Prudential Financial Advisers Singapore (PFA), set up in April 2023, aims to triple the number of its wealth managers from 500 to 1,500 by 2025, as it seeks to meet greater demand for wealth management, driven by factors such as rising longevity.
Prudential Singapore's financial advisory arm hopes to be among the top three insurer-backed financial advisory firms in Singapore by 2027. Some of the larger players in the industry currently include Great Eastern Financial Advisers and Manulife Financial Advisers.
PFA chief executive officer Bernard Chai said many people focus on generating wealth to have the financial freedom to do what they like. Rising longevity and retirement planning are related concerns.
"As people live longer, they need to ensure that they do not outlive their savings and are well prepared for their long-term care expenses, retirement needs and rising healthcare costs. In 2022, the average life expectancy at birth for Singapore citizens and PRs (permanent residents) was 83 years."
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