Before you engage or buy anything from anyone, ask him or her these questions
1) Are you licensed? If yes, by Bank Negara Malaysia or Securities Commission? (you can check online the status of their respective license)
2) Do you have relevant qualification? RFP, CFP? (you can check online their membership status)
3) How can you act at my best interest? Not selling me plan not to my best interest?
So, who should you talk to? Financial Planner or Financial Adviser? What are the different?
Financial Planners are
- Individual registered with either FPAM or MFPC as Registered Financial Planner (RFP) or Certified Financial Planner (CFP)
Financial Advisers are
- Companies licensed by Bank Negara Malaysia (BNM), approved by BNM as Financial Adviser, to conduct Financial Advisory business.
- Since Financial Advisers are Sdn Bhd, they engage with Financial Planners as their representative (also known as Financial Adviser's Representative, in short FAR) to meet with clients.
- In some countries, FAR also known as Independent Financial Adviser (IFA).
However, in Malaysia, practically FA and FP are interchangeable and are the same, in the eyes of the public.
Financial Planners are mainly providing one or few of the following services:-
1) Financial Planning, or
2) Investment Planning, or
3) Insurance Planning, or
4) Estate Planning
5) Construct and/or Review Financial Plan
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