Plan to double number of financial advisers to 650 by end-2021

DBS Bank is planning to double the number of financial planning advisers this year, the bank has said.

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

The insurance consultant position is a new role created by the bank which described it as an industry first. Supported by Manulife Singapore, the role will allow for flexible hours and come 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 has rolled out in 2020 to realise new ways of working," DBS said in a statement yesterday.

It 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 that picked up further last year amid the Covid-19 pandemic.

Mr Brandon Lam, Singapore 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."

Manulife Asia's chief bancassurance officer Jonathan Yen 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."

The bank said the consultants will have access to resources from DBS and Manulife to help meet customers' 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," it said.

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