What are the Family Office Advisor and Family Office Professionals Skills Maps?

The Family Office Advisor and Family Office Professionals Skills Maps serve as guide to deepen specialist skill sets in Singapore’s family office ecosystem. The new Family Office Executive and Family Office Management Professional skills maps complement the Family Office Advisor Skills Map launched in July 2020, for private banking professionals advising family offices. These skills maps were developed in consultation with the family office and wealth management industry, including representatives from family offices, legal and tax advisors as well as private banks.

What are the new Technical Skills and Competencies (TSC) developed for the Family Office and Private Banking & Wealth Management Professionals? 

Two new TSCs on Family Governance  and Philanthropy Advisory  which aim to equip professionals with the necessary skills to support the governance needs and philanthropic aspirations of the family offices have been developed. The Family Governance TSC covers the development of family governance framework and operationalisation of processes to guide family relationship with the family office. The Philanthropy Advisory TSC covers the provision of advice on philanthropic framework and objectives as part of client’s overall wealth planning goals. These TSCs were developed in consultation with representatives from the family office and private banking and wealth management industry. 

How can the Skills Map be used?

  • Professionals advising family offices  (including bankers, trustees and legal and tax professionals) can use it as a guide on the fundamental skills and competencies required for their roles.
  • Training providers and financial institutions can use the skills map to design training curriculum relevant to family offices. To access the relevant Technical Skills and Competencies checklist, please click here
  • Family offices can use it as a reference in hiring new talent. 

Family Office Advisor and Professionals Career Pathways 

The Family Office Executive and Family Office Management Professional roles will form a new functional track under the Private Banking and Wealth Management segment under the Skills Framework for Financial Services.