As Singaporeans get more and more literate, they can purchase insurance / financial instruments products themselves. What are your thoughts on this rendering "Financial Advisors" obsolete? ?

It wont be obsolete in my opinion. Good financial advisors can still give good advise and help those who suit certain financial instrument that you cant buy as a normal individual. Not all people are more literate as well because most of my friends are not into it right now and prefer to leave it to someone to manage.