A Personal Finance Blog for Malaysian: What is Financial Adviser?

Friday, October 31, 2014

What is Financial Adviser?

When a person tell their prospect or client that "I am a Financial Adviser", normally the client will ask "Which insurance company?"

Sound familiar?

The financial services industry has all sort of titles now, including Wealth Planner, Financial Planner, Financial Adviser, Wealth Advisor etc. It confuses the public.

Today, the Association of Financial Advisers (in short AFA) (www.AFAMalaysia.org), with the support of Bank Negara Malaysia, launch the very first handbook for the Financial Adviser, title

YOUR GUIDE 
ON THE ROLE OF 
A FINANCIAL ADVISER 
&
 ISLAMIC FINANCIAL ADVISER

It is not easy to earn that title of Financial Adviser, which is a regulated word/profession. Anyhow, to promote the industry and profession, Bank Negara and Securities Commission has recently revised the entrance guideline to boost the number of licensed Financial Adviser Representation to serve the growing market.

Under Section 139 of the Financial Services Act 2013, certain word are subject to approval of Bank Negara. Same goes to Section 151 of the Islamic Financial Services Act. Any person who contravenes these sections commit an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to be fine not exceeding twenty-five million ringgit or both.

AFA's 3rd Annual Conference held at Sasana Kijang of Bank Negara, the state-of-the-art auditorium. Opening speech by AFA's President Mr. Alfred Sek.


Yes, this is me, founder of Askchong.com