Financial advisers

COMMENT POSTED IN MY BLOG

Seriously in Singapore, we do not need so many Financial Agents, we only need 1 Independent Financial Agent (IFA) per 1,000 population. If Singapore have a population of 4.6 million, then we only need 4,600 qualified IFAs. However, if I am not wrong, the number we have is a five-figure. Anyone can tell us how many Financial Agents in Singapore?

In Singapore, we have 1.6 doctors, 0.3 dentists and 4.8 nurses/midwives per 1,000 population, but the number of Financial Agents in Singapore is more than these numbers combined.

Not everyone need them, those first timers in Financial Planning, and those with a high net worth asset may need them.After going through Financial Planning with a IFA and also going through a good Financial education, many of us should be able to handle our own Financial status ourselves.

The government should make "Personal and Family Financial Planning" as a module compulsory for all Final year ITE, Polytechnic and University students, and also those going to ORD from their National Service. They have to pass a written and practical test. These are the people who need such education the most. Another module that I suggest that must be made compulsory and they have to pass a written and practical test is "Relationship, Marriage and Family Planning" :-)

Yong Kiat