How to Choose a Financial Advisor in Singapore

Navigating your finances in Singapore can be complex, but a good financial advisor can help you manage your money, plan long-term goals, and make the most of schemes like the Central Provident Fund (CPF), Supplementary Retirement Scheme (SRS), and local property investments. With so much at stake, choosing the right advisor is essential to avoid costly mistakes and missed opportunities. 

In this article, we’ll guide you through how to find one that aligns with your needs and Singapore’s unique financial landscape.

Before even shortlisting an advisor, it’s essential to understand what you need help with. Financial planning can cover a wide range of topics — and in Singapore, this often includes CPF usage, home ownership planning, or saving for children’s education.

For instance, if you're planning to purchase an HDB flat or Executive Condominium, you might need help structuring your downpayment and managing your CPF Ordinary Account (OA). 

If retirement is your focus, perhaps you're looking to optimise your CPF LIFE or SRS contributions. And those in their mid-career stage might need guidance on investing or planning for their children’s university fees.

You’ll also want to consider whether you need a holistic advisor — someone who manages all aspects of your financial life — or a specialist who focuses on specific areas.

If you need advice on…

• Personal finance: Advisors can help with budgeting, savings strategies, or CPF allocation. Whether you’re saving for your first home, planning a wedding, or preparing for a new baby, professional guidance can make a real difference.

• Debt: Advisors can suggest repayment strategies or refinancing options to ease financial strain. Common debt concerns in Singapore include credit card debt, personal loans, and mortgage planning. 

• Investing: Financial advisors can give you access to a variety of local investment options like Singapore Savings Bonds (SSBs), Real Estate Investment Trusts (REITs), Exchange-Traded Funds (ETFs), and digital platforms such as Endowus, Syfe, or StashAway.

• Tax planning: While Singapore’s tax rates are relatively low, advisors can help maximise your SRS contributions or guide self-employed individuals on eligible deductions.

• Retirement: As Singaporeans rely on schemes like CPF LIFE and SRS, advisors can help ensure you're contributing enough and investing wisely for your golden years.

• Estate planning: A financial advisor can coordinate the process of setting up wills and trusts or distributing assets with lawyers or trust companies in accordance with Singapore’s legal framework.

• All of the above: If your needs span several areas, consider a holistic advisor who is MAS-licensed and can manage your full financial picture.

In Singapore, not all financial advisors have a fiduciary duty — meaning they are not always legally bound to act in your best interest. That’s why it’s crucial to check if the advisor is licensed by the Monetary Authority of Singapore (MAS). 

Advisors listed on the MAS Register of Representatives must comply with fair dealing guidelines and professional conduct standards.

A few credentials that are worth noting include:

Certified Financial Planner (CFP®)

This internationally recognised certification is respected in Singapore and signifies strong knowledge in personal finance, investment, insurance, retirement, and estate planning.

Chartered Financial Consultant (ChFC®)

This credential is common among those who work with insurance firms or offer broad financial planning. It indicates in-depth expertise and adherence to ethical standards.

Financial Adviser Representative (FAR)

This is the official MAS-licensed role for professionals offering financial advice in Singapore. Always check their status on the MAS Register of Representatives.

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Today, Singaporeans can access financial advice in various formats, from digital platforms to traditional face-to-face sessions. The right choice depends on your budget, comfort level, and how hands-on you want the advisor to be.

Online financial planning services

These hybrid platforms offer digital tools alongside access to human advisors. Services like Endowus Access provide MAS-registered advisors via remote consultations. They're suitable for those who want convenience but still need some level of personalised guidance, particularly in areas like CPF planning or insurance.

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In-person financial advisors

These advisors offer full-scope financial planning, typically through banks, insurance firms, or independent practices. The personal relationship allows for deeper engagement, making them ideal for complex needs like estate planning or business succession. However, this tends to be the most expensive option and may come with higher minimum portfolio sizes.

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Financial advice in Singapore comes in different forms and price points. Knowing what you can afford helps you make a realistic choice.

• Robo-advisors: These platforms typically charge between 0.5% and 1% of how much you invest. They're great for investment-only goals with minimal starting capital. Local platforms like Endowus, Syfe, or StashAway often don’t require large upfront investments, making them ideal for new investors.

• Online financial planning services: This service operates on a client-centric fee structure, eliminating conflicts of interest by rebating all trailer fees and charging no transaction or commission fees. They are solely compensated by their clients, ensuring unbiased recommendations aligned with the client's financial goals. In essence, the service prioritises client success, aligning their own success with the client's achievements.

• Traditional financial advisors: Financial advisors in Singapore are typically compensated in one of three ways: through direct fees charged to the client, via commissions earned from the sale of financial products like unit trusts, or through a salary paid by their employing firm. Some may also receive a combination of a base salary and commission. 

Fee-only advisors are paid directly by you, which may lead to more unbiased advice. On the other hand, commission-based advisors earn from the products they sell, which could influence their recommendations. Always weigh the cost against the depth and neutrality of service.

Regardless of credentials or how professional an advisor may seem, it’s your responsibility to do a background check. Due diligence protects you from poor advice or unethical practices.

Start by verifying their license with the MAS Register of Representatives. This will show you if they’re authorised to provide financial advice and which firm they’re tied to.

In Singapore, MAS requires firms to report misconduct. You can search online or ask for a record of the advisor’s employment history and experience.

Also, confirm claimed qualifications — whether it’s CFP®, ChFC®, or others — with the relevant issuing bodies such as FPAS Singapore.

Referrals and online reviews (via forums like Seedly or Google) can offer further insights. Don’t hesitate to ask how the advisor is paid, how many clients they handle, or if they have any conflicts of interest.

Once you’ve done your research and feel confident, you’re ready to engage a financial advisor.

Most advisors in Singapore offer a complimentary first consultation. Use this time to clarify how they work, what they charge, and whether their approach aligns with your needs.

If you proceed, they’ll provide an engagement letter outlining their services, fees, and any potential conflicts. MAS-licensed advisors must also give written documentation explaining the basis of their recommendations and conduct risk profiling.

You’ll then probably go through a detailed onboarding process, which includes disclosing your income, CPF balances, debts, insurance coverage, and long-term goals. Based on this, your advisor will develop or manage your financial plan.

Remember, this isn’t a one-off transaction. Financial planning is a long-term relationship. Stay engaged, ask questions, and schedule regular check-ins to stay on track.

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