Prudential Singapore and its financial advisory arm, Prudential Financial Advisers Singapore (PFA), have announced plans to recruit 800 financial representatives (FRs) through its Management Associate Programme (MAP) this year, aiming to increase its agency size to over 5,500.
The initiative is in response to the growing demand for protection, medical, and wealth services among consumers in the Asian market.
To provide better support for newcomers to the industry, Prudential Singapore has enhanced its 2024 MAP, extending the timeframe for achieving performance targets from 24 to 36 months. This adjustment is designed to offer eligible FRs more time to familiarise themselves with the intricacies of the insurance and financial services sector, refine their skills, and establish a solid client base for long-term success.
The MAP targets recent university or polytechnic graduates and young professionals, offering a monthly allowance based on performance to facilitate their transition into the role of financial representatives.
Prudential's recruitment data highlights the critical nature of the initial two years for new joiners, often serving as a decisive period for their career paths. To address talent retention, the insurer is investing in initiatives such as the MAP, as well as programs tailored for mid-career switchers and experienced industry professionals.
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Ben Tan, chief distribution officer and chief corporate development officer at Prudential Singapore, emphasised the importance of perseverance and commitment in building successful relationships with customers.
“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,” he said.
Prudential's 2024 MAP targets FRs appointed from Jan. 1 onwards, who are either new to the industry or possess less than two years of experience.
The program encompasses comprehensive in-house training covering various facets of financial planning, investment strategies, and retirement planning, tailored to enhance FRs' advisory skills and knowledge.
FRs under PFA will receive additional training on collective investment schemes, complementing Prudential's diverse range of insurance solutions, including whole and term life, health, savings, retirement, and group insurance.
The program also offers a spectrum of career and educational opportunities to cater to the diverse interests of FRs, ranging from individual financial planning to legacy planning for high net worth clients and employee benefits for corporate clientele. Mentorship and coaching programs further facilitate peer learning, aiding FRs in building enduring and sustainable careers.
In Hong Kong, Prudential partnered with a hospital to launch a medical expenses direct billing service for customers.
