AIA Singapore sets up new financial advisory firm to drive growth

INSURER AIA Singapore on Thursday launched its financial advisory arm in what it says would "strengthen its distribution network", as it struggles in recent quarters to drive growth here.

AIA Financial Advisers (AIA FA) is a wholly owned subsidiary of AIA Singapore and will be led by Tan Chuan How, a 19-year industry veteran who has helped grown and develop the insurer's tied agency distribution channel.

He has held several key roles at AIA Singapore including head of recruitment, head of investment-linked policies business and most recently, senior director of agencies.

Said Patrick Teow, chief executive of the insurer: "In today's digital age, customers are more financially savvy and expect more access to professional financial advice. The new AIA FA is well-positioned to empower individuals with personalised and quality financial advice."

The insurer's decision comes as several players including Manulife and Aviva, in recent years have moved to set up their affiliated financial advisory firms as a means to cater to consumers' preference for choice. Others such as Income have also moved to beef up their financial advisory distribution channel in order to compete.