Key HighlightIn his keynote address, Dato’ Seri Dr. Awang Adek Hussin, Chairman of the Securities Commission Malaysia (SC), emphased the importance of the financial planning to keep up with changing market conditions and investor demands.
The Malaysian financial planning industry must broaden their offerings to meet investors’ preference for SRI, invest in technology for more personalised services, and build a skilled talent pipeline for the future.
Here are highlights from his speech:
- The Malaysian economy has continued its recovery path post Covid-19 pandemic with an expansion of 4.2% year-on-year GDP growth in the first half of 2023.
- Compared to pre-pandemic levels, the Malaysian economy is currently more than 6.0% above 2019 real GDP levels and is expected to remain on a steady growth path of between 4-5% in 2023.
- Between 2015 and 2022, the number of financial planning firms increased by 42%, from 31 to 44 firms (as at end 2022). Meanwhile, the number of licensed representatives grew by 145% over the same period to 1,455 as at end 2022.
- The evident growth has been facilitated partly by initiatives championed by FPAM as part of the financial planning industry’s 3-year Joint Action Plan.
- The SC will empower firms and consultants to deliver more comprehensive wealth management offering across the capital market and financial sectors.
- Two financial planning firms have been selected to receive the DIGID awards, a co-funded innovation fund for projects that employ technology to offer new competitive propositions for the Malaysian capital market.
- To attract more talent, the SC will be hosting the Financial Planning Day in October 2023 to showcase financial planning industry and firms to university students.
- Licensed financial planners can capitalise on the announced policies that will facilitate the setting up of family offices in Malaysia.