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Wealth Management: Do I need a wealth management advisor? How do I select a financial advisor?

As wealth management involves various aspects, you may want to seek professional advice.

There are many institutions offering wealth management services, such as commercial banks, merchant banks, unit trust agencies or entities specialising in financial planning.

However, not all institutions offer a full range of wealth management services.

You should check around, assess their reputation and find out their credentials before you make your selection. For example, financial advisers should be licensed either by the Securities Commission (Malay: Suruhanjaya Sekuriti) 1 for providing advice on securities or by Central Bank of Malaysia (Malay: Bank Negara Malaysia) 2 for financial advice relating to insurance products and services.

The criteria you should consider include:
  • The range of wealth management products and services provided

  • The quality of the wealth management officers, whether the institution has professionals who are knowledgeable

  • The reputation of the institution. Look for one with a good track record


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References
  1. The official website of Securities Commission (SC), Malaysia (Suruhanjaya Sekuriti)

  2. The official website of the Central Bank of Malaysia (Bank Negara Malaysia BNM)


Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)


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Knowledge Base ID :   1442
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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