What is an Independent Financial Advisory (IFA) Firm?
For “INDEPENDENT” Financial Advisory firms such as Financial Alliance, its financial advice must be free from the undue influence of higher remuneration and/or meeting sales quotas. In other words, financial advice from Financial Alliance is given solely in clients’ interests.
A financial advisory (FA) firm wishing to use the word “INDEPENDENT” – as Financial Alliance does – must fulfill the conditions laid down by Monetary Authority of Singapore (MAS) at all times.
Are FA firms the same as IFA firms?
No. Although both FA firms & IFA firms implement products from multiple insurers & business partners, IFA firms offer clients the added advantage of “independent” financial advice, i.e., impartial advice that is free from product bias and product provider bias.
In Singapore, there are about 60 FA Firms. Only a handful among them are “IFA Firms”.