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FAQS ABOUT FINANCIAL ALLIANCE AND INDEPENDENT FINANCIAL ADVICE
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Q1.

What is an Independent Financial Advisory (IFA) Firm?

For “INDEPENDENT” Financial Advisory firms such as Financial Alliance, its financial advice must be free from the undue influence of higher remuneration and/or meeting sales quotas. In other words, financial advice from Financial Alliance is given solely in clients’ interests.

A financial advisory (FA) firm wishing to use the word “INDEPENDENT” – as Financial Alliance does – must fulfill the conditions laid down by Monetary Authority of Singapore (MAS) at all times.

Q2.

Are all firms, selling product from more than one company as a third party, an IFA firm?

No, the mere fact that a FA Firm can sell the products from more than one insurer or business partner does not mean that the FA Firm is “independent”.
In Singapore, only a handful are “IFA Firms” because only a few are able to ensure that the financial advice given is free from the undue financial influence.
As there is no such thing as an “Independent Financial Adviser” license in Singapore, IFA Firms are, in essence, “Financial Adviser” license holders who offer financial advice while being free from undue influence.

Q3.

What does it mean for me as a consumer?

We have your best interest at heart and will leave you to make your decision. We only ask that, when you deal with a FA Firm, you find out for yourself if it is truly an IFA Firm or a FA Firm.

If impartial financial advice is what you seek, then you should only engage an IFA Firm.

At Financial Alliance, we are dedicated to offering our clients independent financial advice. Please feel free to contact us at feedback@fa.com.sg to find out how our independent financial advice would benefit you.