Question: Why does MAS regulate certain aspects of financial planning and not the full range of financial planning activities? What is the distinction between a Financial Adviser and a Financial Planner? Answer: The types of services provided by financial planners vary widely. Some planners assess every aspect of their clients' financial profile, including savings, investments, insurance, tax, retirement and estate planning, and help them develop detailed strategies to meet their financial objectives. Others may call themselves financial planners, but only provide advice on a limited range of products and services. MAS regulates all financial planning activities related to securities, futures and insurance. Tax and estate planning activities do not come under the regulatory ambit. Hence, only financial planners who conduct activities regulated under the Financial Advisers Act (or known as ‘FA activities’) are required to be licensed as a financial adviser. A financial planner may conduct other activities such as ......