Having a CFP or CFA (more related to finance rather than personal financial planning) does not automatically make you a practicing financial advisor, ie: having the right to charge advisory fee. The CFP graduate still requires a CMSRL.

You will notice nowadays a lot of unit trust agents or insurance agent carry the designation of CFP or RFP but they are not licensed to charge an advisory fee unless they have a CMSRL.

The person you are describing is a fee only financial advisor. Check out MyFP Services Sdn Bhd. To my knowledge they are the only fee only advisor in Malaysia.

Best,
Jiansheng

I believe they have piecemeal services and focus on insurance. In fact they even refund the commission to you.

I can put you in touch with one of their advisor if you want.

I'm not sure myself lets wait for Ramjade to inform us.

Benefits most likely different.

Better source is on Securities Commission website for entity/individual licensed for financial planning and BNM for list of approved financial advisers.

Some of the firms listed are not licensed to provide financial planning as a service so I’m not so sure what’s the authority and legitimacy of that list.

BNM Financial Advisers (FAR) means you are able to access multiple insurance companies and provide them to your clients. It does not mean you are licensed to provide financial planning services. That requires a CMSRL from SC.

Ya. Confusing. I know.

Haha.

This post has been edited by Holocene: Jan 6 2023, 10:50 PM