Wealth Management for Wealthy Clients (WMWC)

This course is meant for FARs across all levels who wish to develop functional competencies about wealth management in Singapore. Training delivery comprises of lectures combined with real life case studies and discussions.

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ID:
WMWC
CREDIT:
10

INSTRUCTORS:

Ronald Wong
PRINCIPAL INSTRUCTOR for CFP and CPD Programs
MBA, CFP®, ChFC®, CWM®, ChMA, AEPP, STEP Associate

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CPD COURSES

One in 35 Singaporeans is a millionaire. According to Statista, the millionaire population in Singapore stood at around 244,000 in 2020 and is projected to increase to about 388,000 in 2025. This estimated growth in the millionaire population reflects the trend of increasing household wealth in Singapore, which grew by more than 146 percent since 2000.

According to Wealth Report 2021 published by Knight Frank, the number of ultra-high net worth individuals (UHNWI) living in Singapore increased by 10.2 percent to 3,732 in 2020. The Wealth Report defines UHNWIs as individuals with net worth of at least US$30 million, including their primary residence. Globally, Singapore is ranked third among the top 10 countries with the fastest-growing UHNWI populations.

It is also noteworthy that many of these ultra-high net worth individuals are also business owners, or owners of family businesses or members of the family.

This development represents an excellent opportunity for wealth managers to provide specialized and bespoke services that meet the needs and wants of wealthy individuals in Singapore, in areas such as wealth accumulation, wealth preservation, business continuity, succession and legacy planning.

Managing wealth for wealthy individuals in both an art and science in that it requires the Financial Adviser Representative (FAR) to acquire broad-spectrum competencies, in order to understand the wealthy client’s situation, and develop a bespoke strategy comprising a combination of insurance and investment propositions. These strategies are often supported by appropriate legal structure and documents to fulfil its intended objectives and outcomes in a holistic and comprehensive manner.

Being a highly client-centric segment, the central objective of wealth management is to understand not just the financial expectations of wealthy individuals, but also why they are important with respect to wealth accumulation, preservation, succession and legacy perpetualisation propositions in the wealth management practice. Indeed, adopting a holistic and client-centric process will not only maximize client engagement at critical touchpoints, but also allow the FAR to develop propositions to incorporate solutions using an appropriate suite of products and services to deliver maximum benefits to the client.

If you have a strong desire to penetrate the high-net-worth client’s segment, the Wealth Management for Wealthy Clients (WMWC) Program will equip you to be well-versed in the wealth management process and best practices. Besides technical competences, this program will also equip you with the softer elements that is necessary to position you for success in penetrating this market segment.

  1. Hone your knowledge and competencies in the various core themes of wealth management.
  2. Gain an understanding of the profile, characteristics and unique needs of wealth individuals.
  3. Apply Genogram analysis techniques to understand the family situation in order to create propositions for wealthy clients
  4. Apply the O-F-B model and perform scenario analysis to analyze a family business and develop propositions for business succession and legacy
  5. Understand the meaning of wealth management using our client engagement framework
  6. Acquire competency in portfolio allocation, design and strategies
  7. Acquire competency in succession and legacy planning
  8. Become proficient in structuring investment products to address clients’ wealth management objectives

1 Day (7.5 Training Hours) + Certificate of Attendance

This course is meant for FARs across all levels who wish to develop functional competencies about wealth management in Singapore. Training delivery comprises of lectures combined with real life case studies and discussions. At the end of this course, attendees will have a better understanding of the HNWI segment and be equipped to engage them to grow their business.

This is a IBF-FTS recognised program. IBF-FTS funding support of up to 90% is applicable for eligible individuals. Participants who have SkillsFuture Credit may also utilise them to pay for the course fee, if applicable. Please refer to the IBF website (http://www.ibf.org.sg) for details about the IBF-FTS scheme. Term and conditions apply and are subject changes by the relevant authorities.

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