CIMB Thai Bank (CIMBT) plans to expand the number of its independent financial advisors (IFAs) to 500 by the end of this year, amid intensifying competition in the financial advisory profession.
According to Bhudinan Sethanandha, head of affluent and wealth management at CIMBT, the bank has grown its IFA network from 30-40 advisors at the beginning of the year to around 150, targeting 500 by year-end.
This expansion is driven by the strong growth of its wealth management business and a shortage of financial advisors across the industry, he said.
“Competition for IFAs in the financial sector — including banking, securities and asset management — has become increasingly fierce. CIMBT is among the first banks to actively recruit for this role,” said Mr Bhudinan.
Across the Thai financial market, there are around 20,000 IFAs, steadily increasing in recent years. IFAs at each financial institution possess varied areas of expertise, aligning with the distinct financial products and services of each institution.
At CIMBT, the bank focuses its IFAs primarily on the secondary bond market, which represents its service strength, he said. The secondary bond market in Thailand has posted continued growth.
Trading volume in the secondary bond market contributed largely by individual investors is expected to reach 55 billion baht this year, up 10% year-on-year.
CIMBT accounts for around 30% of this total trading volume.
The bank offers financial transactions to individual wealth clients via an omni-channel model that combines human advisory support with digital platforms, ensuring access to sophisticated financial products.
Mr Bhudinan said the bank plans to expand its IFA network next year to support the continued growth of its wealth management business.
CIMBT, a mid-sized bank, aims to triple its assets under management in five years, which will require building sufficient human resources to meet increasing demand, he said.
The bank also wants to increase its relationship managers for wealth management clients from more than 100.
CIMBT will continue to enhance its digital platforms to provide customers with greater convenience and efficiency for financial transactions, said Mr Bhudinan.