- What is Financial Advisor?
By definition, it’s an advisor that solely handle all ranges of financial products which includes financial planning, retirement scheme, financing and loans and so much more. The key characterizing part of what the financial advisor does is that he or she is involving anything that relates to monetary regardless of personal usage or business usage.
- Exceptionally Regulated?
In Malaysia, the term financial advisor’ was exceptionally managed and enactment was set up requiring an individual to be authorized before he or she can call himself or herself as ‘financial advisor’. Specialists see financial advisor as an expert and such title could separate them from the other financial job roles.
In Malaysia, the individuals who practice as Financial Planner should pass any of beneath assessments:
- Enlisted Financial Planners (RFP) gave by Malaysia Financial Planning Council (MFPC)
- Ensured Financial Planners (CFP) gave by Financial Planning Association of Malaysia (FPAM)
After you have breezed through the said assessment, it doesn’t imply that you’re a Licensed Financial Planner straight away. Why? It’s simply serves you a passage visa as it were. Whenever you have authorize the capability, you should apply the necessary licenses with Bank Negara Malaysia (BNM) and Securities Commission (SC) before you can complete monetary arranging exercises.
By at that point, you can guaranteed the accompanying title:
- Monetary Adviser Representative (FAR) by BNM
- Authorized Financial Planner by SC
If it’s not too much trouble, observe that passing the assessments doesn’t convey you the titles, getting the licenses does. If not, you’re consider to have indicted an offense which can land you in prison or subject to strong fine.
Different prerequisites include:
- Should be a Malaysian resident
- At any rate 21 years of age
- Have least 3 years related insight
- Should be a FULL time expert
- At that point, you should satisfy the base hours for self-improvement programs each year