02/09/2026
What does good financial advice look like?
Recent public conversations about professional accolades have drawn attention to how success is presented and understood within financial advisory.
Recognition matters. It celebrates milestones and acknowledges the effort required to build a career in a demanding field. Business results can reflect drive, consistency and the ability to establish a viable practice.
Consumers, however, may view achievement differently. What matters to them is not simply what a practitioner has accomplished, but what that means for the advice and service they receive.
Did the practitioner take time to understand their circumstances? Were the benefits, costs and risks explained clearly? Was the recommendation suitable and financially manageable? Will the practitioner remain available when circumstances change, a claim arises or difficult decisions need to be made?
These are the moments when professionalism becomes real to the client.
Good financial advice is rarely defined by a single transaction. It develops through careful listening, responsible recommendations, honest conversations and continued support. Trust is earned through what practitioners do before, during and long after advice is given.
As a professional association, the Insurance and Financial Practitioners Association of Singapore (IFPAS) believes these qualities should be encouraged and made more visible. This thinking guides initiatives such as the Trusted Financial Practitioner (TrFP®) Awards.
The TrFP® assessment considers nine areas of professional practice. Each one helps answer a practical question a consumer may have about the person advising them.
1. Business performance
A minimum level of recent commercial activity shows that the practitioner is actively practising and has established a working presence in the profession. It does not suggest that higher production automatically means better advice. It asks whether the practitioner is currently active and sufficiently established.
2. Case activity
Working with a meaningful number of clients gives practitioners current experience across different needs and circumstances. This considers whether they are regularly applying their knowledge in real situations, rather than relying only on achievements from years ago.
3. Persistency
TrFP® requires a minimum persistency rate of 90%, meaning that a high proportion of policies remain in force. Clients may discontinue policies for many reasons, so this measure is not conclusive on its own. A consistently high rate can, however, indicate that clients are able to sustain the solutions recommended and continue receiving support after the initial transaction.
4. Compliance record
A clean compliance record confirms that there are no known qualifying compliance issues during the assessment period. It considers how the practitioner conducts business, not merely how much business is generated.
5. Balanced Scorecard Grade A
The Balanced Scorecard looks at aspects of advisory work beyond sales. It considers whether the practitioner understood the client, recommended appropriately, explained the advice clearly and followed the proper process. In everyday terms: Was the client properly understood and treated fairly?
6. ICC Band 1
ICC Band 1 reflects the standard of culture and conduct demonstrated in daily work, including how practitioners approach their responsibilities, make decisions and conduct themselves consistently.
7. Continued professional certification
Products, regulations and consumer needs continue to evolve. Professional certification shows that the practitioner is keeping their knowledge current instead of relying only on what they learnt when they first entered the profession.
8. Client testimonials
Formal records cannot fully describe the experience of receiving advice. Verified client testimonials give clients a voice and offer a direct perspective on whether they felt heard, supported and confident in the service provided.
9. Membership in IFPAS
Being part of IFPAS connects the practitioner to a wider professional community. It reflects a commitment to continued learning, shared standards and the responsibilities that come with contributing to public confidence in the profession.
No single parameter can fully define a good financial practitioner. The value lies in considering these measures together. They provide a broader picture of whether someone is active, experienced, responsible, professionally current and able to earn the confidence of clients.
The profession grows stronger when consumers can understand not only what a practitioner has achieved, but also how that achievement was built and what clients experienced along the way.
That is the wider view of professionalism that IFPAS hopes to encourage.
🔗: https://www.straitstimes.com/singapore/the-million-dollar-round-table-is-insurances-most-famous-accolade-now-an-overused-honour
Explore the evolving significance of the Million Dollar Round Table accolade in insurance amid changing industry standards and digital marketing trends. Read more at straitstimes.com. Read more at straitstimes.com.
