In a recent enlightening interview with Mr Sim Willing, the President of the Insurance and Financial Practitioners Association of Singapore (IFPAS), we gained valuable insights into the critical role that IFPAS plays in the financial services industry. This article aims to provide a better understanding of IFPAS and how it helps both financial practitioners and consumers.
Check out the video interview here.
What is IFPAS?
IFPAS, which will be celebrating its 55th anniversary next year, has been a cornerstone in representing the interests of its members in legislative, regulatory, and policy-related matters since its inception in 1969. The association focuses on advocating, innovating, and inspiring on behalf of its members to advance the financial advice profession and consumer perception.
Core Pillars of IFPAS
IFPAS focuses on three core pillars, which are instrumental in shaping the industry:
- Skills Development: IFPAS places a strong emphasis on continuous learning and professional growth. Through a variety of skill development programs, workshops, seminars, and certification courses, professionals can stay ahead of industry trends.
- Social Engagement: Building a strong professional network is crucial in today’s competitive environment. IFPAS promotes a sense of community among practitioners through networking events such as joint conferences and dialogue sessions.
- Self-Regulations: While IFPAS does not currently have the mandate to self-regulate, it takes proactive steps to ensure ethical behaviour and professional integrity within the industry are maintained.
Why Should Financial Practitioners Join IFPAS?
IFPAS offers a range of programs and workshops that help professionals stay relevant in a rapidly evolving industry. These programs are designed to assist in career planning and advancement, making them invaluable resources for any financial practitioner.
IFPAS organises various networking events, such as joint conferences and dialogue sessions, to facilitate connections among professionals. These events provide an excellent platform for sharing best practices and industry insights.
Being an IFPAS member adds an additional layer of assurance. The association emphasises ethical conduct and ongoing professional development, setting a high standard for the industry.
What Does IFPAS Mean for Consumers?
Finding a Qualified Financial Practitioner
Consumers can greatly benefit from engaging with a financial practitioner who is an IFPAS member. Such practitioners are committed to providing ethical conduct, ongoing professional development, and the best possible financial advice and solutions.
Tips for Consumers
- Conduct due diligence and ask for references.
- Ensure that the financial practitioner aligns with your specific needs and preferences.
- Opt for an IFPAS member for an additional layer of assurance, as they are bound by a code of ethics and are committed to ongoing professional development.
IFPAS plays a significant role in shaping the financial services industry in Singapore. Whether you are a financial practitioner looking to advance your career or a consumer seeking reliable financial advice, IFPAS offers a plethora of benefits.
Since 1969, the Insurance and Financial Practitioners Association of Singapore (IFPAS) has been the leading professional association for financial advisers. It represents the interests of its members on legislative, regulatory and policy-related matters. Its role is to advocate, innovate and inspire on behalf of its members to advance the financial advice profession’s social contribution and positively shape consumers’ perceptions of the financial services industry.
Learn more about IFPAS at www.ifpas.org.sg
* Brought to you in collaboration with IFPAS
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