career advancement, but also about delivering greater value to clients, realising their full potential, and building something of their own.

If you’ve ever felt the pull to create a business that reflects your values and serves clients on your terms, you’re not alone. While the idea of going independent can be daunting, the journey doesn’t have to be taken alone. With the right support, the path becomes clearer, the challenges more manageable, and the rewards even greater. This guide offers the insights, practical steps, and confidence you need to take that first step toward independence.

The Shifting Financial Advisory Landscape in Singapore

The financial advisory industry is evolving quickly here. The Financial Advisory channel, expected to grow at a rate of about 13% per annum over the next few years, is poised to become the main distribution channel in Singapore, driven in part by consumers’ preference for options. Clients today are no longer satisfied with one-size-fits-all solutions or products offered by a single provider. They are seeking advice that is tailored to their unique needs and circumstances—advice that prioritises their goals and offers access to a broader range of options.

This shift presents an opportunity for advisers to address this gap. By stepping up to meet these evolving expectations, you can make a real difference for your clients. Free from the constraints of tied channels, you can truly prioritise your clients’ needs as an independent financial advisory firm . You can create a business that not just reflects your values, vision, and expertise, but also one that is rewarding in many other ways.

Are You Ready to Be Your Own Boss?

The demand for financial advisers who can offer tailored solutions is growing. Here’s the opportunity to make your mark and shape a more client-focused and dynamic financial advisory industry. Think about what you bring to the table:

• Are you already leading a successful team of advisers and bringing in top sales for your company?
• Have you been getting requests from clients to provide more product options?
• Have you been thinking about what’s next in your career?

If you answered “yes” to the above, now’s the time to take the next step!

The Journey to Building Your Own Firm: A Step-by-Step Guide

Starting your own financial advisory firm may seem overwhelming, but breaking it into manageable steps makes the process achievable. Here are some considerations to take into account:

• Business Planning:
  • Define your mission, vision, and target audience.
  • Create a detailed business plan, including financial projections and growth strategies.
     
• Company Registration:
  • Choose a business structure (e.g., sole proprietorship, partnership, or private limited company).
  • Register your firm with the Accounting and Corporate Regulatory Authority (ACRA).
     
• MAS Licensing:
  
  • Apply for the necessary licenses to operate as a financial advisory firm in Singapore.
  • Ensure compliance with MAS regulations, including training and certifications.
     
• Operational Setup:
  
  • Invest in technology for client onboarding, financial needs analysis, and commission tracking.
  • Establish processes for compliance, reporting, and client management.
     
• Marketing and Client Acquisition:
  
  • Build a professional website and social media presence.
  • Leverage your network and referrals to attract clients.

What if you could skip the guesswork and navigate expert guidance every step of the way?

A Reliable Partner to Support Your Journey

Building your own financial advisory firm is an exciting journey, and it can be made smoother with the right partner by your side. PROPEL with Singlife is a shared services hub designed to make your transition to starting your own firm as smooth and seamless as possible. We’ll help you get started on this adventure:

• All-in-one Operational Support:
  
  • Our integrated digital platform handles everything from electronic Financial Needs Analysis (eFNA) to client onboarding and commission tracking.
  • Save time and focus on what matters most—your clients.
     
• Team with Expertise:
  
  • Our team of over 100 seasoned professionals provides guidance on operations, compliance, and more.
  • Whether you’re navigating MAS licensing or scaling your business, we’re here to help.
  • All this, without the huge overheads you’d otherwise be burdened with when hiring for your start-up.
     
• Unbiased Advice for Clients:
  
  • PROPEL is here solely to support your business; you’re never obligated to sell specific products.
  • Retain full ownership of your business and make decisions that align with your values.
     
• Scalable Solutions:
  
  • Our subscription-based model allows you to access the right level of support for your business.
  • Whether you’re a solo adviser or managing a growing team, PROPEL grows with you.
     
• Data Security You Can Trust:
  
  • PROPEL is certified with the Data Protection Trustmark (DPTM). We are committed to maintaining the highest standards of data protection and privacy for our partners and their clients. This means peace of mind that your data is safe with us.

Take the First Step Today

Your dream of building your own financial advisory firm is closer than you think. With PROPEL by your side, you’ll have the support you need to build a business that truly reflects your values.

Whether you’re ready to take the first step, or need answers to burning questions about coming out, we have the experts on hand to guide you in the right direction.

Contact us today at propel.leads@singlife.com for a free, no-obligation consultation, and find out how we can help PROPEL your financial advisory business to the next level.