Singlife Launches PROPEL: Empowering Financial Advisers with Shared Services Platform

Singapore-based financial services firm Singlife has made a groundbreaking move in the industry with the launch of PROPEL with Singlife, a shared services platform designed to support financial adviser representatives (FARs) in establishing their own advisory firms.

This innovative initiative underscores Singlife’s dedication to open architecture, providing advisers and clients with increased options and flexibility in financial solutions. With over 230 advisers from seven financial advisory (FA) firms already on board, PROPEL aims to tackle industry challenges by offering FARs robust administrative and operational support.

The platform features tools for electronic financial needs analysis, client onboarding, and commission tracking, backed by a team of nearly 100 experienced professionals. Steven Ong, CEO at PROPEL with Singlife, expressed the platform’s mission to revolutionize the way self-employed financial advisers operate their businesses, enabling them to excel in a competitive market.

One of PROPEL’s early adopters, Alpha Wealth Financial Advisers (AWFA), praised the platform as “reliable, private, and adaptable,” emphasizing its role as a crucial partner in elevating client service quality.

Looking ahead, PROPEL aims to rapidly expand its reach, targeting support for over 1,000 advisers in the near future and surpassing 3,000 advisers and 20 FA firms by 2029. Singlife’s Group CEO, Pearlyn Phau, highlighted the broader vision behind PROPEL, emphasizing the company’s commitment to transforming the financial advisory industry for the benefit of advisers and clients alike.

With significant growth potential projected in Singapore’s FA sector, PROPEL is poised to capitalize on this momentum, assisting advisers in delivering tailored, unbiased advice while transitioning to independent practice with scalable and cost-effective solutions. The platform’s Data Protection Trustmark certification underscores its dedication to safeguarding client information and building trust among users.

This move marks a significant advancement for Singapore’s financial advisory sector, aligning with increasing demand and empowering advisers to address protection gaps while fostering sustainable growth. “Singlife venture PROPEL aims to empower financial advisers” was originally featured by Private Banker International, a GlobalData owned brand.
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