Posted on February 4, 2012, Saturday
Michael Hii
Thomas Yung
Rebecca Chieng
KUCHING: The financial planning industry in Sarawak is seeing a gradual but sure change in the form of multiple product providers platform and consumer awareness due to the efforts of Standard Financial Planner Sdn Bhd (SFP), the largest licensed financial advisory company in Malaysia.
As the industry places more focus on getting the right products for different clients, sourced from independent and non-biased platform, the need for financial advisory (FA) services is becoming more and more undeniable.
In an interview with The Borneo Post, one of SFP?s licensed financial advisor representatives in Bintulu, Michael Hii strongly believed that the financial sector in the state was re-inventing itself.
?The financial industry is now moving from product-based selling to need-based selling,? Hii believed.
?As such, the FA platform is truly the only platform that can really focus on clients? specific needs.?
The advisor highlighted his experience and exposure in banking being his strength.
?I emphasise on one?s need and assist my clients to achieve their financial goals in a systematic approach. As a CFP holder, we have to fulfil the qualifying requirements by attending seminars and meetings that will enhance our knowledge and skills from time to time.?
Looking from the medical coverage aspect, Thomas Yung, SFP?s registered representative in Miri felt that the insurance and unit trust agencies were too restrictive in terms of environment as he could not select the most appropriate financial products that fit his clients? needs.
?My aim is to provide these client-centred financial planning services to clients in Miri. This is also to make available the one-stop platform of multi-product providers so that the Miri consumers can enjoy more value-added services that SFP provides,? Yung added.
Back here in Kuching, SFP registered representative Rebecca Chieng believed proper education of the society on financial planning was necessary.
?There is so much more that we, as financial planners or advisors, can offer to our clients,? she said, adding that her earlier background in childcare education made her realise it was crucial to educate her clients in addition to helping them search for suitable financial products.
?In education, we always say that to teach is to learn twice. So, even as I enlighten my clients, their queries and doubts also educate me on their concerns. This helps to enhance my services to my clients.?
?I feel Sarawak is a young market as far as financial planning is concerned. There is no doubt that financial products may be getting more diverse and consumers who have subscribed to these products are also aware of the options that are available in the market.?
Another licensed financial adviser representative here in Kuching, Lawrence Lai, has been working in the financial planning industry for the past ten years. As such, he has a plethora of experience in will writing, living trust, integrated estate planning, insurance planning, investment planning and portfolio management.
?I believe my total commitment to serving clients according to his or her financial goals is what is needed in this industry. I want to put my clients? objectives as my priority and that has been my sole motivation for work.?
SFP Sarawak Practice Manager, Lee Khee Chuan concluded that consumers here would gradually become more financially savvy and would come to appreciate the wider choice of products and client-centred services provided by licensed financial adviser representatives. Meanwhile Lee also urged talented young people to join this career and participate in the inevitable growth of this sunrise industry in Sarawak.
(Look out for SFP column in BizHive Weekly tomorrow)
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