AFA President Address By Alfred Sek – AFA 2013 Annual Conference

President Speech

AFA 2013 Annual Conference

Financial Advisers The Future – Rise Of The New Wave

Alfred Sek
31 October 2013

Our guest of honour, Assistant Governor of Bank Negara Malaysia, Puan Jessica Chew Cheng Lian. Pengarah Jabatan Konsumer dan Amalan Pasaran of Bank Negara Malaysia, Encik Suhaimi Ali. Officials from Bank Negara Malaysia & Securities Commission. Company CEOs, Members of the Media, Fellow Financial Advisers, Distinguish Guest, Ladies and Gentlemen.

A very happy morning

AFA is now more than a year old and we are indeed very proud to be recognised as an Association to represent all the Financial Advisers in Malaysia by both Bank Negara and Securities Commission. AFA is an Association run by the members for the members. Through AFA, we are committed and united in making FA the Future. Together, we will rise to create the New Wave in this industry, and this will be the theme for today’s conference.

In today’s financial world, change is inevitable and we have to embrace these changes to survive in this competitive market environment. People who refuse to change will be changed. For example, a 100 year-old company like Kodak, fell to bankruptcy because they refuse to change. Therefore to survive in the market place today, we have to change and we can’t be a single product sales person anymore. Even banks have changed to selling insurance and investments other than just collecting deposit to meet the need of its customers.

Changes are happening everywhere in the world, even the financial services industry in Malaysia has changed and we now have the new Financial Services Act 2013 that come into force on 30th June 2013 to regulate the financial services industry. With the introduction of the new FSA and the proposed regulatory guidelines changes, we hope this will be a timely opportunity for those financial intermediaries to change and upgrade themselves to be the future Financial Advisers.

What does it mean to be Financial Advisers?

Financial Advisers are approved by Bank Negara and Securities Commission to provide financial planning advice on a wide range of financial products and services from different product providers to meet the need of the consumers.

As financial products like insurance and unit trust are becoming more sophisticated, the industry now needs full-time qualified and experience professionals to advice the consumers.  Therefore, AFA would propose that the minimum entry requirement guidelines for approved Financial Adviser Representative be reviewed so that we can have more approved advisers nationwide to better serve the demanding needs of today’s knowledgeable consumers.

Whilst the FA business has many positives, it is the journey to scale and achieve profitability that may have taken too long relative to other opportunities. Moving forward with the full support provided by both the regulators and product providers, I strongly believe that the Financial Advisory industry can be driven to greater heights in the future.

AFA has come a long way since it was established one year ago. We have a number of fruitful meeting with the regulators and have also organised two very successful practise management series to enhance the skill and knowledge of the Financial Advisers. The exco committee has been working very hard and we will continue to work hard to make AFA a professional association that will help our members build their business. On top of that, we will also be the most effective voice to represent all Financial Advisers in Malaysia.

So Ladies and Gentlemen, now is the time to ask what can be done by you to make FA the Future. Let us work together towards building a financial advisory industry dedicated to transform lives through proper financial advice for the people of Malaysia.

Like what Martin Luther King once said “I HAVE A DREAM THAT ONE DAY AMERICA WILL HAVE A BLACK PRESIDENT” and here “I HAVE A DREAM THAT ONE DAY MALAYSIA WILL HAVE FINANCIAL ADVISER AS THE NO.1 CAREER”. I hope my dream will come true.

AFA would not have achieved so much without the support of its members and the commitment of our Exco committees. I would like to take this opportunity to give my salute and sincere appreciation to all of them. So Ladies and Gentlemen, can you please join me in giving them a round of applause. Thank you

Before I conclude, I would like to give a special thank to our Guest of Honor Assistant Governor of Bank Negara Malaysia Puan Jessica Chew Cheng Lian, for gracing AFA conference. I would also like to express my sincere appreciation to all our speakers, special guest, generous sponsors, supporting organisations, participants, organising committees and all those who have contributed to make this conference a success.

Hope today’s conference will be another ground breaking event for AFA in making FA The Future for the Rise of The New Waves.

Thank you..

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