The financial advisory industry in Malaysia is set to receive a boost with the launch of the 1 st Fee-For-Service Financial Advisory Mentoring programme in Malaysia by Whitman Independent Advisors, with the support of the Financial Planning Association of Malaysia (FPAM), and the Malaysian Financial Planning Council (MFPC).

Present today to commemorate the occasion are Ms Linnet Lee, Chief Executive Officer (CEO), Financial Planning Association of Malaysia (FPAM), Ms Chung Kar Yin, Executive Director, Malaysian Financial Planning Council (MFPC), and Mr. Yap Ming Hui, Managing Director, Whitman Independent Sdn. Bhd.

The strategic launch marks the first fee-for- service Mentoring Programme by a financial advisory firm and supported by two of the industry’s leading financial planning associations. This further emphasise the current need to create awareness and nurture more fee-for- service financial advisory professionals in Malaysia.

“The facilitation of a mentoring programme for aspiring financial advisors is an industry game changer. It addresses present industry gaps such as the need for practical hands-on training and knowledge transfer which is crucial to their professional development and progression. Such issues have prevented many of our Certified Members from providing comprehensive fee-for- service financial advice,” remarked Ms Linnet Lee, CEO of FPAM.

Echoing the sentiment, Ms Chung Kar Yin, Executive Director, Malaysian Financial Planning Council (MFPC) said, “Financial planning was introduced in Malaysia since early 2000s, and in many ways the growth of fee-for- service financial advisory services has been slower than desired due to various challenges facing practitioners. These challenges include the ability to deliver comprehensive financial planning solutions to clients, and addressing the perceived negative response from the Malaysian public toward paying fees for financial advice.”

The lack of experience and confidence in offering holistic independent financial advisory services has resulted in the financial advisory industry being dominated by commission-led activities, where industry players are mainly focusing on selling multiple products in return for commissions instead of commanding a professional fee.

Under the Fee-For- Service Financial Advisory Mentoring programme, certified financial planning professionals such as Certified Financial Planners® (CFP CERT TM ) and Registered Financial Planners (RFP) will be given the opportunity to be exclusively mentored by a team of senior Independent Financial Advisors (IFA) from Whitman Independent Advisors for a duration of six months.

“As a proponent and pioneer of fee-for- service advisory, Whitman is prepared to take a leading role supporting the goal of our regulators and professional associations to nurture fee-for- service financial advisory practitioners and make a truly positive impact in the industry. We are prepared to share our 16 years of experience as a successful fee-for- service financial advisory firm that has been able to stay “true to the label” and thrive in this nascent industry,” remarked Yap Ming Hui, Managing Director of Whitman Independent Advisors Sdn. Bhd.

He continued, “During the 6-month mentoring period, CFP professionals and RFP graduates would be exposed to the experience of working with fee-paying clients using the proprietary Money Optimisation System TM developed by Whitman. They will gain comprehensive hands-on training that is designed to equip them with the necessary exposure, skills and expertise to advance in their fee-for- service financial advisory profession.”

To kick-off the Fee-For- Service Financial Advisory Mentoring Programme, Whitman Independent Advisors with the support of MFPC and FPAM, is organising the 2016 Money Optimisation Summit at Sime Darby Convention Centre on 30 th July 2016. The 1-day industry-driven conference aims to share the best and proven practices from leading players in Southeast Asia, offer solutions on how financial services professionals can reframe the way they address the challenging demand of the Malaysian middle class, and ultimately transform and grow their businesses to the next level.


Please enter your comment!
Please enter your name here