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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
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.

File:SWOT en.svg
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
OPPORTUNITIES
  • 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.
WEAKNESSES
  • Branding
  • Financial resources / capital constraint
  • NATO ( know too much, think too much, no action)
  • Complacency
  • Flaunt business model
  • Lack discipline & activities
  • Identity crisis
THREATS 

  • 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 .
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