We carry this report of comments made at the recent AIWM (Singapore) conference in Singapore by president Jolene Tan.

Geopolitical uncertainties and rapid technological change are putting a premium on expertise and reliability – qualities that the Association of Independent Wealth Managers (Singapore) stresses are essential for sustainable growth.

External Asset Managers (EAMs) and other forms of independent, non-bank players, which have grown in Singapore in recent years, are held to the same standards of operation and conduct as banks. However, as a sector as a whole, it is relatively modest, Jolene Tan (main picture), AIWM (Singapore) president, and managing partner, SingAlliance Pte Ltd, said in the association’s recent conference held at Singapore Management University. (See a feature from last year about the EAM sector, examining the angle of custodians.)

“As the macro environment becomes increasingly complex – marked by shifting geopolitics, technological disruption and evolving regulatory expectations – independent wealth management firms are operating in a landscape that demands greater clarity, conviction and collaboration,” Tan said in her address.

“While Singapore’s independent wealth management sector remains relatively small, firms are held to the same rigorous standards as large financial institutions, even as they navigate similar challenges – rising operating costs, talent retention challenges and evolving client expectations – with leaner teams and tighter resources,” Tan continued. 

AIWM (Singapore) has more than 80 members. Exact numbers of EAMs and other independent wealth players in total aren’t easy to pin down. According to the Monetary Authority of Singapore's 2024 Singapore Asset Management Survey, the total industry’s AuM at the end of that year reached S$7.07 ($5.47) trillion. The net number of licensed fund management companies in Singapore rose from 1,250 as at December 2023 to 1,298 as at December 2024. 

With tailwinds such as this, it is unsurprising that Tan and her fellow members have been busy. In July 2025, AIWM (Singapore) launched its AIWM Certification programme, designed to enhance professional standards and the reputation of member firms; it also expanded collaboration with industry groups and institutions, such as the MAS Financial Hub and STEP Singapore, to give just two examples. 

Academic links
The very fact that Tan spoke at SMU for her April conference – attended by WealthBriefingAsia – highlighted another important area: close links with business schools and wider academia. (WBA interviewed SMU on its work here.)

A panel discussion at the AIWM (Singapore) conference.

Collaboration
“Building on what we started together last year, it was especially meaningful for us to see this collaboration between AIWM and SMU continue and grow,” Tan said. “The energy, engagement, and quality of discussions this year really reflected what can be achieved, when the industry and academia come together with a shared purpose. I strongly believe that the development of our industry must go hand in hand with the cultivation of future talent and thought leadership, strengthening the bridge between theory and practice, and SMU’s collaboration plays a vital role in this.”

The “RIGHT” way
Tan said the association frames how the industry must operate by the “RIGHT” approach, with “R” standing for “responsible stewards”; “I” for “inquisitive”; “G” for “governance”; “H” for “highly committed to grow”; and “T” for “team.”

As Tan has explained to this news service before, the growth of Variable Capital Company (VCC) structures, and Singapore’s rise as a major family offices hub, are significant developments. As reported only a few days ago, MAS has announced the start of revised new rules governing single-family offices (SFOs), taking effect from 15 June. 

Among several topics discussed at the conference was intergenerational wealth transfer and the related assumptions that HNW families and their advisors might have. One discussion point was how wealth holders preferred to “skip a generation” and transfer some – not all – wealth straight away not to the generation immediately below, but to grandchildren. This is because many “NextGens” are in fact already settled in careers and businesses.