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Media Releases 16 Dec 2021

IFPAS set vision for financial advice education in Singapore 16 Dec 2021

Singapore: The Insurance and Financial Practitioners Association of Singapore (IFPAS) has developed the High Net Worth (HNW) Certification with its international education partner...

Singapore: The Insurance and Financial Practitioners Association of Singapore (IFPAS) has developed the High Net Worth (HNW) Certification with its international education partner and course developer Kaplan Professional Australia to help support its members and the broader financial advisory profession respond to the rapidly changing wealth management environment and the increasing demand for quality financial advice.

Enrolments in the HNW Certification have soared to almost 400 in the nine months since being accredited by the Institute of Finance and Banking (IBF) Singapore under the Standards Training Scheme for Level 2 and 3.

“We are delighted with the growth in financial adviser enrolments, which confirms our belief the HNW Certification sets a new benchmark for competence and skill in the high net worth sector,” said IFPAS President Mr. Carlos Lee.

“From the outset, we wanted to create an established education pathway for financial advisers within the IBF skills framework at level 2 and 3 within the sales, after sales, distribution, and relationship management career path.

“We also wanted to challenge traditional adviser education by focusing on the importance of the relationship between the client and adviser.”

Kaplan Professional Australia CEO Mr. Brian Knight said the HNW Certification has set a new education benchmark for the benefit of advisers and Singaporean consumers.

“The HNW Certification is purpose-built for the Asia-Pacific high net worth sector and combines the expertise of both IFPAS and Kaplan Professional Australia, resulting in a programme that delivers academic rigour, commercial acumen and practical outcomes.

“The programme brings together international and local best-practice; advisers are benefiting from the expertise, insights and knowledge of leading industry practitioners based in both Singapore and Australia.

“Kaplan Professional Australia has helped IFPAS to deliver a peer-driven and blended learning model like no other with live lectures and workshops that are complemented by first-class online resources, hands-on student support, scenario-based assessments and case-studies, and access to international academic libraries and industry publications,” he said.

As early adopters of the HNW Certification begin to graduate, IFPAS Vice President of Education and Training Mr. Allen Lim said there is evidence of material differences in the thinking of these advisers around their advice offer, their target market, and the delivery of financial advice.

“By applying the concept of a mini-MBA framework to existing financial advice practices, advisers will form a deeper understanding of business strategy, corporate governance and culture, and significant deepening of their technical advice strategies.

What is unique with the HNW Certification is the efforts of the adviser are focused on what is relevant to the HNW client segment, which results in an improved client experience and understanding of the client’s needs.

“IFPAS supports the MAS business strategy of growing Singapore as a leading international wealth management hub – it makes sense the HNW Certification sets a benchmark and represents the pinnacle of achievement and competence, with the programme being developed and grown here in Singapore,” he said.

Advisers are encouraged to join their peers and enrol in the first intake of the HNW Certification for next year, which commences on 10 January 2022.

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