THE financial advice industry in Singapore is undergoing a fundamental transformation from ringing up sales to building relationships in which the adviser sits on the same side of the table as the client.
In the decade since we established roots in Singapore, a dramatic shift is taking hold in how investor wealth is managed in ways that are similar to what we have seen in other countries.
These changes reflect a gradual shift from the old, high-cost model of transactional (commission-based) product-led selling, based on attempts to outguess the market, to a conflict-free fee-based service grounded in goals-based investing advice that puts the consumer first.
Three specific developments stand out...
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