Financial advisory industry "needs more new talent"

SINGAPORE - The Association of Financial Advisers (Singapore), or Afas, wants to attract more new talent to the financial advisory industry.

Mr Vincent Ee, Afas president, told the Afas 2014 Conference on Thursday that growth in the industry was below expectations.

He said there are barely 3,000 licensed financial advisors today in an industry that is 12 years old, and fresh graduates still head to insurance companies or become personal bankers first.

He noted that Afas recently launched professional indemnity insurance for its financial advisors and almost 1,000 have signed up.

The move helps raise the quality of financial advisory firms, which Mr Ee hopes will in turn draw in new talent.