Insurers' financial advisory arms present new risks
WHO'S next? This is one of the questions hanging in the air as insurance players wonder who else would jump on the financial advisory (FA) train amid the pick-up in the distribution channel in Singapore.
The latest to join the fray is AIA Singapore which has set up subsidiary AIA Financial Advisers to begin operations in October.
Already, AIA's new FA firm is expected to result in possibly the largest migration of agents that the industry has experienced in the past few years.
With what market sources describe as a "huge war chest", the insurer has managed to woo a group of at least 300 agents from Great Eastern to kick-start its new business, in turn renewing contest for seasoned age…
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