Malaysia needs more certified financial planners

KUALA LUMPUR: Malaysia needs more certified financial planners (CFPs) to serve the growing demand for financial advice and financial planning in the country.
 
Financial Planning Association of Malaysia chief executive officer Linnet Lee said the association intended to increase the number of CFPs in the country via active promotions of the industry.

Lee said FPAM aimed to have 2,650 CFPs in the country by the year-end.

"As of now, we have 2,590 CFPs in the country. We believe we can increase the number as financial planning in Malaysia today is growing in importance and awareness among our customers," she told reporters at the FPAM Financial Planning Symposium 2017 in Kuala Lumpur on Friday.

Lee said there was demand from the middle class in the country seeking financial advice to cope with the investors' risk was growing.

This is evidenced in Financial Planning Standards Board (FPSB)-FPAM 2015 Survey which ranked establishing financial goals and long-term plans as their top five financial needs from the public, she said.

FPAM, the pioneer professional body for financial planning in Malaysia, is an affiliate member of the international organisation, FPSB. It is the sole certifying body for the highly sought-after CFP certification which is recognised in 26 countries as the global mark of excellence in financial planning.

"Every year, the planners have to be recertified with us to enhance the learning and to keep up with the adjustment in the industry as the financial industry changes so dynamically," said Lee.

Meanwhile, president and board of bovernors of FPAM, Ismitz Matthew de Alwiz, said the association has rolled out CFP certification programme for its members to prepare for the future should a fee-based environment become imminent due to regulatory changes and consumer awareness.
 
"Taking up the CFP certification programme will help strengthen their skills in need-based selling, and have lifetime clients as well as income sustainability," he said. - Bernama