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Sunday, December 23, 2012
Wednesday, December 5, 2012
Malaysia Private Retirement Scheme
Frequently Asked Question on PRS :
http://www.sc.com.my/main.asp?pageid=1156&menuid=1038&newsid=&linkid=&type=
Private Retirement Scheme, manage by private sector , not government.
As announced in Budget 2012:
http://www.sc.com.my/main.asp?pageid=1156&menuid=1038&newsid=&linkid=&type=
Private Retirement Scheme, manage by private sector , not government.
As announced in Budget 2012:
- personal tax relief up to RM3000 per annum will be given for an individual's contribution to the PRS; and
- employers will also be given tax deduction on contributions to PRS made on behalf of their employees of up to 19% of the employees' remuneration.
One of the world leader in private pension scheme- Manulife Asset Management |
Wednesday, November 28, 2012
Tuesday, November 13, 2012
Sunday, October 14, 2012
SWOT Analysis For Independence Financial Adviser Industry
On 13 Oct 2012, Avillion Port Dickson.
Practice Manager Meeting .
Facilitator :Mr.Mark Toh- Head Strategic Agency & Private Retirement Scheme, AIA Berhad
SWOT analysis (alternately SWOT Matrix) is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a business venture.
It involves specifying the objective of the business venture and identifying the internal and external factors that are favorable and unfavorable to achieve that objective.
STRENGTH
Practice Manager Meeting .
Facilitator :Mr.Mark Toh- Head Strategic Agency & Private Retirement Scheme, AIA Berhad
Mark Toh with practice manager of Standard Financial Planner S/B. |
SWOT analysis (alternately SWOT Matrix) is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a business venture.
It involves specifying the objective of the business venture and identifying the internal and external factors that are favorable and unfavorable to achieve that objective.
Reference: http://en.wikipedia.org/wiki/SWOT_analysis |
STRENGTH
- Provide choices to customers and independent advice.
- New business mode - transformation from tied agency business.
- Wide acceptability.
- Integration one stop center services.
- Team work
- Need base process / advise driven sales
- Duty of care
- Client ownership
- Consolidation of client portfolio
- Many unhappy clients in the market
- Large pool of people to recruit for practice team, eg :70K tied life agents, 40K unit tust agents, 5k relationship manager in banking industry
- Timely- right time, right people , right business environment , unlimited income potential.
- Branding
- Financial resources / capital constraint
- NATO ( know too much, think too much, no action)
- Complacency
- Flaunt business model
- Lack discipline & activities
- Identity crisis
- Institution competition
- External/offshore investment institution competition, eg : in ASEAN Financial Forum , may allow off shore brokers coming in Malaysia to compete.
- Survival
- Stricter compliance requirement from regulator (in fact turn to opportunity to win clients services with quality advice and solution provided )
- Increase cost of operating business with types of licenses / continuous education hours to maintain yearly.
- FA messes with own mind.
- Products provider inpatient and might stop the supports should FA progress in Malaysia too slow in development .
Saturday, August 18, 2012
Sunday, February 12, 2012
Financial Planning Career Perspective In Malaysia
On 16 Jan 2012, Grand Imperial Klang , CNY dinner invitation by Allianz General Insurance Company (M) Berhad .
I was sitting with a group of strangers , they are all peers for Allianz business . After self introduction & icebreakers , some conversation went on.
" Ah, you are financial adviser... not easy in Malaysia .... Am actually accountant running own small firm , doing general insurance for existing customer only " Mr.Lim said.
Looking at my name card , Mr. Ng ask " Are you working with Standard Chartered Bank ?"
" no , Standard Financial Planner is an independent license financial adviser firm in Malaysia , we are not banker "
Mr.Ng is a remisier with a renown investment bank then understood and said " oh IFA group .." by raising his voice tone and continue " actually i would like to understand what you all can do & what can't "
I have briefed the authority by Bank Negara Malaysia for risk planning and Security Commission on investment planning. With this license, we can then provide written fees base financial plan for clients . I can't advise on tax matters & legal matters .
" Malaysia not ready yet, no market for financial planning industry. May be next 10 years only .. " he commended .
" Its true still in infancy stage , yes we may need another 10 years to develop . We have to start somewhere some point , if we neither lead this nor start this , 10 years later our industry still as at today , no market " after some red wine , i felt my positive energy growing to fight with all the negative commend on us .
He was stunning for few seconds and start nodding his head " o.... need to start now for 10 years later ....."
I was sitting with a group of strangers , they are all peers for Allianz business . After self introduction & icebreakers , some conversation went on.
" Ah, you are financial adviser... not easy in Malaysia .... Am actually accountant running own small firm , doing general insurance for existing customer only " Mr.Lim said.
Looking at my name card , Mr. Ng ask " Are you working with Standard Chartered Bank ?"
" no , Standard Financial Planner is an independent license financial adviser firm in Malaysia , we are not banker "
Mr.Ng is a remisier with a renown investment bank then understood and said " oh IFA group .." by raising his voice tone and continue " actually i would like to understand what you all can do & what can't "
I have briefed the authority by Bank Negara Malaysia for risk planning and Security Commission on investment planning. With this license, we can then provide written fees base financial plan for clients . I can't advise on tax matters & legal matters .
" Malaysia not ready yet, no market for financial planning industry. May be next 10 years only .. " he commended .
" Its true still in infancy stage , yes we may need another 10 years to develop . We have to start somewhere some point , if we neither lead this nor start this , 10 years later our industry still as at today , no market " after some red wine , i felt my positive energy growing to fight with all the negative commend on us .
IFA is an blooming industry in 10 years time |
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