Choosing the Right Financial Adviser in Malaysia

Furthermore, you will want someone, who:

• you can trust enough to reveal important and key information.
• genuinely has your best interest at heart.
• will listen emphatically to understand your situation.
• must be able to walk you through each step of your financial life.
• has the patience to let you think through your needs so that you have clarity of thoughts.
• you are comfortable working with over and above the credentials and compensation model.
• has experience in doing a financial plan, especially his or her own to start with.

Another important information is to know whether the financial planner is tied to a company or works independently. This will determine the manner in which he or she works with you.

Always remember that the planner will need to ask you questions related to your goals to help the both of you understand your own situation better and recommend customised solutions.

Client Servicing

You have the option to decide whether you want your planner to just prepare for you a plan and you can manage the plan yourself after that or you need someone to review your plan annually to ensure it is on track.

This must be agreed upon with the planner at the beginning before you engage the planner’s services as it determines the type of fees incurred.

Before you say ‘No’ to the annual review in order to save your fees to the planner, remember that as your life changes from year to year, so will the dynamics of your finances in relation to your needs.

Are you able to monitor your own plan and determine whether it is on track? If not, what do you do? It might be prudent to get a planner to go through an annual review for you. He or she can ensure your plan is on track and what to do if there are significant changes in your life that may impact your finances.

Your Role as a Client

It takes two hands to clap. This applies to working with your financial adviser for optimal results and to your advantage. Unfortunately, they are not mind readers, so your cooperation in the following ways will help the planner serve you better:

a) If you are uncomfortable with the prospective planner initially, do not proceed. Look for another.

b) Give relevant information fully to save time having to revise the plan.

c) Respond to the planner’s questions as best you can. The questions are to give clarity to your needs so that the planner can work effectively and customise the plan to your needs. Recommendations are also based on the information you provide.

That way you can be sure the financial adviser or planner will give you the service and value that you pay him for.

BNM’s Initiatives to Help the Man-in-the Street

BNM has embarked on the following approach to enhance the financial capabilities of consumers:

• Introduced the Consumer Education Programme in 2003, where BNM develops and disseminates educational materials on financial products and services through booklets and websites,
• Organise outreach programmes to various target groups, including university students through a strategic partnership with other organisations, and
• Promote financial education at schools to students in collaboration with the Ministry of Education and financial institutions.

The Pengurusan Wang Ringgit Anda or POWER programme was launched in January 2011 as part of the agenda to improve the financial capability of Malaysian consumers. It complements the bankinginfo and insuranceinfo initiatives as the key platforms through which BNM, in collaboration with its partners, works to support better financial decisions among the adult population.

Employers and the public can obtain more details of this programme in Agensi Kaunseling Dan Pengurusan Kredit’s (AKPK) website. Interested parties can also contact AKPK at their toll-free number 1-800-88-2575 or BNM’s Telelink at 1-300-88-5465.