Financial advice: Who you could be dealing with
There are different types of MAS-regulated financial advisers in Singapore—tied agents, independent advisers, and robo-advisers. Learn what suits you and how to verify credentials.
Last updated 14 September 2026
Key takeaways
Only authorised firms and individuals are legally permitted to give you financial advice on investments and life insurance in Singapore.
Financial Advisory (FA) representatives may use a variety of titles. Always check them against directories on the website of the Monetary Authority of Singapore (MAS) before proceeding.
Knowing the type of firm your FA representative works for helps you understand its business model, its ties with specific product providers, and how this could affect the advice you receive.
What is financial advice?
Financial advice is when someone looks at your needs and financial situation and then recommends that you buy a specific investment or life insurance product. This is different from simply providing information about a product. Advice involves a personalised recommendation based on your circumstances.
With advice versus without advice
You can choose to buy financial products with or without professional advice. The key difference is who is responsible for assessing whether a product is suitable for you.
With advice: Your FA representative must take into account your financial objectives, investment horizon, risk profile, and personal circumstances.
Without advice: You are responsible for assessing whether the product suits your needs. For example, if you buy insurance without advice, you need to calculate the coverage you need, decide on the duration, and make sure you can afford the premiums for as long as the policy lasts.
Who can legally give financial advice in Singapore?
Only firms and individuals authorised by MAS may give financial advice on investment and life insurance products. FA representatives are appointed by licensed financial advisory firms, banks, insurance companies or brokerages to provide advice on their behalf.
They may use many different titles — financial adviser, financial planner, financial consultant, insurance agent, or relationship manager. Regardless of the title, any individual who is allowed to provide financial advice in Singapore will have a unique representative number issued by MAS.
Always ask for this number and verify it before you proceed.:
MAS Financial Institutions Directory (eservices.mas.gov.sg/fid (opens in new tab)): To see if the firm can provide financial advisory services.
MAS Financial Institution Representatives Register (eservices.mas.gov.sg/rr (opens in new tab)): To see if the individual is listed as an FA representative.
Types of FA firms
Different types of institutions offer financial advice, and they operate under different business models. Some have commercial or ownership ties with specific product providers; others do not. Understanding this helps you see whether the advice you receive could be influenced by commercial relationships.
Types of financial advisory firms
Type of firm | How it operates |
Licensed financial advisory firm | Provides advice across life insurance and investment products. May or may not have ties to specific product providers. |
Bank | Typically offers advice on a range of investment and insurance products. Some have tie-ups with specific product providers. |
Insurance company or tied agent | A tied agent of one insurer can only offer that insurer’s products. |
Independent financial adviser | A firm that says it is “independent” should not have product or ownership ties that could influence the advice it gives or be limited to recommending only certain products. |
Independent Financial Advisers
Some firms describe themselves as “independent”. To use this term, they must:
Not receive any commercial benefit from a product provider that could create bias in recommendations
Be free from any restriction on the investment products it may recommend
Be free from any conflict of interest created by a connection or association with a product provider
Independence does not mean the advice is better, but it should mean you are more likely to see a wider range of options, not just products from one provider or a small group of providers. If they are restricted to certain providers, you may not be getting the full picture of what is available.
Watch out for
Assuming a title like “financial planner” or “wealth manager” means the person is authorised by MAS. These titles are not regulated. Always verify at eservices.mas.gov.sg/rr (opens in new tab).
Forgetting to ask whether an FA representative is restricted to specific product providers. If they are, you may not be getting the full range of options available in the market.
Confusing “independent” as a marketing claim with genuine independence. Ask whether the firm has commercial arrangements with any product providers.
Your next steps
Before your meeting, check the FA firm at eservices.mas.gov.sg/fid and the individual at eservices.mas.gov.sg/rr (opens in new tab).
Ask your FA representative directly: are you restricted to recommending products from specific providers? If yes, which ones?
For an overview on financial advisers in Singapore
Frequently asked questions (FAQ)
Who is legally allowed to give financial advice in Singapore?
Only individuals and firms authorised by the Monetary Authority of Singapore (MAS) may provide financial advice on investment and life insurance products. FA representatives are appointed by licensed financial advisory firms, banks, insurance companies or brokerages to give advice on their behalf. Each authorised individual holds a unique representative number issued by MAS. Always ask for this number and verify it before proceeding.
What titles do financial advisers use in Singapore?
FA representatives may call themselves financial advisers, financial planners, financial consultants, insurance agents, or relationship managers. None of these titles are regulated — the title alone does not confirm authorisation. Always verify the individual on the MAS Financial Institution Representatives Register at eservices.mas.gov.sg/rr (opens in new tab) and the firm on the Financial Institutions Directory at eservices.mas.gov.sg/fid (opens in new tab).
What is the difference between buying a product with advice and without advice?
If you receive financial advice, your FA representative must consider your goals, risk profile, and circumstances, and recommend a product that is suitable for you. If you choose to buy without advice, you are responsible for working out your own needs and risk appetite, as well as the coverage amounts, terms, and affordability of the product.
What does it mean for a financial adviser to be “independent”?
An independent financial adviser (IFA) is not tied to specific product providers and should be free to recommend from a wider range of products, rather than from one company or a few companies only. If an adviser describes themselves as independent, ask directly: “Do you have any commercial arrangements with the product providers you recommend?” Genuine independence is more than a marketing label.
What is a tied agent and how does it affect the advice I receive?
A tied agent is an FA representative who represents one insurer and can only offer that insurer's products. This means the range of products available to you is limited to that insurer's offerings. Ask your FA representative whether they are restricted to recommending products from specific providers — and if so, which ones.
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