013. Qualification for financial planner in Malaysia

013. Qualification for financial planner in Malaysia

In Malaysia, the qualification to become a financial planner was to be a certificant of Certified Financial Planner (CFP) or Registered Financial Planner (RFP). Both has to go through study and exmination.

After passing the exam, then individuals has to be registered with Securities Commission, through a financial planning firm, to become licensed Capital Market Services Representative's Licensee (CMSRL).

Only with the CMSRL license, a person can start to practice financial planning activities.

Qualification wise, to completed CFP and RFP, one has to complete 6 modules and 7 modules respectively. Some can complete them in a short span of 1.5 years, most will complete them after 2~3 years or even longer.

In its effort t promote financial planning industries, Securities Commission has, on Nov 2014, revised its Licensing Handbook. The minimum academic qualification to become apply for CMSRL licensed has been revised to

• The Certified Financial Planner (CFP) / Islamic Financial Planner (IFP) qualification and a member of FPAM; or
• Foundations in Financial Planning (Module 1), Investment Planning (Module 4) & Retirement Planning (Module 5), attend a Familiarization Programme on Financial Planning Construction and Professional Responsibilit ies and become an Associate Member of FPAM, or
• The Registered Financial Planner (RFP) / Shariah Registered Financial Planner (Shariah RFP) qualification and an ordinary member of MFPC; or
• Complete a minimum of 3 modules specifically Fundamentals of Financial Planning (Module 1), Investment Planning (Module 3) & Retirement Planning (Module 6 ) , obtain a Certificate of Proficiency in Financial Planning and bec ome an Affiliate Member of MFPC.

Then, we see Financial Planning Association of Malaysia (FPAM) compressed its CFP course from 6 modules to 4 modules. It is now faster to complete the full course.

On the other hand, Malaysian Financial Planning Council (MFPC) also re-packaged their course to make students easier to identify the modules they need to take.



With such changes, I believe, government's effort to push for licensed financial planner will surely bear fruit. More students will get their academic qualification faster, and be in the industry faster.

Government's vision for Malaysia to be a developed nation will create many high net worth individuals (HNWI). HNWI may need professional advice for their financial related planning, and may not mind to pay for advice they received.

I strongly urged my fellow friends and all agents to take up the certification faster. I hope we all can grow together with the nation.