Financial Planning

What is financial planning?

Financial Planning consists of 6 main components :

  1. Wealth Creation
  2. Wealth Protection
  3. Wealth Accumulation
  4. Wealth Preservation
  5. Wealth Purification
  6. Wealth Distribution

Why do I need to plan my finances?

Do I need a financial planner?

Things you need to know :

  • Your skills in money management
  • Unbiased information to make informed financial decision
  • Financial Products to suit your needs

Who is the real Financial Planner?

Real Financial Planner is called Licensed Financial Planner.

They are being regulated Security Comission to advice on financial planning matters.

However, this title has been abused and many people claimed to be financial planners although they do not have the required license.

Any person who contravenes these sections commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.

How to check their credibility and licenses?

How to engage a Licensed Financial Planner?

Is Licensed Financial Planner a Qualified Financial Planner?

A Licensed Financial Planner is definitely a  Qualified Financial Planner.

While Qualified Financial Planner is not necessary a Licensed Financial Planner.

 

Licensed is by 2 regulatory body 

  • Security Comission = CMSRL ( to advice on investmentrelated matters )
  • Bank Negara Malaysia = FAR,IFAR ( to advice on insurance & takaful related matters )

 

Qualifications by Education Providers

  • FPAM : CFP ( Certified Financial Planner )
  • IBFIM : IFP  ( Islamic Financial Planner )
  • MFPC : RFP & ShRFP ( Registered Financial Planner )