Prudential Singapore (Prudential) and its financial advisory arm, Prudential Financial Advisers Singapore (PFA), plan to hire 800 financial representatives (FRs) through its Management Associate Programme (MAP) this year. This will boost its agency size to over 5,500 and help meet consumers' growing demand for protection, medical and wealth services.
To better support new joiners to the industry, the company has enhanced its 2024 MAP. Now, they have an additional year to achieve their performance targets which means they have 36 months instead of 24 months to do so. This gives eligible FRs more time to learn the ropes of the insurance and financial services industry, develop their skills, and establish a robust client base for a successful career.
The MAP helps fresh university or polytechnic graduates and young professionals build their career as financial representatives. They will receive a monthly allowance based on their performance to support their transition to the role.
According to Prudential’s recruitment data, the first two years are crucial for the new joiners to decide if they are cut out for the job. During this period, it is common for young FRs to leave for another industry. To better retain talent, Prudential is investing in programmes such as the MAP. It also has initiatives that are designed to support mid-career switchers and experienced industry professionals.
Mr Ben Tan, Chief Distribution Officer and Chief Corporate Development Officer, Prudential Singapore, said: “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."