Singapore-based financial services firm Singlife has launched PROPEL with Singlife, a shared services platform aimed at supporting financial adviser representatives (FARs) in starting their own advisory firms.
This innovative initiative highlights Singlife’s commitment to open architecture, offering advisers and customers greater choice and flexibility in financial solutions.
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With over 230 advisers across seven financial advisory (FA) firms already onboarded, PROPEL seeks to address industry challenges by providing FARs with robust administrative and operational support.
In addition to this, its features include tools for electronic financial needs analysis, client onboarding, and commission tracking, complemented by a team of nearly 100 seasoned professionals.
Steven Ong, CEO at PROPEL with Singlife stated: “At PROPEL, we understand the hurdles advisers face because we’ve been in their shoes. Our mission is to revolutionise the way self-employed financial advisers run their businesses by providing them with best-in-class support, thus enabling them to thrive in a competitive market. PROPEL is a true and trusted partner in helping advisers achieve their entrepreneurial aspirations while delivering exceptional service to their clients.”
Among PROPEL’s early adopters is Alpha Wealth Financial Advisers (AWFA).
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By GlobalDataDavy Hoong, CEO and Co-Founder of AWFA, described PROPEL as “reliable, private, and adaptable”.
He added: “At AWFA, we employ systems that are state-of-the-art, ensuring our ability to provide the quality service that we give to our clients. PROPEL is not just a system for us, but a necessary partner that enables us to take our clients to the next level.
The platform aims to expand rapidly, with a target of supporting over 1,000 advisers in the coming months and surpassing 3,000 advisers and 20 FA firms by 2029.
Singlife’s Group CEO, Pearlyn Phau, emphasised the broader vision behind PROPEL: “We are proud to champion the transformation of the financial advisory industry by empowering advisers and customers with greater freedom and choice. PROPEL reflects our vision of a dynamic, transparent, and customer-focused industry that benefits everyone.”
Moreover, Singlife’s data indicates significant growth potential in Singapore’s FA sector, projected to expand by 13% annually. PROPEL intends to harness this momentum, helping advisers offer tailored, unbiased advice while navigating the transition to independent practice with scalable and cost-efficient solutions.
PROPEL ensures that customers have access to numerous and personalised financial solutions by promoting an open, product-agnostic strategy. Its Data Protection Trustmark certification demonstrates its dedication to protecting client information, strengthening trust in the platform.
This move represents a significant leap for Singapore’s financial advisory sector, aligning with rising demand and enabling advisers to close protection gaps while driving sustainable growth.
