High Net Worth Certification: Responding to the increasing demand for quality financial advice

DBS Private Bank estimates that USD$2 trillion will transition from one generation to the next over the next decade. The complexity of client problems, and the manner in which they are solved, is changing.

Consumers are demanding more transparency and higher professional standards. They are asking the industry to change, and we are not responding fast enough (or well enough) to their expectations and standards.

Demand from both consumers and employers for more highly skilled advisers will drive the need for practitioners to upskill in both formal and informal education.

Quality financial advice

This is one of the major reasons the Insurance and Financial Practitioners Association of Singapore (IFPAS) and its international education partner and course developer Kaplan Professional Australia have created the High Net Worth Certification.

IFPAS believes financial advisers should maintain the highest personal and professional knowledge and behaviours to meet community expectations, so the HNW Certification is designed to 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.

“All of us knew there are a lot of changes in the financial planning landscape, especially in the high-net-worth sector, so the HNW Certification allowed us to learn a lot. It enhanced our critical thinking and problem-solving skills as well.”

Mr Derrick Yip

Since the programme launched in March 2021, the HNW Certification has received over 940 enrolments and celebrated the graduation of 68 advisers who become the first of their peers in Singapore to hold the coveted Certified HNW Adviser designation. They are also now accredited under the Institute of Banking and Finance (IBF) Skills Framework for Financial Services Level 2 and 3, helping them to further their professional career as a recognised Senior Financial Planner.

Feedback from the first cohort of graduates has been tremendous, with many using what they learned in the programme to unlock future opportunities within Asia-Pacific’s rapidly expanding HNW sector and grow their respective businesses.

“A significant benefit of the programme was the shared experiences of lecturers and peers throughout the group sessions. By sharing-real world experiences, my peers and I were able to effectively gain practical insights and strategies we could promptly implement in our professional practices.”

Mr Tan Seng Chuan

Hear what other alumni have to say about their HNW Certification experience.

Over the past few months, IFPAS has also reached and created awareness of HNW Certification among more than 900,000 consumers with the help of targeted digital campaigning.

What are the benefits of the HNW Certification?

The HNW Certification is designed and delivered in Singapore, leveraging local and international industry practitioners and adopting best practice. This enables participants to achieve the following practical outcomes from the programme:

• Develop specialist financial planning strategies to solve complex problems for HNW client scenarios
• Apply behavioural finance and consumer decision-making insights to your HNWI client engagements
• Identify opportunities to provide advice to HNW clients based on market trends and analysis
• Explore family office and trust structures, and new technical strategies for HNWIs and family offices
• Develop your own strategic marketing and communication plans to grow your business in the HNW market

“The marketing plan is the most practical project of the whole course. It helped me to be purposeful in what I’m doing, made me think about who I want to impact, and what my values are.”

Ms Agnes Oh

What does the HNW Certification encompass?

The HNW Certification encompasses six subjects and is delivered through a sophisticated and blended peer-driven learning approach, with face-to-face workshops delivered by local practitioners and international guest speakers. This is complemented by first-class online resources, case studies and access to international academic libraries and industry publications.

Each subject is condensed into three weeks:

• Week 1: Early access to online learning materials
• Week 2: Two x half-day, face-to-face workshops
• Week 3: Assessment

Most participants aim to complete the programme within around nine months. But with each subject available approximately every two months, you have the flexibility to plan your studies to suit your work and other commitments.

The six subjects include:

• Subject 1: Private Wealth and Family Office: Environment, Trends and Client Focus
• Subject 2: Business Structuring and Tax Considerations (including Beyond Borders Advice)
• Subject 3: Estate Planning Strategies for High Net Worth Individuals and Family Offices
• Subject 4: Insurance Solutions and Asset Protection for High Net Worth Individuals
• Subject 5: Private Wealth Investment Strategies and Portfolio Construction
• Subject 6: Applied Business Strategy for HNWIs and Family Offices

“I loved the HNW Certification. Other than interacting with the lecturers, I got to engage with my peers and we were able to share each other’s different client experiences. We see different perspectives from the learning material and the lecturers, and I found it very useful to hear the contribution from everyone.”

Ms Edwina Woo

What are you waiting for?

If you’re a consumer, look for a financial adviser who holds the coveted Certified HNW Adviser designation.

If you’re a financial adviser willing to commit to being a part of an industry-led momentum shift towards deepening the knowledge and skills of the advice profession and at the forefront of financial advice in not only Singapore, but Asia-Pacific, we encourage you to consider starting your HNW Certification journey in February 2023.

Take advantage of the current enhanced IBF-STS funding of up to 70% from 1 January to 30 June 2023:

• Savings up to 70% – 40 years and over
• Savings up to 50% – under 40 years

Corporate cohorts are welcome and can be arranged to suit an organisation’s requirements.

* Main picture: Mr Derrick Yip receiving his HNW Adviser Certificate from IFPAS President Sim Willing (Credit: IFPAS)

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