Prudential Singapore and its financial advisory arm, Prudential Financial Advisers Singapore, plan to hire 800 financial representatives through its Management Associate Programme (MAP) this year.
This will boost its agency size to over 5,500 and help meet consumers’ growing demand for protection, medical and wealth services.
To better support new joiners in the industry, the company has enhanced its 2024 MAP. Now, they have an additional year to achieve their performance targets which means they have 36 months instead of 24 months to do so.
This gives eligible FRs more time to learn the ropes of the insurance and financial services industry, develop their skills, and establish a robust client base for a successful career.
The MAP helps fresh university or polytechnic graduates and young professionals build their careers as financial representatives.
They will receive a monthly allowance based on their performance to support their transition to the role.
According to Prudential’s recruitment data, the first two years are crucial for the new joiners to decide if they are cut out for the job.
During this period, it is common for young FRs to leave for another industry. To better retain talent, Prudential is investing in programmes such as the MAP.
It also has initiatives that are designed to support mid-career switchers and experienced industry professionals.
Ben Tan, Chief Distribution Officer and Chief Corporate Development Officer, Prudential Singapore, said, “Being a successful financial representative and building trust with customers requires time, determination and commitment.”
“We have observed that financial representatives who persist for at least two years are more likely to stay in their roles. By extending our support, we want to instil more confidence in aspiring financial representatives as they pursue a long and fulfilling career with Prudential,” he said.
According to the Life Insurance Association (LIA) Singapore’s Protection Gap Study 2022, Singapore has a S$373 billion mortality protection gap and a S$579 billion critical illness protection gap.
This means that Singaporeans are still underinsured, and this can impact their financial security and well-being. There is an opportunity for more FRs to join the industry and help people bridge their protection gap.
Tan added, “Insurance is a people business, and financial representatives often form lifelong relationships with their customers. They are there for our customers through life’s milestones, providing sound financial advice to address their needs and goals, and helping them prepare for the future.”
“For those who have a passion for financial planning, enjoy engaging with customers, and want to impact people’s lives positively, a career in financial advisory may be a good fit,” he said.
