Which professionals an HNW solution needs: licences, roles, verification and conflicts of interest

The professionals in an HNW solution are the institutions and individuals who are licensed or registered as required by law to handle insurance, banking, legal, tax, trust, corporate and fund matters, and who are accountable for their own work. A complete solution is rarely delivered by a single institution: a policy is underwritten by an insurer and recommended by a licensed representative, wills and trust deeds are drafted by lawyers, the trustee role is filled by a licensed trust company, and companies and nominee directors are arranged by a registered corporate service provider. Below is a map of the professionals: what licence each holds, where to verify it, what each is and is not responsible for, and how to spot conflicts of interest created by remuneration.

Professionals at a glance

The table follows the order in which each party typically appears in a solution. All verification channels are public, accessed on 23 October 2026.

A single family office manages only the family's own money and does not serve third-party clients (MAS). The new class exemption framework for SFOs takes effect on 15 June 2026: eligible SFOs must notify MAS, maintain an account with a MAS-licensed bank and submit an annual return (MAS, 12 June 2026). The full conditions for family offices are in the family office section.

Three-step verification

Verification is not about distrusting the other party; it is about confirming that they are entitled to do what they are doing. A three-step approach is suggested:

1. Verify the institution: search by name on the MAS Financial Institutions Directory (eservices.mas.gov.sg/fid) and confirm that the institution's licence type covers the service proposed. For example, an institution giving insurance advice should hold a financial adviser's licence or be an exempt financial adviser (such as a bank or insurer); an institution acting as trustee should appear under licensed trust companies. For corporate service providers, check registration status with ACRA.
2. Verify the individual: enter the name or representative number on the Financial Institution Representatives Register (eservices.mas.gov.sg/rr) to see the principal firm, the regulated activities and product types the person is permitted to deal in, and any prohibition records. MoneySense notes that tied agents can offer only the products of the insurer they represent.
3. Rule out suspicious parties: check the MAS Investor Alert List. It lists persons who, based on information available to MAS, may be wrongly perceived as licensed or regulated by MAS, but it is not exhaustive. Not appearing on the list does not mean a party is licensed; licensing status should still be confirmed on the FID and RR.

In addition, law firms can be found through the Law Society of Singapore's public directory, and tax advisers' accreditation can be checked on the SCTP member directory. For overseas professionals (such as lawyers in Hong Kong or mainland China), confirm their qualifications with the regulator or professional body where they practise.

Collaboration model: who leads and how information flows

The most common problem when several parties work together is that each looks only at their own piece. A workable collaboration model includes:

Key interfaces in collaboration include: insurance × trusts (who owns the policy, and whether nominations conflict with the trust; see trusts and succession); insurance × banking (a premium-financing assignment revokes a revocable nomination); family office × banking (13O/13U require a private bank account with a MAS-licensed financial institution); and residence × tax × CRS (the same facts are declared in three places; see residency and tax).

Remuneration and conflicts of interest

How professionals are paid can influence the direction of their advice. Common forms are set out below (the table describes forms only and does not cover any institution's rates):

On the regulatory side, MAS Notice FAA-N16 requires financial advisers and their representatives to have a reasonable basis for investment product recommendations, and the Guidelines on Fair Dealing (FSG-G04, effective 30 May 2024) apply to all financial institutions. In practice, asking professionals to disclose their sources of remuneration and related-party relationships in writing is the most direct way to identify conflicts of interest.

Dispute resolution

Disputes with a financial institution or its representatives are generally handled in this order:

1. Complain to the institution: write to the complaints unit of the bank, insurer or financial adviser and keep a record of all correspondence.
2. Lodge with FIDReC: the Financial Industry Disputes Resolution Centre (FIDReC) handles disputes between consumers and financial institutions. Claims must be lodged within six months of the institution's final reply; lodging a dispute is free; mediation has no monetary cap, and adjudication has been capped at S$150,000 per claim since 1 July 2024 (previously S$100,000) (FIDReC, accessed 22 October 2026).
3. Other routes: disputes outside FIDReC's remit may be pursued through legal channels; complaints about lawyers' professional conduct go to the relevant channels for the legal profession.

Disputes with lawyers, tax advisers and corporate service providers fall outside FIDReC's remit and are handled under the rules of their respective professions. Read the dispute resolution clauses in any contract (governing law, jurisdiction, arbitration) before signing.

Next steps

1. List the professionals you are currently dealing with and verify each one's licence or registration on the FID, RR or ACRA.
2. Appoint a coordinator and prepare a fact base shared by all professionals; the document list is in the pre-engagement checklist.
3. Ask each professional to set out in writing their scope of services, sources of remuneration and related-party relationships.
4. Use the execution and handover process to settle the order in which each party comes in and the handover points.
5. An English-language collaboration model and due diligence checklist are available on the sister site hnwsolution.com.sg.

If you would like this interpreted for your own circumstances, you can register your needs through the contact details on this site. This site is not a bank, insurer, trust company, law firm or tax practice.