The launch of PFA marked a significant step for Prudential and added to its distribution ecosystem. The firm offers a wide range of insurance products and wealth solutions from more than 10 product providers. This includes general insurance such as travel insurance, motor insurance, and wealth solutions such as unit trusts and index universal life insurance, on top of Prudential’s core offerings in life insurance, health insurance, savings plans, retirement plans, and group insurance. Customers can also tap on the complementary solutions and auxiliary services including estate planning, family office and tax advisory, provided by PFA product providers.
Since its official launch in April 2023, Prudential Financial Advisers Singapore (PFA), Prudential Singapore (SGX:K6S
) ’s dedicated financial advisory arm, has expanded to over 800 PFA representatives. The company is on track to have a 1,000-strong team of PFA representatives by the end of 2024 and aims to grow to 1,500 by the end of 2025.
PFA was set up to provide customers with more holistic professional advisory services amid the backdrop of rising longevity and increasing wealth management needs of the growing high net worth (HNW) segment in Singapore. The country is a growing wealth hub that is attracting an increasing number of ultra wealthy individuals. There were 333,204 millionaires in 2023, and this number is expected to increase by 13% to 375,725 in 2028, according to Prudential’s press release. Median wealth per Singapore adult was US$104,959 in 2023, up from US$99,488 in 2022.
