Prudential Financial Advisers Singapore (PFA) Aims to Triple Wealth Managers by 2025

Prudential Financial Advisers Singapore (PFA) is gearing up for significant growth in the coming years, with plans to triple its number of wealth managers from 500 to 1,500 by 2025. This move comes as the demand for wealth management services continues to rise, driven by factors such as increasing longevity and rising affluence in Singapore.

PFA’s chief executive officer, Bernard Chai, highlighted the importance of long-term financial planning in light of longer lifespans and the need to prepare for retirement and healthcare costs. With the average life expectancy in Singapore reaching 83 years in 2022, there is a growing need for comprehensive financial solutions to protect assets and cover long-term care expenses.

The asset management industry in Singapore has also been on the rise, with assets under management increasing from $3.3 trillion in 2017 to $5.4 trillion in 2021. PFA, benefiting from the Prudential brand name and strong market position, is well-positioned to capitalize on this growing demand for wealth management services.

In addition to expanding its team of wealth managers, PFA is also focused on developing new retirement products for affluent customers and enhancing its digital capabilities to cater to younger clients. With a wide range of offerings beyond Prudential products, including partnerships with other insurers and investment products, PFA aims to provide tailored solutions to meet the diverse needs of its clients.

As PFA looks to solidify its position as one of the top insurer-backed financial advisory firms in Singapore by 2027, the company is committed to providing high-quality training for its wealth managers and ensuring a seamless digital experience for customers. With a strong foundation built on the Prudential brand’s legacy and expertise, PFA is poised for continued growth and success in the years to come.