S'poreans practical about choosing financial advisers

Singaporeans are very practical when it comes to choosing a financial adviser, a new survey has found. The two key criteria are that the adviser offers the right products and services, and that he has a sound knowledge of financial instruments and products.

The Investor Attitudes Report by Friends Provident International also found that the qualification of the adviser and the commission or fees he receives were the least important criteria.
The survey was conducted by ICM Research.


Out of the 1,000 Singaporeans surveyed, 28 per cent preferred a commission-based model, and 27 per cent would rather pay their financial advisers directly.

Some 18 per cent said they did not know, and 27 per cent would like a combination of the fee- and commission-based models.

About half of the respondents said their advisers do not disclose how much they earn in commission or fees, and only about one- third said the amount is sometimes or always disclosed.

The survey was conducted online from April 23 to May 7.

Source: The Straights Times