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Oversupply of Financial Practitioners And Its Effects

Singapore has a population of about 5 million while the number of practitioners in the financial advisory industry can be estimated to be about 20,000 to 30,000. This includes tied insurance agents, Financial Adviser firm representatives and banks’ financial services personnel. It is a considerably large number for our population size. How so?

Let’s look at how we compare to other countries:

Country Population No. of Advisers1 Ratio
United States 311,000,000 310,000 1,003:1
Australia 22,000,000 18,000 1,222:1
United Kingdom 62,000,000 20,000 3,100:1
New Zealand 4,430,400 1,963 2,257:1
Singapore 5,183,700 20,000 259:1

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