New “Skills Maps” to boost Family Office talents in Singapore

The two new skill cards complement the Family Office Advisor skill map, which was rolled out last year.

The Singapore Institute of Banking and Finance (IBF) and the Monetary Authority of Singapore (MAS) have launched the Family Executive Skills Map for Entry-Level Professionals and the Family Management Professionals Skills Map for management level professionals.

Launched as part of the competency framework for financial services, the skill cards aim to serve as a resource for training providers and financial institutions to design family office related training, and to provide advice to family offices on the skills and competencies of their staff, MAS and IBF said in a report. announcement.

They also aim to broaden the career paths of professionals working in the wealth management sector, opening up advancement and growth opportunities for private banking professionals to move laterally or vertically in the family office sector as as investment or management professionals, and for family office professionals to hold jobs in the private banking sector.

Strengthening competitiveness

Singapore’s family office industry has grown rapidly in recent years, with the number of family offices in the city-state doubling year-over-year to around 400 by the end of 2020.

In the ad, Gillian tan, Deputy Managing Director (Development and International), MAS said the skills cards “will ensure that professionals in the financial industry are well equipped to comprehensively meet the specialized needs of Singapore-based family offices, including business planning. succession and philanthropy, and will strengthen Singapore’s competitiveness as a wealth management hub. ”

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