In April 2016, the Wealth Management Institute (WMI) launched ‘WMI Online’, a programme designed to meet the new MAS annual requirements of eight hours of rules and regulations and four hours of ethics training for Financial Advisors. WMI worked exclusively with Ms Yvette Cheak - a distinguished Institute of Banking and Finance Fellow for Compliance - to create its first online course.
Due to the large number of financial advisers in Singapore who need to fulfill this yearly requirement and the time it takes to complete it, an online programme offers the perfect combination of flexibility and time efficiency. In less than six months since the launch of WMI Online, 12 leading financial institutions based in Singapore have signed up for the programme and over 6,600 online users have participated in the course.
WMI is the only training provider in Singapore with a thorough end-to-end solution, which allows participants to complete the entire 12 hours of required training with assessments on an integrated online platform.
The programme provides participants with a clear understanding of the various rules and regulations as well as ethical issues that may arise for individuals working in the financial services industry. Case studies, some of which are based on actual incidents, are part of the online curriculum. These case studies reflect real situations financial advisors may face on a typical day, while the risk, regulatory guidelines or ethical issues governing those particular situations are also highlighted. By taking such a course, not only do participants gain a deeper appreciation of the rules and regulations and ethical decisions that exist in their profession, but they also become better prepared to safeguard themselves, the organisation and clients they work for.
The programme caters to all financial advisers in consumer banking, insurance companies and independent financial advisory firms, as well as individuals who are required to undergo eight hours of rules and regulations and four hours of ethics training annually. This programme is eligible for a 50% Financial Training Funding Scheme. For more information please email: email@example.com.
It is estimated that there are between 20,000 to 30,000 financial advisors in Singapore. If we take the number of practitioners to be 20,000, for a population of five million people, this means that there are only 259 people to each adviser. In contrast, ratios for the United States and the United Kingdom are 1,000 to 1 and 3,100 to 1 respectively. Furthermore, Australia, a country that has a population four times larger than Singapore, counts about 1,222 people per advisor. (Source MoneyMatters.sg)