The Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS) has launched a skills map for family office advisors to help deepen their specialist skill sets in order to better serve the country’s growing family office ecosystem, the regulator announced in a press release.
The Family Office Advisor Skills Map sets out the skills and competencies that professionals advising family offices should possess, which include wealth planning administration and corporate governance.
It also aims to expand the career pathway for private banking relationship managers under the Skills Framework for Financial Services, according to MAS.
The skills map was co-created over the past year with the financial services industry, legal and tax advisors, in consultation with SkillsFuture Singapore.
“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,” said Benny Chey, assistant managing director (development and international), MAS.
“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.”
Finance professionals who acquire the relevant skills and experience can apply to be recognised professionally through IBF Certification.