Prudential looks to add 800 financial representatives in Singapore via enhanced management associate programme

PRUDENTIAL is boosting its Singapore footprint with plans to hire 800 financial representatives (FRs) this year through an enhanced Management Associate Programme (MAP).

The added representation, across Prudential Singapore and its financial advisory arm Prudential Financial Advisers Singapore, would take the agency size to over 5,500 people.

Prudential’s MAP supports fresh graduates and young professionals with a monthly allowance while they build their skills and knowledge in the insurance and financial services industry, and develop a client base.

To make it more attractive, Prudential will give those hired under the MAP 36 months to achieve their performance targets. This is up from 24 months previously.

“Being a successful FR and building trust with customers requires time, determination and commitment. We have observed that FRs who persist for at least two years are more likely to stay in their roles,” said Ben Tan, chief distribution officer and chief corporate development officer at Prudential Singapore.

“By extending our support, we want to instil more confidence in aspiring FRs as they pursue a long and fulfilling career with Prudential.”

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

The enhanced MAP is available to FRs appointed this year who are new to the industry or have fewer than two years’ experience as FRs.

FRs will undergo an in-house training programme to equip them with the skills they need to advise clients, as well as the knowledge of Prudential’s solutions.

They will also have access to mentorship and coaching programmes, where they can learn from their peers how to build a long and sustainable career.

Tang Jia Hao, a 25-year-old who joined Prudential Financial Advisers as a wealth manager in February, said he appreciates “being given more time to transition from student life to working life, and to learn the ‘ins and outs’ of the industry at my own pace”.

As a new recruit, Tang will have to go through a Financial Consultant Induction Programme (FCIP) with three segments:

• An e-learning segment covering topics such as compliance guidelines and internal processes;

• A five-day in-person segment to teach advisory processes through lectures, group learning and role playing; and

• A post-induction segment with thrice-weekly sessions to go through case studies and develop soft skills

The FCIP is accredited by the Institute of Banking and Finance (IBF), and FRs who complete it will be certified IBF-Qualified (Level 1).

Tang, a final-year student at the National University of Singapore, will graduate with a Bachelor of Engineering in May – with a double major in chemical and biomolecular engineering, and management.

He said he was drawn to the flexibility and independence offered by the role of a wealth manager at Prudential Financial Advisers Singapore. He looks forward to being able to plan his own schedule and set his own targets, adding that there is no limit to how large he can grow his business.

Tang also said that he has always been interested in financial planning, and enjoys interacting with people from all walks of life.

Those attributes will come in handy for Tang as he aims to meet the needs of Singaporeans, many of whom are under-insured.

The Life Insurance Association estimated in 2022 that Singapore has a S$373-billion mortality protection gap and a S$579-billion critical illness protection gap.

“Insurance is a people business, and financial representatives often form life-long relationships with their customers,” said Prudential’s Tan. “For those who have a passion for financial planning, enjoy engaging with customers, and want to impact people’s lives positively, a career in financial advisory may be a good fit.”