Financial representatives in Prudential’s 2024 Management Associate Programme cohort - (from left) Mr Tang Jia Hao, 25, a Wealth Manager with Prudential Financial Advisers (PFA) and Ms Charmaine Siow, 30, a Financial Consultant with Prudential Singapore.

The MAP helps fresh university or polytechnic graduates and young professionals build their career as financial representatives. They will receive a monthly allowance based on their performance to support their transition to the role.^[1]

According to Prudential's recruitment data, the first two years are crucial for the new joiners to decide if they are cut out for the job. During this period, it is common for young FRs to leave for another industry. To better retain talent, Prudential is investing in programmes such as the MAP. It also has initiatives that are designed to support mid-career switchers and experienced industry professionals.

Mr Ben Tan, Chief Distribution Officer and Chief Corporate Development Officer, Prudential Singapore, said: "Being a successful financial representative and building trust with customers requires time, determination and commitment. We have observed that financial representatives who persist for at least two years are more likely to stay in their roles. By extending our support, we want to instil more confidence in aspiring financial representatives as they pursue a long and fulfilling career with Prudential."

According to the Life Insurance Association (LIA) Singapore's Protection Gap Study 2022, Singapore has a S$373 billion mortality protection gap and S$579 billion critical illness protection gap.^[2] This means that Singaporeans are still under-insured and this can impact their financial security and well-being. There is an opportunity for more FRs to join the industry and help people bridge their protection gap.

Mr Tan added: "Insurance is a people business, and financial representatives often form lifelong relationships with their customers. They are there for our customers through life's milestones, providing sound financial advice to address their needs and goals, and helping them prepare for the future. For those who have a passion for financial planning, enjoy engaging with customers, and want to impact people's lives positively, a career in financial advisory may be a good fit."

About Prudential's 2024 Management Associate Programme (MAP) for Financial Representatives (FRs)

Prudential's 2024 MAP is available to FRs appointed from 1 January 2024 onwards who are new to the industry or have less than two years of experience as FRs.^[3]

As part of their onboarding, FRs will undergo a curated in-house training programme covering topics such as financial planning, plan construction, financial needs analysis, and investment and retirement planning, to help them develop their financial advisory skills and knowledge.

FRs under PFA will also undergo additional training on collective investment schemes^[4] as the financial advisory firm's offerings include wealth solutions and a wider range of insurance products including general insurance. These offerings complement Prudential's core solutions, which include whole and term life, health, savings, retirement, and group insurance.

A variety of career and education opportunities are also available to cater to the diverse interests of FRs, including financial planning for individuals, legacy planning for high net worth customers, and employee benefits for corporate clients. FRs can also benefit from mentorship and coaching programmes where they can learn from their peers on how to build a long and sustainable career.

Prudential currently has more than 5,200 financial representatives in its tied agency and PFA.

Quotes from FRs in the 2024 MAP

Ms Charmaine Siow, 30, Financial Consultant, Prudential Singapore. She joined in January 2024 and was previously in a finance operations role before her career switch to Prudential.

"Trust and connections are key in insurance, and they don't happen overnight. As a new entrant to the financial advisory sector, I need time to grow my network and establish myself with my customers. Having a longer period of support from Prudential gives me a stronger sense of security and optimism to succeed in this new career path."

Mr Tang Jia Hao, 25, joined Prudential Financial Advisers (PFA) as a Wealth Manager in February 2024. He is in his final semester in university and will graduate in May.

"I've always been interested in financial planning, and that's what motivated me to join Prudential as a Wealth Manager in my final semester. As someone who's just starting out in my career, I appreciate being given more time to transition from student life to working life, and to learn the 'ins and outs' of the industry at my own pace. I also feel assured knowing that Prudential understands the challenges we face and supports us in achieving our career goals."

For more information on how Prudential is supporting new entrants in their transition to a career as a Financial Representative, please visit: https://www.prudential.com.sg/joinpru^[2] or contact [email protected]^[3].

https://www.prudential.com.sg/^[5]https://sg.linkedin.com/company/prudential-assurance-company-singapore^[6]https://www.facebook.com/PrudentialSingapore/^[7]https://www.instagram.com/prudentialsingapore/?hl=en^[8]

Hashtag: #PrudentialSingapore

The issuer is solely responsible for the content of this announcement.

References

1. ^{^} Media OutReach Newswire (www.media-outreach.com)
2. ^{^} https://www.prudential.com.sg/joinpru (www.prudential.com.sg)
3. ^{^} [email protected] (www.media-outreach.com)
4. ^{^} [email protected] (www.media-outreach.com)
5. ^{^} https://www.prudential.com.sg/ (www.prudential.com.sg)
6. ^{^} https://sg.linkedin.com/company/prudential-assurance-company-singapore (sg.linkedin.com)
7. ^{^} https://www.facebook.com/PrudentialSingapore/ (www.facebook.com)
8. ^{^} https://www.instagram.com/prudentialsingapore/?hl=en (www.instagram.com)