Singapore wants to improve skills for family offices
Two of Singapore’s major financial institutions have released a skills map to help family office advisors develop their skills and expertise. The move illustrates Singapore’s determination to win business in the family office sector, especially as Hong Kong suffers from confidence issues linked to its relationship with China.
Dubbed “the first of its kind in the world,” and co-launched by The Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS), The Family Office Advisor Skills Map will help professionals build “specialist skillsets” to better serve family offices, a community that is already growing in Singapore.
Including recommendations from “financial service providers” and “legal and tax advisors,” the skills map outlines the competencies required of family office professionals such as proficiency in “wealth planning administration and corporate governance.”
In addition to skills building, the skills map is intended to be used as a guide for family offices when recruiting for advisors. SkillsFuture Singapore, an organisation “supporting talent development” in the region was also involved in the project.
Benny Chey assistant managing director at MAS thinks the skills map will help professionals: “continuously deepen and grow relevant skillsets to provide valued advice that meets their clients’ needs and aspirations.” It is also hoped that the skills map will encourage the movement of “relationship managers at private banks” to roles in the family office sector.
While skillset innovation could help Singapore stay ahead in the family office world, Chey believes the “strong rule of law and sound financial regulation” the country already enjoys has helped the industry take hold.
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