An Interview Wth A Financial Planner.
An interesting article to read esp. for job seekers and student....(has been edited for Happy Reading)
Q : When and How It Started?
Q : When and How It Started?
A : I was just 11 years old when I learnt about the importance of managing my personal finances. When I was in school, I always had a budget for my expenses. I understood that I should not spend beyond my means. I was happy whenever I saw my money accumulating at the end of each month.
My father, who was a dentist, was not very savvy about managing his money. As a result, my family encountered financial difficulties after my father died when I was five. What happened to me as a young kid helped shape my character and gave me the discipline that later led to becoming a financial planner.
Q : My Qualification?
A : I graduated with a Master of Philosophy (Finance and Management Studies from Cambridge University
Hence, when I decided to work as a part-time unit trust agent, people around me were quick to pour cold water on the idea. They asked me why I wanted to become an agent even though I have a master's degree. Then I’ve set up my own financial planning company in 2000 and has about 200 consultants.
Q : My job involves?
A : Providing my clients with advice on investment planning, cash flow planning, debt management, risk management, estate management and retirement planning. I look at trends, research reports and talk to asset managers.
Firstly, I will ask my clients to state their investment philosophy, which is an important step in investment planning. They need to tell me how much money they are willing to put in and what are the things that they are not comfortable with to set their parameters.
I look at my clients’ needs and wants. I don’t push products. As there are many scams around, I caution my clients on how to detect them. If something sounds too good to be true, it is not true!!!
They will also be asked to review their philosophy annually and their investment portfolio every three to six months. As investment involves hopes and fears, it can be very emotional. Some clients start talking about their personal problems. For example, they may be facing life-changing events such as getting a divorce or leaving a job.
Q : My morning starts off with?
A : Alerting my clients and keeping them informed on their investments. I also send my clients emails to keep them updated.
Q : To qualify, you need?
A : To be a certified financial planner and take the Certified Financial Planner (CFP)programme that comprises six modules. After completing the first module, you may practice as an associate financial planner or work for a financial planning company to get some experience.
Q : The best person for the job is?
A : You must comfortable with figures and has the passion for educating people to do the right thing. A financial planner must also have good EQ (Emotional Quotient). I know some of the new ones who have just joined the profession feel guilty when a client loses money. Also, the person needs to have good discipline and time-management skills.
Q : Prospects for the future?
A : Future Prospects is good as the market has just started growing in Asia and Malaysia
Q : I love my job because?
A : I can educate and make people more aware of their rights. I am happy to hear people say, “I’ve learnt something from you.”
Q : What I dislike most?
A : We’re not God. We can’t predict the future and prevent events like September 11 from happening. Sometimes there are clients who blame you for giving bad advice. I believe clients should also play an active role and be responsible for their investment wealth.
Q : A millionaire by 30?
A : I’m not sure if you should use the word “millionaire” but the starting pay for a new full-time financial planner ranges from RM2,000 to RM5,000 per month depending on how hardworking he is.
