The Monetary Authority of Singapore , or MAS, governs the financial providers industry in Singapore. I agree that there ought to be some tutorial customary for offering financial advice, though the devil is within the particulars as to what that customary ought to be. Perhaps there may be multiple minimal standards, equivalent to attainment of the CFP marks, undergraduate diploma in finance, economics, or accounting, MBA, CFA, etc.
Actually, the licensing exams for financial advisors do little more than test basic product knowledge and awareness of the applicable state and Federal laws, and none require any substantive education in financial planning itself earlier than holding out to the general public as a complete financial advisor who will information customers about the best way to handle their life savings!
Technically, advisors who wish to get paid a fee for their common recommendation can accomplish that with out being registered or regulated at all in most states; however, if the recommendation pertains to specific funding advice for which the advisor is compensated, it’s a necessity to grow to be registered as an funding adviser in any state(s) the place the advisor has client(s).
This has allowed individuals to use the title in order to undertaking knowledgeable picture that the individual is providing unbiased financial planning services, when in actual fact, they might not be. I do know of quite a couple of insurance coverage agents who use this title to brand themselves as a monetary planner as a way to promote extra insurance coverage merchandise to unsuspecting shoppers.