Rise in family offices drives need for upskilling of wealth managers

There are 700 single-family offices in Singapore as of 2021.

Wealth managers need to upskill now more than ever to cater to the growing number of the ultra-rich.

According to the Monetary Authority of Singapore (MAS), the number of single-family offices (SFOs) has jumped to 700 by end of 2021, driving demand for professional asset management.

"Higher levels of competency are expected to meet the needs of this formerly-niche segment of investors," the university added.

To help wealth managers better understand the challenges and opportunities of this unique segment of clientele, SMU's Business Families Institute (BFI) launched a series of masterclasses accredited by the Institute of Banking and Finance (IBF).

The classes will provide in-depth knowledge and insights into how business families approach wealth management, governance and succession needs.

" Leveraging on real-world case studies and experiences, leading academics and industry experts will expound the latest in family investment trends and developments to better engage and support business families as they build long-lasting legacies," the university said.

Participants eligible for the IBF Financial Training Scheme can attend the classes for as low as $134.30.

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Singapore ultra-wealthy population

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