The wealth management industry is undergoing a significant transformation driven by rapid technological advancements, evolving client expectations and changing regulatory landscapes.
As the Monetary Authority of Singapore (MAS) highlights, the industry is a crucial pillar of Singapore’s financial sector, with the country establishing itself as one of the leading private banking and wealth management centres globally and in Asia.
According to EY’s 2024 global wealth management industry report, the essential challenge for wealth management executives has changed.
These changes are well understood by Joy Lim, market team head Singapore at UBS Global Wealth Management, and Benedict Tham, team lead at Maybank Singapore Private. Lim and Tham have undergone several certification courses accredited by the Institute of Banking and Finance Singapore (IBF) to upskill themselves throughout their careers.
A pivot into wealth
Lim, who has been in the banking industry for over 30 years with 20 years at UBS, now manages a team of advisors overseeing the portfolios of UBS’s clients. Her team’s clients include high-net-worth individuals (HNWIs), corporates and family offices.
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Lim, who has been in the banking industry for over 30 years with 20 years at UBS, now manages a team of advisors overseeing the portfolios of UBS’s clients. Photo: UBS
After graduating with a Mathematics degree at the National University of Singapore, Lim joined the banking and finance industry as a corporate trader in a local bank. After a few years in her first job and with an aspiration to improve her knowledge, Lim enrolled for the IBF Diploma in Banking and Finance, which eventually sparked her interest in wealth management.
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“I started off as a corporate foreign exchange (forex) trader, but with a degree in Mathematics, I felt I needed something more to pursue banking and finance further. Thus, on my own initiative and monthly pay cheque, I took night classes and weekend tutorials to self-fund the IBF Diploma in Banking and Finance within the first year of entering banking,” says Lim.
Through the programme, she shares that she gained a deeper understanding of the different aspects of the wealth management business, investment recommendations, family legacy and succession.
“I realised that there are many facets in banking,” she adds. “I see wealth management as critical in every household; managing expenses and preserving wealth with compounding returns require skills and knowledge.”
To this end, Lim believes upskilling is key, as the wealth management landscape has evolved over the years.
“When I first started in banking, many clients were mainly interested in bond, stock, and foreign exchange. Now they might also consider endowment-style investing including private equity, private credit, infrastructure and even direct investments,” she says.
Succession planning has evolved as well, from clients simply writing wills to distribute their wealth, to now establishing trusts or foundations and philanthropy. “As life expectancy in Singapore is projected to increase, there has been more interest and awareness about the importance of ‘living well to 100 years old’. These days, I have more regular conversations with clients on intergenerational wealth transfers,” Lim shares.
To further deepen her knowledge and skills, Lim went on to complete UBS’s Certified Wealth Management Advisor (CWMA) certification, which is also accredited by the IBF. The CWMA certification is an industry benchmark standard in the Swiss wealth management market and a few Swiss banks have been committed to create certification programmes for it. Every client advisor at UBS has to attain this certification, reflecting the high standards and quality of advisors within the firm.
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The role-based programme, which allowed Lim to also gain valuable hands-on experience, trained UBS’s client advisors to adopt a holistic mindset regarding their clients’ needs, investment preferences and suitability. The programme also provided UBS’s client advisors with a deeper understanding of the various aspects of the wealth management business such as investment recommendations, family legacy, succession planning and philanthropy.
Though Lim was nominated by the bank to attend these courses, she believes in remaining curious and adopting a growth mindset. “[This] allows me to stay relevant with the latest industry investment trends.”
“I believe in the importance of adopting a growth mindset throughout one’s career. Beyond attaining IBF Certification, I have conscientiously set aside time to attend numerous UBS University courses,” she adds. “One of the courses I felt was most memorable focused on how to prioritise time; knowing your optimal efficiency time zone, saying no, etc. The course encourages self-awareness which is critical in balancing efficiency and quality of work.”
Value-adding for clients
For Maybank’s Tham, achieving the IBF Qualified (Level 1) Asset Management (Product Solutioning and Management) certification enabled him to add value to his clients. The certification also equipped Tham with capabilities on securities analysis, allowing him to provide tailored solutions and recommendations on his clients’ diversification needs.
Achieving the IBF Qualified (Level 1) Asset Management (Product Solutioning and Management) certification enabled Maybank’s Tham to add value to his client. Photo: Maybank
“The training provided me with a structured and holistic perspective of the asset management spectrum, which I felt was an important next step in my career,” says Tham.
“The training was very comprehensive as it covered various areas [such as] reviewing individual businesses and the various capital market instruments that businesses can raise capital from. [I also learnt] about macro and microeconomic factors, the selection of individual securities, as well as portfolio management, [all of which] enhanced my value add to my clients for their investment portfolios,” he adds.
The experience was invaluable for Tham, so much so that he now actively seeks opportunities to improve his credentials.
After his initial course, Tham obtained other IBF certifications through Maybank’s initiatives, including IBF Qualified (Level 1) for Wealth Management (Relationship Management — Private Banking), IBF Advanced (Level 2) Private Banking & Wealth Management (Relationship & Sales Management) and Certificate for Family Office Advisors — Foundation.
About IBF’s courses
IBF accredits a range of courses offered by training providers as well as financial institution’s in-house programmes that boost the skills and knowledge of Singapore’s financial sector professionals. Industry certifications and Institutes of Higher Learning’s programmes in various financial sector-related fields are also eligible for IBF accreditation.
These training courses, which span a wide range of areas from asset management to capital markets, compliance, corporate banking, financial planning, insurance, private banking and wealth management, retail banking and risk management — are aligned with the Skills Framework for Financial Services (SFwFS), ensuring that they meet industry standards and are relevant to current market needs.
The IBF Standards Training Scheme (IBF-STS) and Finance Training Scheme (FTS) support these efforts by funding eligible courses, making it easier for professionals to access necessary training for upskilling.
Through these courses, financial sector professionals can pursue different levels of IBF Certifications, depending on their career stage and development needs. The training courses and skills attained are designed to be modular and stackable towards the attainment of IBF Certification, allowing individuals to build upon their credentials progressively. The IBF Certifications allow financial sector professionals to gain industry recognition for their attained skills and facilitate their career development and progression.
Financial sector professionals can find the full list of courses, learn more about IBF Certification and the application process on IBF’s website at https://www.ibf.org.sg.
