Singaporeans who are under-insured and lack retirement planning are a major concern in an ageing population, said Ms Merlyn Ee, executive director and head of the capital markets intermediaries department, Monetary Authority of Singapore.

Speaking at the Association of Financial Advisers (Singapore)'s (AFAS) 12th Congress on July 4, she said: "We need to do more to help Singaporeans better prepare for life's unexpected events and to set aside adequate savings for their golden years. Financial advisory firms can help Singaporeans realise these goals."

She also hopes that in future, financial advisers will be viewed as professionals, "just like lawyers, engineers and accountants, with their own code of conduct and high standards of practice" but stressed that Singapore is "not there yet".

Outgoing president of the AFAS Augustine Lee also highlighted the challenges firms will face with upcoming industry changes regarding issues such as commission and compliance, which may deter potential employees and businesses from entering the industry.