Dear AIWM members and friends,

Incoming members of the 2025 committee were each asked to prepare a short introductory note for the Association’s 2024 AGM. My contribution was “Mindful Practicality”. This attempt at brevity was nixed and my contribution was expanded to: “The bedrock of a sustainable enterprise is a mindful and practical approach to fulfilling regulatory expectations.”

Regulatory and compliance elements are woven into the fabric of our financial services sector. Rightfully so. However, as practitioners we know that these elements need to be thoughtfully considered and applied for appropriate effectiveness. Depending on our respective business models and scale of operations, it’s not always one size fits all. Mindful practicality defines our Association’s Regulatory and Advocacy approach in the year ahead.

Scrutiny of wealth management practices both in Singapore and the region is set to increase. Regulatory bodies globally expect that the highest duty of care is applied where investors assets are concerned. Investor protection and safeguarding financial markets are now key mandates for regulators and there is a lower tolerance for lapses. While somewhat daunting, the best way forward is for our members to foster a robust compliance mindset that becomes an integral part of our delivery of client services. This underscores our message that our clients’ interests always come first. A mindful rigorous compliance culture reflects our commitment to managing our clients’ wealth responsibly and with integrity. It provides the guardrails against reputational risks and puts us on the path to becoming trusted wealth managers.

To support and improve our Association’s compliance culture, our regulatory and compliance workshops will reflect an enterprise-wide risk approach in the coming year. In addition to our continuing focus on client on-boarding and technology risk management, our workshops will expand on the growing demands of ensuring client suitability (aligning client needs and service offerings), cross border issues and inclusion of digital assets as investment products. We will also explore the advent of artificial intelligence applications for compliance management.

We have a full agenda for next year. Your participation and support for our ongoing efforts are much appreciated. Please continue to give us feedback. My very best wishes for a joyful Christmas and rewarding New Year!

Sincerely,

Joyce Woo
AIWM Regulatory & Advocacy