The two new skills maps complement the Family Office Advisor Skills Map, which was rolled out last year.
The Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS) have launched the Family Office Executive Skills Map for entry-level professionals, and the Family Office Management Professional Skills Map, targeted at management-level professionals.
Launched under the Skills Framework for Financial Services, the skills maps aim to serve as a resource for training providers and financial institutions to design family office-related training, and provide guidance to family offices on the skills and competencies for their staff, MAS and IBF said in an announcement.
They also aim to expand the career pathways for professionals working in the wealth management industry, by opening up advancement and growth opportunities for private banking professionals to progress laterally or vertically into the family office sector as investment or management professionals, and for family office professionals to take up jobs in the private banking sector.
Strengthening Competitiveness
Singapore's family office industry has been growing rapidly in recent years, with the number of family offices in the city-state doubling year-on-year to approximately 400 as at end-2020.
In the announcement, Gillian Tan, Assistant Managing Director (Development and International), MAS said the skills maps «will ensure that financial sector professionals are well-equipped to comprehensively support the specialised needs of family offices based in Singapore, including succession planning and philanthropy, and strengthen Singapore’s competitiveness as a wealth management hub.»
