SINGAPORE - DBS is planning to double the number of financial planning advisers it recruits this year compared to 2020, the bank said on Monday (Feb 1).

This means more than 650 wealth planning managers and insurance consultants will be hired by the end of 2021.

The role of insurance consultant is a new position created by the bank, which has described it as an industry first. Supported by Manulife Singapore, the role will allow for flexible hours and be coupled with institutional support and benefits.

"The new role of insurance consultant was created in response to drastic shifts in workforce preferences due to the pandemic and is in line with the series of transformation initiatives DBS rolled out in 2020 to realise new ways of working," it said in the statement on Monday.

DBS Bank also said that it has seen a steady rise in demand for financial and retirement planning and solutions over the past few years, a trend which picked up further in 2020 with the onset of Covid-19.

Mr Brandon Lam, country head of DBS' financial solutions management group, said: "With 2020 behind us, we hope to help hasten our nation's road to recovery by creating new roles that support our local workforce and address the growing preference for work flexibility."

The bank said that the consultants will have access to resources from DBS and Manulife to help meet a customer's financial planning needs.

This includes the use of cutting-edge financial planning tools; intensive training programmes that ensure consultants uphold and adhere to the same stringent consumer protection standards applicable to the bank's employees; the ability to leverage DBS' broad customer base; and access to DBS meeting spaces in branches.

Consultants will also be able to use data from DBS' NAV Planner for financial planning, with the customer's consent.

Mr Jonathan Yen, chief bancassurance officer of Manulife Asia, said: "The events of the past year have revolutionised traditional ways of working and accelerated digital adoption. We've witnessed first-hand that the way customers want to interact with us is changing and we need to keep pace with that.

"Partnering with DBS to introduce these new roles will further add to our successful partnership and help us serve the evolving needs of our customers."