Career Candidates - Just Graduated

As someone just starting out in your career, you have many concerns about this industry, whether this is the profession for you. Here are some issues that many have asked - questions about growth prospects, remuneration, training and guidance on the job. Let us address these issues one by one.

Your Success Depends on How Much You Put In

As in everything, how successful you are as an adviser will depend on your efforts. A high level of self-discipline, goal orientation and motivation is required. Be prepared to work very hard in the first few years building your practice. This is no different from legal or accounting practices where a lot of time and effort is invested in the early stages of the business. A client base of 300 within the first 5 years is not unrealistic, and should secure your practice for the rest of your career.

In the beginning, a lot of clientele-building activities is required. It involves making lots of contacts over the phone, meeting potential prospects, and following through after that. 4 to 6 appointments per day is not uncommon; expect to start early in the morning, ending your day late. Be prepared to put in at least a 60-hour week. Remember, you are starting a business practice of your own, and all this hard work in the early years will not be for nothing.

You will be overworked and underpaid at the start. However, you will reap the benefits of hard work. An annual 6-figure income within 2 to 3 years is not unsual.

Building Your Clientele is Not As Hard You Think

You will be surprised how many people are within your sphere of influence. The natural market will be the best place to start. These would be the people you already know, and they will at some point in time need financial services – investing their hard earned money, buying insurance for themselves or their children, settling down and needing a housing loan, making plans to retire, or passing on their assets to loved ones in estate planning.

As your contacts grow, so will your practice and stature as an independent adviser. Referrals and other networking activities will add to your potential list of clients. Hosting road shows, speaking at seminars, and joint work with fellow advisers will also generate other leads for you.

Developing your Expertise

Activities, Skills, Knowledge (ASK) are the building blocks of your profession. Apart from client-generating activities, you will pick up the skills and knowledge you require while on the job.

At the heart of financial planning is the ability to understand your clients' needs. It requires empathy and exposure to the concerns of a diverse group of people, across income groups, age and gender. We will guide you through this learning process, so that you will be equipped with the interpersonal skills, domain knowledge and experience to do the job well.

The Training/Mentoring Programme We are Known For

We invest a lot of effort grooming our advisers. Being an independent adviser requires commitment and professional expertise. This is more than a job; it is a profession in which we have been entrusted with the financial well-being of our clients, a responsibility that every adviser at First Principal takes seriously.

New advisers are assigned to a group manager, who is also your mentor. You will undergo a comprehensive 2-week, in-house training programme, followed by 90 days in the field, shadowing and participating in joint-work with your manager. This is part of our skills-building exercise where domain knowledge is tested in real life.

You will also attend weekly case study workshops, where various financial planning scenarios will be presented for analysis and discussion. This is an ongoing activity, held at company level and for everyone. We introduce new concepts, products and services, and keep our advisers abreast of the latest tax changes, CPF laws and other legislation.

New advisers are given ample opportunities to learn and to pitch their skills in the field. Weekly case reviews with your manager ensure that you are carefully guided, even after your 3-month training stint. At First Principal, every adviser is very much a part of the team. Your well-being and success as an adviser is a reflection of our commitment to you.

Your Career Path and Future at First Principal

New entrants start off as an Independent Financial Advisory Representative at First Principal. Within 3 years, depending on your performance, you could be promoted to the next 2 levels, Executive Adviser, then Senior Adviser. Your remuneration will increase with each promotion.

The 4th year is likely the time when most decide to branch off into one of 3 areas. Some continue to grow in their general practice as Senior Adviser, some choose to become managers with their own team of advisers, while others specialise in an area of financial services. This could range from a variety of services offered at First Principal, in the areas of Investment Planning, Estate Distribution, Retirement, Taxation, Corporate Pension, Employee Benefits, Business Continuation, General Insurance Brokering or Mortgage Loans. (details in Product Showcase / Advisory Services)

Qualifying Exams and Subsequent Upgrading

You will need a license to practise as a Financial Advisory Representative under First Principal. We will enroll you for the Capital Markets & Financial Advisory Services examination (modules 5, 8, 9) as soon as you are shortlisted. It usually takes 3 months to clear all modules. There will be some fees involved. (Refer to FA licensing requirements at www.mas.gov.sg - Licensing Guide: Financial Advisers)

We also strongly encourage advisers to continue upgrading their professional qualifications by pursuing external courses such as the Chartered Financial Consultant (ChFC) certification. This will lend more credibility to your practice and open further avenues to financial consultancy work.

Attendance at industry conferences and related events are also a requirement to keep you updated and relevant in today’s changing environment.

An Entrepreneurial Model that Differs from A Salaried Position

As a salaried employee of a financial institution, you service the institution’s clients and market a limited range of products offered by that institution. Your career is dependent on institutional needs and what others may dictate. In short, you build the institution’s business.

As an independent adviser, however, you are your own boss. Like a doctor, lawyer or accountant in private practice, this is a business that you can cultivate and call your very own. You manage and build your own clientele, and this relationship should last a lifetime if managed well. In short, you build your own business.

There is tremendous income potential to be generated from multiple business channels. Over the longer term, your cumulative income could grow to substantial proportions. If you possess tenacity, resourcefulness and a strong desire to succeed, then this is just the career for you.

A Reputation for Quality and Service

Known for our pioneering spirit, First Principal is one of the leading IFA (Independent Financial Advisory) firms in Singapore. We are also a top life brokerage and have been, since we started the company in 1997. Our stable of products, across most of the insurance companies, banks and general insurance companies, gives us the leverage to customise almost any plan that a client requires. We have distribution rights for many of the fund houses, offering a wide array of investment products. (see Institutional Affiliates)

We are the first fully-licensed, foreign-owned PMA to operate under a brokerage concept in Indonesia. These offices offer regional opportunities to advisers who wish to expand their practice beyond our shores.

You will be working with the best minds in the financial planning services industry. Our founding partners hold key positions in trade and industry associations that work closely with legislative organisations. They also contribute actively to curriculum development and are much sought-after as speakers in industry-related events. (more in Founders Profiles)

Proprietary Asset Allocation Models and IT systems

We offer the best that information technology can offer. Designed so that you enjoy ease of operations, complex system processes have been streamlined into a fully-integrated suite of application software at your finger tips.

Analysing our clients’ financial situation is done with much ease with our proprietary Financial Planning software, which looks into almost every conceivable issue your clients may face. Through this system, proper analysis can be made, leading to sound recommendation and advice.

Our internet-enabled, information management system, tracks our clients’ portfolios and provides you with all necessary analytical tools you will need to make a financial recommendation. This includes an accounting system for transacting commissions and fees of products and services provided.

More importantly, we have developed PAM, a portfolio asset management system that offers an array of investment portfolios to meet every client’s risk appetite. This proprietary system is by far the most comprehensive in the local market and we are very confident of its success and marketability. (more in Advisory Services – Investment Planning)

Network of Specialists at Your Disposal

Be it tax or legal advice, all of these are at your disposal. Supported by paraplanners, group and general insurance specialists, everything has been set in place, so that you can concentrate in providing the best solutions to your clients.

Besides being the top life brokerage in Singapore, our specialists in the General Insurance and Employee Benefits departments can work closely with you, to offer an array of products and services to meet your clients' every need. This also extends to mortgage brokering where our loans specialist can help you find the most competitive packages for your clients. Essentially, we are the one-stop service centre where financial planning services are concerned.

You will also enjoy the support of an efficient administrative department that takes care of all sales and administrative documentation for you.