Great Eastern expands wealth advisory as it deepens push into HNW market

[SINGAPORE] Great Eastern ’s accredited investor clients can now receive advisory services on both securities and structured products as the insurer deepens its push into the high-net-worth (HNW) segment.

Its wholly owned subsidiary Great Eastern Financial Advisers (GEFA) recently received regulatory approval from the Monetary Authority of Singapore (MAS) to deliver these services.

The move comes as the 118-year-old insurer deepens collaboration within the OCBC Group, leveraging the expertise of private banking arm Bank of Singapore (BOS) to broaden its wealth advisory offering.

BOS CEO Jason Moo told The Business Times that financial intermediaries have become a “strategic and fast-growing” segment for the bank.

He said the partnership will give GEFA’s clients direct access to BOS’ investment platform and capabilities, allowing advisers to offer a broader range of wealth solutions to eligible clients.

“This aligns with OCBC Group’s vision of a whole-of-wealth proposition, leveraging our strengths as an integrated financial services group across banking, wealth and insurance,” added Moo.

Previously, representatives from GEFA were unable to advise on securities and structured deposits. When HNW clients wanted certain pure wealth products, they would have to be referred externally to private banks.

With the recent approval, qualified GEFA representatives can advise eligible clients on a wider range of solutions for HNW clients, including, but not limited to, securities such as listed equities and bonds, as well as structured products such as fixed coupon notes and equity-linked notes.

To support the expanded offering, GEFA is strengthening the capabilities of its advisory force. Its CEO Jesslyn Tan told BT that advisers must complete the necessary capital markets and financial advisory services modules or hold specific relevant qualifications.

SEE ALSO

OCBC rolls out AI-native banking, to hire 600 relationship managers in wealth push

​Great Eastern goes on the high-net-worth offensive, but don’t call it a pivot

Size matters: OCBC’s Bank of Singapore doubles down on ultra-wealthy – and the bankers chasing them

Great Eastern Q1 profit remains steady at S$346.3 million despite challenging investment environment

More

Great Eastern is also working with BOS to support its advisers with training programmes, similar to those undertaken by the bank’s relationship managers, in areas such as anti-money laundering, source-of-wealth verification, platform usage and product competency.

“This ensures that advisers are equipped with the necessary expertise, governance standards and technical proficiency to operate effectively within this enhanced advisory framework,” said Tan.

“Two sides of the same coin”

Based on BT’s checks, Great Eastern appears to be the only insurer in Singapore whose financial advisory arm offers advisory services on both securities and structured products to accredited investors.

BT found that Singlife, Etiqa, Manulife and Prudential do not currently offer advisory on both securities and structured products through their financial advisory arms.

However, a Manulife spokesperson said that for accredited investor clients, certain investment advisory capabilities may be available where appropriate. For products outside Manulife’s direct offering, its representatives may refer clients to third-party providers.

Great Eastern said MAS’ approval strengthens its integrated wealth planning and investment offering after it Iaunched Great Eastern Private, a dedicated proposition serving HNW individuals and their families, in March this year.

This coincides with an estimated US$5.8 trillion intergenerational wealth transfer taking place across Asia-Pacific, a trend expected to drive demand for more comprehensive wealth planning solutions.

Tan sees wealth and insurance solutions complementing each other.

“Think of it as two sides of the same coin – both are essential to our client’s financial well-being and address different needs,” she said.

Eligible clients, she added, will now be able to access insurance and investment advisory through a single adviser rather than being referred across different providers. This is expected to directly attract and benefit the growing pool of accredited investors with sophisticated wealth planning needs across the region and globally.

The insurer reported a record net profit of S$1.2 billion for 2025, up 21 per cent from a year earlier, supported by stronger investment returns.

Although total weighted new sales fell 15 per cent, reflecting a shift away from short-term single-premium products, new business embedded value – a measure of the future profitability of new policies sold – increased 19 per cent to S$739.7 million.

Great Eastern has, however, maintained that its expansion into the HNW market complements, rather than replaces, its core mass-market business.

As more affluent families focus on succession planning, the insurer sees opportunities to broaden the range of financial solutions offered to this client segment.