Wealth Management Institute

WMI Advanced Certificate in Trust Services - Establish the highest level of trust.

The WMI Advanced Certificate in Trust Services (ACTS) programme equips participants with advanced knowledge, practical techniques and strategies to help clients achieve their long-termm succession and wealth preservation objectives. Through an extensive use of case studies, this programme is highly practical in nature. It is designed to highlight the best practices, law and regulations, code of conduct, guidelines and pertinent issues and challenges faced by senior managers and supervisors working in the fiduciary services industry based in Singapore.

The programme is relevant to trust professionals with managerial roles in trust administration, and will have an in-depth coverage in relation to trust operation, implementing and administering trust and estate planning structures.

Benefits to You:

  • Learn from senior practitioners in the wealth management industry from various leading financial institutions. No other training platform offers this best of breed approach.
  • Gain from the close networks formed during the programme as well as the networks you can access through WMI's extensive alumni of wealth management professionals.
  • Be certified under the IBF Standards which represents a set of competency standards developed by the industry, for the industry and is supported by the Monetary Authority of Singapore (MAS), the Singapore Workforce Development Agency (WDA) and the Singapore Trustees Association (STA).

Programme Structure

The ACTS programme spans 3 weeks. Classes incorporate case studies and team exercises to facilitate optimal exchange of ideas, techniques and solutions between instructors and participants. Each session is conducted by leading practitioners in their respective specialised areas of expertise, ensuring the highest standards of training.

Singapore Trustees Association
Endorsed by the Singapore Trustees Association.

Curriculum

Planning with Trusts
This session is key for participants to understand how to use wealth planning structures effectively to address the unique needs of the clients. It will cover the factors that will need to be considered in creating a suitable structure, as well as key concepts on the passing of title, legal status (as impacted by domicile, nationality and residency), creditor rights, matrimonial rights, intestate succession and forced heirship situations. The "Conflict of Law" rules and the impact of foreign law will also be discussed. Relevant case laws and case studies will also be used to illustrate the nuances and delicate considerations of each concept and situation.
Regulatory Review & Compliance
This session covers the overview of the relevant legislative, regulatory and industry requirements, as well as highlights the recent changes and the implications to the trust industry. Learning will be basd on case studies and actual MAS audit findings in their review of Singapore licensed trust companies.
Taxation
This session explores the principles and practices of both the local as well as international taxation regimes that impact trust structures of the clients, as well as the trustee companies. Participants will have an overview of the tax systems around the world, as well as the basic tenets governing international tax planning solutions. The session will also cover tax treaties between countries, its impact on trusts, and the Singapore tax framework and exemptions for foreign as well as locally administered trusts.
Client Acceptance Review
This session delves into the three key components of (i) client acquisition (ii) acceptance and on-boarding of new clients, and (iii) the ongoing servicing and periodic review for the clients. Under client acquisition, the participant will learn to identify business opportunities and design account plans to forge relationships with the clients. Under client acceptance, on-boarding and periodic reviews, the importance of Know Your Client (KYC), Know Your Risk (KYR) and Know Your Structure (KYS) will be emphasized, where participants will be taught the risk assessment framework to identify red flags, complex structures and high risk clients. Due diligence work, as well as the skill to identify the sources of information and their veracity will also be covered. Necessary escalation and remedial action needed for risks mitigation will also be discussed. Learning in this topic will be based on real-life scenarios arising from the recent account review exercise undertaken by trust companies as required by the MAS.
Trust Operations & Administration
In the administration of a trust, it is imperative that the trust personnel perform its fiduciary duties and contractual responsibilities with professionalism, care and skill. This session will bring the participants through the stages of trust administration, with worked examples to show the actual administration, and highlight the duties of the trust personnel and the considerations at each stage. Case studies and case laws will be used to bring out the complexities and nuances faced in special situations. Topics covered include documentation, managing assets and distributions, funding of the structures, executorship and administration and the fiduciary duties of the trustee.
Managerial Oversight
In this session, participants will learn to appraise the various business propositions that a trust structure can bring to the client. The session also lays down the various organizational, functional and governance issues faced in the management of a trust. Legal, functional and general duties of a trustee, as well as the exemptions to duty of care and skill, will also be discussed. In addition, the session will also cover the development of compliance and control processes and systems.

Participants will be assessed on their proficiency for each topic to ensure they achieve the learning outcomes. Upon successful completion of the programme and passing of all assessments, participants will be:

  • awarded the "WMI Advanced Certificate in Trust Services"
  • eligible for the "IBF Advanced" certification status in the area of "Wealth Management - Trust Administration/Wealth and Estate Planning" under the IBF Standards.

Who Should Apply

The ACTS programme is specially designed for the following individuals:

  • Trust Administrator, Trust Manager, Wealth and Estate Planner, Senior Trust Relationship Manager or any other occupations that perform similar roles.

The minimum entry requirements for admission to the ACTS programme are:

  • Completed Wealth Management - Trust Administration/Wealth and Estate Planning foundation programme or show proof of competency at the foundation level; or
  • Possess minimum 3 years of relevant working experience in trust administration or related field of work

This programme is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to participants meeting all eligibility criteria.

Apply now

ACTS Intake 6 will commence on 8 October 2016 and end on 25 October 2016.

Application for the next class is open. Early application is strongly encouraged.

To apply, please send in your completed application form together with all relevant supporting documents and an application fee of S$85.00 (non-refundable) by mail to:

Wealth Management Institute Pte Ltd
60B Orchard Road
#06-18 Tower 2
The Atrium@Orchard
Singapore 238891

Financial institutions that are keen to sponsor candidates for the programme, kindly contact us.

Related Information

The networking and appreciation of industry practices and standards have been useful and valuable.

Matthias Lee
Executive Director, UBS Trustees (Singapore) Ltd