The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) have partnered to create a skills map for financial advisers working within family offices “to deepen specialist skillsets in order to better serve” the sector, as reported by FSA‘s sister publication, International Adviser.
The programme sets out all the competencies professionals working in this space should have under their belts including wealth planning administration and corporate governance.
Family office advisory roles will expand private banking relationship managers’ career paths, the regulator said.
The programme was co-created over the past year with the Lion City’s financial services industry, legal and tax advisers, and in consultation with education organisation SkillsFuture Singapore.
“The skills map will be a valuable resource for training providers and financial institutions to design and calibrate relevant training curriculum, and for family offices to refer to when hiring new recruits,” the MAS added.
Benny Chey, assistant managing director (development and international) at the MAS, said: “The family office community in Singapore has continued to grow strongly in numbers and sophistication over the past few years due to our strong rule of law, sound financial regulation, as well as ready access to global and regional financial markets.
“Our family office professionals must continuously deepen and grow relevant skillsets and competencies to provide valued advice and customised solutions that meet their clients’ needs and aspirations.
“The launch of the Family Office Advisor Skills Map is timely and will further propel efforts to lift our family office capabilities to a new level.”
Ng Nam Sin, chief executive at IBF, added: “The new skills map reflects growing recognition of the need for a unique set of skills to engage family offices effectively.”
Those who will undergo the skills map programme can apply to have it professionally recognised through an IBF certificate.
Additionally, some of the courses under the scheme are accredited by the Institute, and professionals will be eligible to apply for the IBF Standard Training Scheme grant, which offsets training expenses.
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