SINGAPORE - Insurer Singlife has set up a shared services hub to support financial advisers in Singapore, in a move that is starting to gain ground in the industry as financial advisory (FA) firms are expected to become the preferred sales channel.

The composite insurer, which is a fully owned subsidiary of Sumitomo Life, said on Jan 2 its shared services hub is designed to enable financial advisers to start their own firms.

Called Propel, the hub now has a team of almost 100 staff and will provide services like electronic financial needs analysis, client onboarding, commission tracking, as well as operational and administrative support.