It had been quite some time since my last post and I hope all my readers enjoyed reading my write-up on "What Unit Trust Investors Ought To Know". I know many among you have been longing for some updates from me regarding the past, present and future happenings in the financial planning services industry.
I co-founded Standard Financial Planner Sdn Bhd (SFP) 11 years ago and led the company through many ups and downs to reach its current position at the top. Since then, I have witnessed numerous changes in the financial planning industry. For one, it have been very encouraging to know that the financial institutions (like banks, insurance companies, unit trust companies, etc.) together with the regulators have took an interest in smoothing out the edges for the licensed financial planning firms who are providing professional advisory services for the benefit of the Malaysian public. I also hope that more positive changes can be implemented to fertilize the growth of this industry which have been moving at a snail’s pace in Malaysia as compared to neighboring countries such as Singapore, Hong Kong and Australia.
Since I was relieved from my CEO duties, I have been busy setting up a role model practice office to provide financial planning services to my clients with SFP as the principal. At the same time, I am also involved in setting up the Association of Financial Advisers (AFA) to represent all the licensed financial adviser (FA) firms to voice out their challenges in the industry. Through AFA, we intend to have an independent body to maintain a mutual understanding between the FA firms, the regulators, the financial institutions and the related associations. In the future, we intend to be the self-regulatory body for the financial planning industry. Our work further aims to improve the environment within which the FA firms run their businesses.
Besides setting up my practice and AFA, I am also committed to re-establish my blog to provide more information to the public on financial planning and its industry. Financial planning and advisory is still not a common practice in Malaysia. Many may possess the Certified Financial Planner (CFP) designation but I dare ask how many are really practicing what they have learnt and would want to become a licensed professional. Currently, we are still highly driven on pushing product sales by tied agents and most clients are not aware of the new licensed financial advisers’ services.
Therefore, I am committed to write at least one new post per month to cater more information to my readers. Through my blog, I intend to share my experience, ideas and opinions on financial planning. There will also be posting related to industry updates, activities, surveys, statistics, quotes and new product updates. Occasionally, I will put on some jokes to crack up our readers and make this blog a tad more interesting. I would be very happy to take questions and comments from all my readers.
Keep posted on my next issue:
Fund Manager vs Financial Planner. Who requires higher qualification?
