KUALA LUMPUR: Monetary planners must embrace know-how to higher serve their purchasers, as digital instruments can improve the effectiveness and effectivity of their providers, in addition to improve their attraction to extra technology-savvy buyers such because the youthful era.
Citing an instance, Securities Fee Malaysia chairman Datuk Seri Dr Awang Adek Hussin stated in line with a survey by the Institute of Capital Market Analysis, millennials and Gen Zs are extra inclined to make use of robo-advisory providers, however as their portfolio grows, they would like to work together with a human advisor.
“This implies that robo-advisory providers could be complementary instruments to monetary planners to get extra folks to start out investing early, and subsequently, planners can ship extra personalised providers that require a human contact.
“That is particularly as buyers’ wants evolve and develop extra subtle over time,” he stated in his keynote handle through the Malaysian Monetary Planning Council (MFPC) Skilled & Ethics Discussion board 2022 that happened earlier at present.
As such, Awang Adek stated monetary planners shouldn’t view robo-advisory providers and different technology-driven providers as their competitors.
“By attracting new buyers, they will co-exist with providers that supply extra bespoke recommendation. Because the pool of buyers grows with extra numerous wants, this can in the end feed into your companies in addition to the broader trade,” he stated.
He added that within the present age of digitalisation and disruption, it was heartening to notice that the MFPC was rethinking its e-learning administration system, and hoped that the transfer would additionally assist the expansion and promotion of Shariah Monetary Planning to native and regional markets.
“In an effort to promote monetary planning as a profession path, the trade has obtained funding from the Capital Market Improvement Fund of RM1.5 million, in addition to funds for Capital Market Companies Consultant’s License scholarships.
“I urge practitioners and MFPC to utilise this funding correctly to develop high-quality {and professional} monetary planners of the longer term,” he stated. – Bernama