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 |
Sunday, September 25, 2011
Notes from 2011 Joint Conference Taipei- Constructing The Future
20 -22 Sept 2011 // Malaysia & Singapore Financial Advisers combine conference :
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Lesson From Monopoly
A touching journey share from Mei Mei of Singapore , transition from banker to Financial Adviser , unexpected overwhelming ;
' no longer working for bank , but working with bank . ' . I salute you, Mei Mei .
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Brenda , a successful financial adviser share on her way in corporate and high net worth clients' financial planning with fee base services .
' Financial adviser is an architect of client's wealth , client's future '
'Human touch value in financial adviser , making different of people's life , is scorecard of successful future .
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
- Relationship = Money vs Time = Money
- People engage your service when they can't fill their own needs
- People buy using their own buying patterns, not your selling pattern.
- save => invest => then only spend , not save => spend ( beyond basic need )
- All individual having 5 area of health to take care with
- Financial health
- Mental health
- Physical health
- Spiritual health
- Emotional health
- Practice and ask prospect " what's the reason that stop you from becoming my client ?" ; " Is that all these reason stop you from becoming my client ?" ( get a yes from prospect ) ; " are you sure ? " (get a yes from prospect again ) ; " So long as I can resolve all these reasons you don't want to be my client, would you then become my client ? "
- Emerging Market Bull-Bear Tug of War // Look Beyond current volatility (check slides)
- Develop market
- Emerging market
- Frontier market ( emerging of emerging market )
Lesson From Monopoly
- Cash is king
- Passive income is the key to wealth
- Inflation risk- guarantee erosion of purchasing power
- Investment risk - Potential increase in wealth
- Debt Trap - Be careful with low interest rate environment // low interest rate mean low debt servicing cost // but market interest rate can change like the weather, cause increase debt servicing cost anytime.
- use 'jail ' as a time to reflect & refresh & come back stronger .
- Luck is part of life, take advantage of it
- Improve what you have
- Believe your believe, doubt your doubt
- successful people do what unsuccessful people don't
- every 90 days process, connect to your clients.
- Question are guaranteed in life . Answer don't .
- An idea share become ideal & ideal to reality .
Do you want to continue selling financial product ? or Do you like to change customer life to better financial position ? ( AHHA ! CHANGING CUSTOMER LIFE TO BETTER FINANCIAL POSITION IS OUR OBLIGATION ! )
- Walton predevelopment land investment - sustainable fundamental , sustainable solution
- Walton big picture on how to identify the predevelopment land opportunities :
- Population
- Employment
- Housing
- Infrastructure
- all of us having 3 age :
- 1st age : Education
- 2nd age : Employment
- 3rd age : Retirement
- ' Old Man ' vs ' Elderly Gentlement ' , the different in ' money '
A touching journey share from Mei Mei of Singapore , transition from banker to Financial Adviser , unexpected overwhelming ;
' no longer working for bank , but working with bank . ' . I salute you, Mei Mei .
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Brenda , a successful financial adviser share on her way in corporate and high net worth clients' financial planning with fee base services .
' Financial adviser is an architect of client's wealth , client's future '
'Human touch value in financial adviser , making different of people's life , is scorecard of successful future .
Thursday, August 25, 2011
Be a Licensed Financial Adviser just because you like the glamour name of it
Over the dining table , i was trying to tell that some one came to my office today for direct marketing of gold proposal and i am now understood the mechanism behind this scheme that work well for the merchant ....
Before i finished the sentences , my husband distracted by saying ' all direct selling are the same , the most profitable is the initiator . Today , i met an rich insurance agent who only sell PA policies, he said what for be financial adviser , they just like the glamour name on it, showing off , who want financial service? see, so many rich peoples never need this '
'No, not that .....k , don't talk about this ...'
My heart sunk , this comment came out from the person who closest and dearest to me. His thinking changed after the conversation with this friend , and denying my passion for the past 10 years .
Yes, no deny for those friends who are agent in insurance or unit trust , being a sole product marketer or tied agent can become very rich by just focusing single products/insurer . Agree, I don't have question on this success story .
I progress , upgrade and transition mainly due to career satisfaction :
(1) I don't like to talk product and product again , sales focus, group challenges, fight trips/target and quota.
