The Institute of Banking and Finance Singapore and the Monetary Authority of Singapore issued a «skills map» as guidance to detail the specific skills and competencies that ideal family office advisors should possess.
The «Family Office Advisor Skills Map» covers the various requirements of a family office advisor based on input from financial service providers, legal and tax advisors as well as SkillsFuture Singapore, an entity supporting talent development in the city-state.
IBF and MAS hope the «skills map» will act as guidance for training providers, financial institutions developing internal content and recruitment from family offices themselves, according to a statement. This will also open a career pathway for relationship managers at private banks to shift to family offices.
«The new skills map reflects a growing recognition of the need for a unique set of skills to engage family offices effectively,» said Ng Nam Sin, IBF CEO, adding that financiers with the relevant skills and experience can be recognized professionally through certification. «We are appreciative of the strong support from the industry in the development of this new skills map, which is the first of its kind in the world.»
Opting for Singapore
The latest initiative to strengthen talent in the segment is in line with the ongoing trend of family office increasingly opting for Singapore as its choice of booking center. Rule of law, stable political environment and many of the underlying tenets of free markets have allowed the city-state to prosper and see a five-time increase in the number of family offices between 2017 and 2019.
«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,» added Benny Chey, assistant managing director (development and international) at MAS.
