For the very first time, Annual Financial Planning Signature Conference (AFPSC) 2016, was held at Sasana Kijang, Bank Negara Malaysia, yesterday. The first of its kind event was jointly organised by all regulator-recognised financial planning associations in Malaysia, namely, Financial Planning Association (FPAM), Association of Financial Advisers (AFA), Malaysian Financial Planning Council (MFPC) and Malaysian Financial Advisers & Planners Association (MFPAA).
The objective of the Annual Signature Conference is to support and build the financial planning profession and work with related financial industries. Each Association will rotate to lead the organisation of AFPSC with FPAM taking the lead in this Inaugural Conference, which addressed current issues facing the profession and strengthen the professional standards of their members to instil trust in the public and attract them to use the services of their licensed and approved members.
“The idea of a collaboration amongst regulator-recognised non-profit organisations in the financial planning and financial advice space was mooted during the SC Industry Dialogue Session in 2015. A series of Signature Conference was agreed upon as one of the many initiatives,” said Puan Hanizah, President of FPAM.
The conference boasts of an impressive line-up of speakers, notably, keynote address by Encik Izlan, Executive Director of Islamic Capital Market & Market Development, Securities Commission, Encik Suhaimi bin Ali, Director of Consumer & Market Conduct, Bank Negara Malaysia and Ms Sujatha Sekhar Naik , CEO of Securities Industry Dispute Resolution Centre. Also speaking on the platform are subject matter experts; Encik Mohammad Ridzuan, Director of RHT Compliance on good practices and Mr Noel Maye, Financial Planning Standards Board on global practise standards. There was also a lively panel sessions with experienced and key financial planning practitioners sharing their success stories on how to build a strong foundation in financial planning practises.
President of MFPC, Encik Md Adnan further elaborates, “We consider trust to be a very important subject matter, especially as this is the cornerstone of the work of a financial planner”. This confirms the support and belief of all Associations and its members.
The regulators also play a big role in that investors and consumers constantly look to them to ensure all stakeholders in the industry play by the rules and regulation that looks after everyone’s best interest. This is echoed by Alfred Sek, President of AFA, “We cannot stress enough the importance of strict regulatory enforcement to protect the financial well-being of consumers and the industry.” Sek adds that AFA’s mission is to help raise the numbers of qualified CFPs to 5,000 with at least two financial advisory firms in every state by 2020.
The financial planning profession is indeed a sun-rise profession in the face of the current economic landscape.
Mr K R Raju, President of MFPAA said, “With today’s challenging economic situation and the volatility in the financial market, the noble profession of a Licensed Financial Planner has become more important than ever, to walk with the client hand-in-hand to realise their financial goals and objectives.”
On this note, the integrity of Licensed Financial Planners and Financial Adviser Representatives, the role of their Financial Planning and Financial Advisory firms in installing good practise standards is the foundation in serving the public’s personal financial needs.