DBS to double recruitment of financial advisers in 2021

DBS will double its recruitment of financial planning advisers by the end of this year, by hiring over 650 wealth planning managers and insurance consultants - a new, self-employed role that the bank is rolling out with insurer Manulife Singapore.

These insurance consultants will have the independence and flexible hours of financial advisers and insurance agents, and also be able to access resources similar to those provided to full-time wealth planning managers, DBS said in a press statement on Monday.

This includes the use of financial planning tools, training programmes, and the ability to leverage DBS's broad customer base, as well as access to meeting spaces in bank branches. Consultants will also be able to leverage insights from the bank's digital advisory tool, the NAV Planner, with customers' consent.

According to DBS's website, insurance consultants will be self-employed and paid by commission, with no base salary.

Brandon Lam, who leads the bank's financial solutions management group in Singapore, said: "With 2020 behind us, we hope to help hasten our nation's road to recovery by creating new roles that support our local workforce and address the growing preference for work flexibility."

Stressing the importance of financial planning, he cited the bank's research which showed that 64 per cent of individuals who experienced a significant fall in income had less than three months of emergency funds.

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Manulife Asia's chief bancassurance officer Jonathan Yen said the partnership with DBS is a response to customers' changing needs.

"The events of the past year have revolutionised traditional ways of working and accelerated digital adoption. We have witnessed first-hand that the way customers want to interact with us is changing and we need to keep pace with that," he said.