Financial planners determine a client’s short, medium and long-term aspirations then work on an agreed financial plan to meet individual needs. They have strong people skills and are good listeners. The financial planner and client review the plan regularly to keep it on track and update it as appropriate.
As a financial planner, you will use the six steps of the financial planning process. These are:
- Gathering your client’s financial data, including details on income, debt levels and financial commitments
- Identifying your client’s goals. These may include buying a house, funding education or travel
- Identifying any financial issues
- Preparing a financial plan that identifies recommended investments and pays heed to the client’s attitude to risk
- Implementing the financial plan
- Reviewing and revising the plan to ensure it stays up-to-date and relevant to the economic climate and the client’s changing lifestyle
A financial planner can offer general wealth creation advice and assistance across all financial markets, or specialise in areas such as:
- Investment Planning
- Risk Management and Insurance Planning
- Retirement Planning
- Tax Planning
- Cash Flow Management
- Education Planning
- Estate Planning
- Mortgages and Financing
- Employee Benefits Planning
- Business Succession Planning
As a first step, you have to undertake an entry-level education program recognised by the Securities Commission and Bank Negara Malaysia for the license either CFP, IFP, RFP, SRFP or ChFC. These are specifically designed to:
- Provide the knowledge, skills and qualifications for you to become a financial planner
- Help practicing financial planners maintain their credentials
- Keep financial planners up to date with the changes affecting the sector
- Once you has been accredited the qualification, you must apply the required licenses with Bank Negara Malaysia and Securities Commission before you can carry out financial planning services.
- Chartered Financial Consultant (ChFC) and maintain a valid membership with Malaysia Financial Planners & Advisers Association (MFPAA) ; or
- Certified Financial Planner (CFP) and Islamic Financial Planner (IFP) maintain a valid membership with Financial Planning Association of Malaysia (FPAM); or
- Registered Financial Planner (RFP) and Shariah Registered Financial Planner (SRFP) maintain a valid membership with Malaysian Financial Planning Council (MFPC).
Yes! Financial planning is a dynamic profession in which strong careers can be established.
As Malaysia’s population ages, people are becoming much more aware that their retirement security and comfort will depend more on them, and their financial planning efforts, than on government welfare benefits.
If you are interested to be a licensed financial planner, and want to discover more of the limitless prospects that financial planning can give, contact us.