The road to financial freedom may seem to be a challenging task as it entails a lot of things to consider like budgeting, having enough savings, getting insurance, growing your retirement funds, and a lot more. And this is often the part where a financial advisor becomes essential.
In Singapore, the need for individual financial advisers continues to be an uptrend. Wherein, a significant 56% of Singaporeans rank financial advisers as a top source of financial advice, according to SJP Asia’s survey.
Yet, financial advisors are not just for the wealthy. It is also for beginners and anyone who wants to have a successful financial journey through expert guidance. So, if you feel you need one, check out our list of Singapore’s best independent financial advisors this 2023.
What is an Independent Financial Adviser (IFA)?
Financial advisors in Singapore can with be independent or tied advisers. Independent financial advisor provides expert advice and may offer a larger selection of financial products from many providers. On the other hand, tied financial ied advisers are associated with particular financial institutions and can only promote goods and services from those institutions.
You can directly question a financial adviser in Singapore about their affiliations and the variety of goods and services they provide to find out if they are independent. Make sure to verify the firm is registered under MAS and likewise their representatives under Financial Industry Disputes Resolution Center (FIDRec).
5 Best Independent Financial Advisers in Singapore
If you need the services of a financial adviser today, here are some of the best options
1. Financial Alliance Pte. Ltd. – Best for One-Stop Financial Needs
Established in 2002, Financial Alliance Pte. Ltd. is now considered one of Singapore’s largest independent financial advisory firms. It is a multi-awarded financial advisory firm offering individual and corporate financial advisory.
Being an independent financial advisory firm, they guarantee unbiased and non-sales-influenced advice to cater to the client’s best interests. Still, they offer thousands of financial products narrowed down to provide the best-fit solution.
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Services Offered |
For individuals:
For corporate needs:
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Business Address |
150 Beach Road #12-01/08, Gateway West Singapore 189720 |
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Contact Details |
Phone: +65 62221889 |
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Website |
2. Global Financial Consultants – Best for Retirement Solutions
Global Financial Consultants started their financial advisory services in 2003. With over 20 years of experience, they have grown into a diverse team of experienced consultants committed to providing financial solutions that will protect and grow your money.
Regarding retirement solutions, their professional consultants will help you build a personalized and successful plan. Thus, carefully considers your goals, limitations, spending habits, and investment options.
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Services Offered |
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Business Address |
14 Robinson Road, #10-01 Far East Finance Building, Singapore 048545 |
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Contact Details |
Phone: +65 6532 2711 |
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Website |
3. Providend – Best for Fee-Only Wealth Advisory Services
Providend is an independent wealth adviser and fund management firm licensed by MAS. They are the first wealth management firm in Singapore that offers a diverse team of advisers with different skills and competence in wealth management.
Being a fee-only advisory firm, expect not to pay any other compensation for their product providers. Even so, they are committed to 100% client loyalty and providing the best solution to every wealth situation.
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Services Offered |
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Business Address |
38 Duxton Hill, Singapore 089616 |
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Contact Details |
Phone: +65 6309 2488 |
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Website |
4. Expat Advisory Group – Best for Expat Benefits
Expat Advisory Group, or IPP Financial Advisers Pte. Ltd., is one of Singapore’s oldest financial advisory firms. With over 35 years of experience, IPP offers one of the most comprehensive financial solutions to ex-pat benefits, investment, and wealth management options, to local and international clients.
The firm will help find the best solutions to your situation rather than restricted access to financial and wealth solutions an ex-pat may have. They also have unique offerings like university fee planning and international multi-currency mortgages.
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Services Offered |
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Business Address |
78 Shenton Way, Singapore 079120 |
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Contact Details |
Phone: +65 6511 8805 |
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Website |
5. Synergy Financial Advisers – Best for Client-Centered Insurance Solutions
Synergy is a passionate group of financial advisers dedicated to finding client-centered and winning solutions for its clients. Aside from insurance products, they also offer personalized solutions from an extensive list of wealth investment funds, high-net-worth clients included.
The firm also diligently invests in the teams’ training and competency development to provide the best solution to every unique need. As a commitment towards professionalism, they also ensure that advisers are at par with industry standards and always behave with integrity.
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Services Offered |
For individuals:
Corporate:
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Business Address |
229 Mountbatten Road, #03-30 Mountbatten Square, Singapore 398007 |
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Contact Details |
Phone: +65 6654 1888 |
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Website |
Comparison of an IFA to Other Financial Advisers
In this table, we compare IFAs to other financial advisers at a glance, highlighting the key differences between them. Understanding these differences will help you make an informed decision about which type of financial adviser is best suited for your needs.
| Type of Financial Adviser | ||||
| Independent | Tied | Bank | Robo-advisor | |
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Features |
Not affiliated to any financial product provider and offers unbiased or impartial advise on a wide array of financial services |
Can only recommend and service products of the company they are tied to |
Only represents the bank they work for and more often work with corporate clients in evaluating financial and operational components |
Offers investment services through algorithms and digital tools |
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Compensation Model |
Is often paid fee-only and could be one-time or on-going, depending on the engagement. Charges an investment fee of about 1% to 1.5% of your investment or assets under management (AUM) |
Tied FAs are usually paid based on commission from the products they sell. | Fee-based and may earn a commission from the product they sell or for managing your investment. | Robo-advisor platforms may charge 0.25% to 0.89% of a client’s AUM. |
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Product Offerings |
All types of financial advisory services and products |
Insurance and investments |
Investments, banking and cash management |
Investments such as mutual funds, stocks, ETFs, and more |
Benefits of Working with an Independent Financial Adviser
Independent financial advisers are best sought for their expert guidance in the financial services industry. Being a part of a reputable firm, they have a strong sense of accountability and are committed to providing excellent client-advisor relationships.
Other benefits include:
- Objective and unbiased advice. Not being linked to any financial product providers, independent financial advisors act and give advice in the best interest of their clients.
- Customized financial planning. A financial plan is tailor-made based on gathered information on your current finances, risks, and goals.
- Comprehensive range of financial services. IFAs offer a full range of financial products, such as retail investments and insurance solutions, from all providers available.
How to Choose the Right Independent Financial Adviser for You
Singapore offers an expansive list of independent financial firms. But selecting one is more than just looking at experience and qualifications. You should choose depending on your financial concerns and other crucial factors to find the right fit.
Here are other things to consider:
1. Fees
IFAs charge consultation fees, depending on the type of client engagement and services rendered. They could also manage your investment portfolio and charge 1% to 1.5% of your AUM.
2. Range of services offered
Put due diligence in finding an IFA that offers the specific solutions and tool that will meet your current needs.
3. Client reviews and testimonials.
Check out client feedback and testimonials for products and services availed by past clients through Google reviews.
Closing
Choosing a financial advisor that will fit your unique needs is essential for a successful financial journey. Find someone you can comfortably work with and who can help you make good progress with the products and solutions. After all, this decision affects your long-term financial goals and your family’s future.
Key takeaways:
- Independent FAs may provide advice on products from various providers and offers a broader range of financial advisory services.
- Ensure that you are dealing with a licensed financial advisory firm or advisor before giving out sensitive information about your finances.
- Whatever stage you may be in your career, it is essential to seek advice from IFAs to help you manage and understand your finances better.
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