Singapore: Trusted Financial Practitioner (TrFP™) Awards

What is the Trusted Financial Practitioner (TrFP™) Awards about?

Continuous learning and professional development are core tenets of the TrFP™ Award. Awardees are expected to continually upgrade their knowledge and skills, ensuring they remain at the forefront of industry trends and are well-equipped to provide clients with expert guidance and tailored solutions.

The TrFP™ Award isn’t just about recognition; it’s a commitment to excellence, integrity, and client-centricity.

Who organizes the Trusted Financial Practitioner (TrFP™) Awards?

The Insurance and Financial Practitioners Association of Singapore (IFPAS) launched this initiative, setting a benchmark for trusted financial practitioners who prioritize the long-term financial well-being and trust of their clients above all else. The TrFP™ Award sets a new standard of excellence and professionalism for qualified Financial Consultants in the dynamic landscape of financial services, where trust and quality are paramount.

Why should a financial practitioner be an awardee of the Trusted Financial Practitioner (TrFP™) Award?

The TrFP™ Award stands out from conventional recognitions by aligning closely with regulatory bodies in Singapore, emphasizing the essential elements of trustworthiness and high standards upheld by the industry.

With a rigorous selection process, the TrFP™ Award isn’t solely about production metrics like first-year commission. Instead, it holistically evaluates candidates based on a range of criteria designed to ensure exceptional service and ethical conduct.

What truly distinguishes the TrFP™ Award is the endorsement it requires from industry leaders. Recommendations by the awardees’ company heads or chief-level officers add a layer of validation, attesting not only to their performance but also to their character and integrity.

Additionally, testimonials from clients serve as a testament to the positive impact and trust these Financial Consultants have established.

What are the criteria to qualify for the Trusted Financial Practitioner (TrFP™) Awards?

TrFP™ Awardee must:

• be an IFPAS member
• have achieved a minimum commission (fyc) of $36,000 in the year 2023
• have incepted a minimum of 24 cases in the year 2023
• have achieved a persistency rate at 90%
• have no prior or pending compliance issues
• have achieved Balanced Scorecard (BSC) a for the year 2023 (for 4 quarters)
• have held ICC Band 1 rating for the year 2023 (for 4 quarters)
• be part of the education road map of IFPAS
• have at least three clients’ testimonials
• must produce company’s recommendation letter

How to apply for the Trusted Financial Practitioner (TrFP™) Awards, and what’s the process?

1 July 2024 – 31 July 2024: Award Announcement Nomination Period

Nominations for the award are now open for one month until 31 July 2024. Financial practitioners are encouraged to submit their nominations through IFPAS website.

1 August 2024 – 22 August 2024: Verification Process

The verification process begins immediately after the nomination period ends, lasting for two weeks, from 1 August 2024 to 22 August 2024. This process involves reviewing the nominations received, ensuring compliance with eligibility criteria, and validating the information provided.

TBA: TrFP™ Awards Ceremony

Trusted Financial Practitioner (TrFP™) Awards Ceremony will be announced soon. The awards ceremony provides an excellent opportunity for networking, industry collaboration, and fostering camaraderie among practitioners, industry leaders, and stakeholders and to celebrate the winners. TrFP™ Awards winners will receive an esteemed Award Certificate. Additionally, their achievements will be showcased through photos on IFPAS’ website and in newspapers.

For more information on the Trusted Financial Practitioner (TrFP™) Awards and to register, visit: https://www.ifpas.org.sg/events/trusted-financial-practitioner/