Media Releases
Published Date: 27 July 2020

IBF and MAS Launch Skills Map to Enhance Capabilities of Family Office Advisors

Singapore, 27 July 2020… The Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS) launched today, a skills map for family office advisors to deepen specialist skillsets in order to better serve Singapore’s growing family office ecosystem.

2.     The Family Office Advisor Skills Map sets out the skills and competencies that professionals advising family offices should possess, such as wealth planning administration and corporate governanceFamily governance principles often draw from that of corporate governance, which would be useful for establishing rules under which a family should be governed e.g. establishing family committees for making key decisions pertaining to the family. The Family Office Advisor role will expand the career pathway for private banking relationship managers under the Skills Framework for Financial Serviceshttps://www.skillsfuture.sg/skills-framework/financial-services. Co-created over the past year with the financial services industry, legal and tax advisors, in consultation with 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.

3.     Mr Benny Chey, Assistant Managing Director (Development and International), 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.”

4.     Mr Ng Nam Sin, Chief Executive Officer, IBF said, “The new skills map reflects growing recognition of the need for a unique set of skills to engage family offices effectively. 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. Finance professionals who acquire relevant skills and experience can apply to be recognised professionally through IBF Certification.”

5.     Training programmes accredited by IBF under the skills map will be able to benefit from the IBF-Standards Training Scheme grant which offsets training expenses . In addition, private banking professionals who have acquired the relevant skills and experience will be able to apply for IBF Certification. More details on the Family Office Advisor Skills Map can be found at this link (www.ibf.org.sg/go/FOASkills ).

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