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iFast wealth advisory arm crosses AUA of $1 bil

Felicia Tan
Felicia Tan • 2 min read
iFast wealth advisory arm crosses AUA of $1 bil
The figure represents an increase of around 62% y-o-y.
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iFast Global Markets Singapore has crossed $1 billion in the platform’s assets under administration (AUA) as at Sept 30.

iFast Global Markets, which is the wealth advisory arm of iFast Financial, was set up in 2017.

iFast Financial, in turn, is the Singapore subsidiary of Mainboard-listed iFast Corporation.

The figure represents an increase of around 62% y-o-y.

“The wide range of products and services available on our platform, our wealth advisers’ commitment in providing quality and transparent advice to investors, as well as our capability in empowering wealth advisers to better scale up their business through the use of technology, are the key factors leading to this milestone achievement,” says Terence Lin, general manager of iFast Global Markets Singapore.

See: iFast vaults from Centurion to Billion Dollar Club and dominates sector

See also: Global IT collapse puts cyber firm CrowdStrike in spotlight

In the same statement, iFast Global Markets announced that it is launching a brand new app that delivers full transactional capability across multiple products with faster loading speeds.

The new app also allows investment accounts to have access to both adviser and client transaction capabilities.

“Digital wealth advisory doesn’t necessitate the replacement of human advisers with computers, but instead helps the adviser to serve clients better and more efficiently,” adds Lin, who says that the app was set up to empower both advisers and clients alike.

See also: Web services of SGX and certain payment methods in CDG app affected amid global IT outage (update)

Looking ahead, Lin shared the platform’s vision and strategy to capture further growth in the wealth advisory industry.

“iFast Global Markets remains on the lookout for wealth advisory talent – such candidates should have a ‘client-first’ value system aligned with the firm’s motto, while embracing the disruptive powers of technology by leveraging on the iFast franchise to build a sustainable long-term wealth advisory practice.”

Shares in iFast closed 11 cents lower or 1.17% down at $9.31 on Oct 11.

Photo: Albert Chua/The Edge Singapore

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