Singapore has a population of about 5 million. The number of practitioners in the financial advisory industry can be estimated to be about 20,000 to 30,000. This includes tied insurance agents, Financial Adviser firm representatives and banks’ financial services personnel. It is a considerably large number for our population size. How so?

Let’s look at how we compare to other countries:

Country Population No. of Advisers1 Ratio
United States 311,000,000 310,000 1003:1
Australia 22,000,000 18,000 1222:1
United Kingdom 62,000,000 20,000 3100:1
Singapore 5,183,700 20,000 259:1

If we take the number of practitioners to be 20,000, there are only 259 people to each adviser, a far cry from United States’ 1,000 and United Kingdom’s 3,100. We have more advisers than Australia, a country which has more than four times our population!

Compared to other professions in Singapore

In comparison with other professions within Singapore such as those in the medical …