(2) When client need insurance , i only can offer HLA when i was tied agent with them . For sales closing ,
my products always the best ...why ? simple as that , i don't have choices .
(3) All kind of sales ideas created for the product you want to sell.
(4) Same for investment product , i only can offer CIMB funds and no others
(5) When client whole family policies in same company , i started worry after global crisis involved AIG
(6) A client whose whole family policies & investment served by me, start asking " sheau ling, we like your
service, but we hope to have different insurer's policy for the new born now ..."
Now with my position as independent licensed financial adviser, i able to provide more holistic advice in 6 steps of financial planning processes , with clients goals and objective , solution provision not in particular products selling , i know where to mix , choose the most suitable and match from all insurances & investment companies . Don't you see the advantages clients will have ?
The advantages and fair recommendation to clients is my greatest satisfactions .
Yes, the title of independent licensed financial adviser is sound professionalism , what's wrong with this ? With my qualification , passion and experience , i am truly qualified . With all my colleagues who having the same position ( total Malaysia less than 300 pax) , we are moving Malaysia toward develop nation , this is call showing off ?
Malaysia financial planning market is evolving now , financial planning topic is started now in higher institution , teaching in public, workshop and short courses organizing by Ministry of Education and Government services sector, with one of the promoter Malaysia Financial Planning Council (MFPC) . I have been given opportunity to lecture in few programs to university students & government staffs.
Financial planning is very wide & tough to master in this infancy stage . Its my passion to move forward and conquest the obstacles . With the colleagues in same position , we are progressing well in learning , process, know how ,improving , helping each other for future industry growth . Bear in mind, Singapore already 5 years ahead of Malaysia in this industry , in develop country like Australia , merely no tied agent exist . Its the matter of time for Malaysia to move to same level as Singapore and Australia .
Before i finished the sentences , my husband distracted by saying ' all direct selling are the same , the most profitable is the initiator . Today , i met an rich insurance agent who only sell PA policies, he said what for be financial adviser , they just like the glamour name on it, showing off , who want financial service? see, so many rich peoples never need this '
'No, not that .....k , don't talk about this ...'
My heart sunk , this comment came out from the person who closest and dearest to me. His thinking changed after the conversation with this friend , and denying my passion for the past 10 years .
Yes, no deny for those friends who are agent in insurance or unit trust , being a sole product marketer or tied agent can become very rich by just focusing single products/insurer . Agree, I don't have question on this success story .
I progress , upgrade and transition mainly due to career satisfaction :
(1) I don't like to talk product and product again , sales focus, group challenges, fight trips/target and quota.
(2) When client need insurance , i only can offer HLA when i was tied agent with them . For sales closing ,
my products always the best ...why ? simple as that , i don't have choices .
(3) All kind of sales ideas created for the product you want to sell.
(4) Same for investment product , i only can offer CIMB funds and no others
(5) When client whole family policies in same company , i started worry after global crisis involved AIG
(6) A client whose whole family policies & investment served by me, start asking " sheau ling, we like your
service, but we hope to have different insurer's policy for the new born now ..."
Now with my position as independent licensed financial adviser, i able to provide more holistic advice in 6 steps of financial planning processes , with clients goals and objective , solution provision not in particular products selling , i know where to mix , choose the most suitable and match from all insurances & investment companies . Don't you see the advantages clients will have ?
The advantages and fair recommendation to clients is my greatest satisfactions .
Yes, the title of independent licensed financial adviser is sound professionalism , what's wrong with this ? With my qualification , passion and experience , i am truly qualified . With all my colleagues who having the same position ( total Malaysia less than 300 pax) , we are moving Malaysia toward develop nation , this is call showing off ?
Malaysia financial planning market is evolving now , financial planning topic is started now in higher institution , teaching in public, workshop and short courses organizing by Ministry of Education and Government services sector, with one of the promoter Malaysia Financial Planning Council (MFPC) . I have been given opportunity to lecture in few programs to university students & government staffs.
Financial planning is very wide & tough to master in this infancy stage . Its my passion to move forward and conquest the obstacles . With the colleagues in same position , we are progressing well in learning , process, know how ,improving , helping each other for future industry growth . Bear in mind, Singapore already 5 years ahead of Malaysia in this industry , in develop country like Australia , merely no tied agent exist . Its the matter of time for Malaysia to move to same level as Singapore and Australia .
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