As an expat in Singapore, you’re surrounded by wealth management options. From glossy private banks offering champagne receptions, to independent advisers promising unbiased advice, the choices can feel overwhelming. How do you know which path is right for you, and, more importantly, how do you avoid paying more than you should for advice and products?

Here, I’ll l break down the differences between private banking and independent advisers in Singapore, what each offers, and how to choose the right fit for your goals.

What Is Private Banking?

Private banking is often seen as the “gold standard” of wealth management. But what does it actually mean?
• Entry point: Typically, you need at least SGD 1–5 million in investable assets to qualify.
• Services: A private banker offers investment management, estate planning, credit facilities (like mortgages), and sometimes even concierge services.
• Style: It’s highly relationship-driven, with a focus on exclusivity and prestige.

Upside: You’ll get access to bespoke products, priority service, and global networks.
Downside: Solutions may be biased towards the bank’s own products, and fees are often built in, making them less transparent.


What Are Independent Advisers?

Independent financial advisers (IFAs) or wealth managers offer advice across multiple providers, not just one bank.
• Entry point: Usually lower — some advisers work with clients starting at SGD 100,000 or less.
• Services: Holistic financial planning, insurance, investment portfolios, retirement strategies, and cross-border solutions.
• Style: Advice is tailored to your circumstances, with access to a wider range of providers and products.

Upside: More flexibility, lower entry requirements, and often more transparent fees.
Downside: Service levels vary widely — the quality of advice depends on the adviser’s expertise, so due diligence is essential.

Key Differences for Expats
1. Accessibility
• Private banking: Reserved for ultra-high-net-worth individuals.
• Independent advisers: Accessible to a broader expat audience.
2. Product Range
• Private banking: Focus on in-house funds, structured products, and exclusive deals.
• Independent advisers: Broader shelf of investments, including ETFs, international funds, and insurance.
3. Cost Transparency
• Private banking: Fees are often embedded in products, making them less visible.
• Independent advisers: Increasingly moving towards fee-based or hybrid models with clearer charges.
4. Flexibility Across Jurisdictions
• Private banking: Strong for global mobility — especially if you bank with an international group.
• Independent advisers: Often better at cross-border planning (retirement, education, estate) tailored to expat moves.
5. Relationship Style
• Private banking: Prestige-driven, with perks and networking.
• Independent advisers: Personalised and ongoing planning, often more approachable.


Which Should You Choose?

It depends on your wealth, goals, and preferences.
• Private banking may suit you if:
You’re ultra-high-net-worth, want access to exclusive products, and value prestige and global connectivity.
• Independent advisers may suit you if:
You’re building wealth steadily, value transparent advice, and want solutions tailored to cross-border expat life.

For many expats, an independent adviser is the more practical choice. But if you grow into the private banking bracket, you may choose to complement your advice with private bank services.

Questions to Ask Before Deciding
1. How are you paid? (Fees, commissions, or a mix?)
2. What’s your experience with expats like me?
3. Can you advise across multiple jurisdictions?
4. What happens if I leave Singapore?
5. Do you have client references or testimonials?



Private banking and independent advisers both have their place. The key is to understand not just the prestige or promise, but the practicalities: entry requirements, cost transparency, and whether the advice truly fits your expat journey.

By asking the right questions and clarifying your goals, you can choose a partner who supports your financial journey in Singapore, without overpaying for services you don’t need.