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A Consumer's Guide to Financial Planning

How does
a Financial Plan work?

  • Provides direction to your:

    • Personal Financial Management​

    • Cash Flow

    • Estate

    • Retirement

    • Investment

  • Better control over your money

  • Grows and protects your assets

  • Make the right choices and avoid costly mistakes


When do I need
a Financial Plan?

  • If you are thinking of starting a family

  • If you are approaching retirement

  • If you have inherited money

  • If you want to preserve or accumulate Wealth​

  • Other life-changing events


Objectives of
Financial Planning

  • Ascertain your direction in life

  • Define your life's priorities

  • Work out the route/financial plan for you to achieve your life goals

  • Walk you through the financial roadmap and its solutions

  • Ensure you are on the right track throughout the journey


Financial Planning Process

  • Establish and define the client-planner relationship

  • Gather client data, including goals

  • Analyze and evaluate your financial status

  • Develop financial planning recommendations and/or alternatives

  • Implement the financial planning recommendation

  • Monitor the financial planning recommendation


Common Types of Financial Professionals

  • Unit Trust Consultant (UTC)

    • Offer unit trust products which suit your risk appetite from the attached UTMC

    • Tied to only one unit trust management company (UTMC)

    • Registered with the Federation of Investment Managers Malaysia (FIMM)

  • Private Retirement Scheme (PRS) Consultant

    • Offer the most appropriate PRS products from the attached PRS provider​

    • Tied to only one PRS provider

    • Registered with the FIMM

  • Wealth Managers (WMs)

    • Banks employees​

    • Represents commercial banks which are licensed and regulated by BNM

  • Financial Consultants (FCs)

    • Recommend financial products & services (e.g loans, credit cards, etc.) based on personal needs and risk appetite​

    • Represents commercial banks which are licensed and regulated by BNM

  • Insurance/Takaful Agent

    • Sells insurance policies/takaful plans issued by the represented insurance company/takaful operator​

    • Represents the principal insurance company or takaful operator

    • Regulated by: PIAM (general agent), LIAM (life agent) & Malaysian Takaful Association (takaful agent)


Who are
Licensed Financial Planners?

  • A professional who represents the financial planning company

  • Both the company and the Financial Planner are regulated by the Securities Commission (SC)


Where to find
a Licensed Financial Planner?

  • Log in to

  • Click on the "Licensing" tab

  • Scroll down to the "Public Register of License Holder"

  • Browse assuredly


a Licensed Financial Planner

  • Get a clear picture of your financial situation.

    • Assets - Property, savings, car; other investments​

    • Liabilities - Debts including loans, mortgages and outstanding credit card balances

  • Ask yourself what type of financial plan you would like to have.

    • Comprehensive - Examines all financial areas simultaneously (protection, investments, retirement, estate planning)​

    • Modular - Addresses a specific segment of your financial life

  • During initial engagements, your Licensed Financial Planner will provide you with:

    • The scope of the plan​

    • Fees - How you will be charged

    • Confidentiality clauses


Common Types of Financial Planning & Advisory Professionals

  • Financial Planning Companies & Licensed Financial Planners (LFPs)

    • Coach & guide you on your financial goals and can draw up a detailed financial plan​

    • Provide direction and appropriate solutions tailored to your needs

    • Review your financial plan regularly to ensure you are still on track to attain your goals

    • Both are licensed by the SC

    • Represents consumer

  • Financial Advisers (FAs) and Financial Adviser's Representatives (FARs)

    • Provide advisory services on financial products & other related services on a need basis​

    • Independent entities who can advise you on the best plan from a wide range of products/plans

    • FAs are companies approved by BNM to provide financial advisory services; FARs are their appointed representatives

    • Represents consumer


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