I’ve been trying to understand the real picture of being a Financial Advisor / Wealth Manager in Singapore, and I’m getting very mixed signals.
On one hand, I see Reddit posts saying it’s just a glorified sales job, high attrition, most quit within 2 years, and anyone with a diploma can try. On the other hand, I have a close friend who’s been a wealth manager at a reputable firm for about a year (part of a team from day one), and their lifestyle is genuinely confusing me.
Here’s what I’m observing:
· Fancy travel every 1–2 months (team trips, events, award presentations).
· Extremely high SES lifestyle – fine dining weekly, luxury luncheons, flown out for events.
· Awards like MDRT, COT given out at quarterly ceremonies like they’re normal, yet FAs flaunt them as huge deals.
· No finance degree needed – just pass training and exams.
· Constant recruiting – firms and teams always looking for more FAs.
So my questions for current/former FAs:
Who pays for those trips and dinners? Is the team lead funding it out of pocket to motivate the team, or do all FAs get this lifestyle once they hit certain sales targets?
Is MDRT actually easy to get in 1–2 years? To an outsider like me, “Million Dollar Round Table” sounds elite, but I keep hearing it’s very achievable early on. What’s the catch?
What are the real drawbacks? Because from the outside, it looks like: join a team → pass basic exams → travel, eat well, get awards. That seems too good for a job that doesn’t require a degree. Where’s the catch? Stress? Client rejection? Unpaid work? Cold calling?
Do most FAs who “survive” actually get rich? Or are we only seeing the top 1% while thousands quietly leave?
I’m not trying to bash the industry – I genuinely want to know if I’m missing something, or if anyone really can just walk in and get this lifestyle.
Thanks and hoping to get some real insights from those in the industry!