President address by Alfred Sek – AFA Inaugural Conference 2012

President AFA,

at the launch ceremony of AFA   

at Lanai Kijang, Kuala Lumpur on 31 October 2012

Our guest of honour, Deputy Governor of Bank Negara Malaysia, Dato Muhammad Ibrahim. Executive Director Strategy & Development of Securities Commission, Mr Goh Ching Yin. 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 and Practitioners, Distinguished Guest, Ladies and Gentlemen.

A Very Good Morning!

Today is a very significant and historic day for AFA as we are now the official body to represent the united voice of all Financial Advisers (FA) firms in Malaysia. AFA is an association run by the members for its members. AFA may be new in Malaysia, but it has been in existence for more than half a century in many developed countries.

With the formation of AFA, we are now entering an exciting new era to unite all the FA firms to share our expertise and resources to address the common issues and challengers together under one platform, one voice, in 1 Malaysia.

AFA Malaysia will be the association to benchmark the industry best practice model and also to spearhead the changes in the Malaysian financial planning landscape to be in line with Bank Negara Malaysia’s Financial Sector Master Plan and the Securities Commission Malaysia’s Capital Market Master Plan.

In today’s financial market, consumer confidence is the key to the growth of our financial services industry. Therefore, AFA strongly supports the regulators’ initiative on consumer protection regulation as it is crucial to have the consumer confidence in our financial market.

Therefore we feel that it is essential to have a prudent approach on such regulations applied fairly across all financial intermediaries’ distribution channel to ensure its effectiveness.

The financial planning industry in Malaysia is still at its infancy stage as compared to some other countries. At this stage of development, we hope our regulators would focus on measures that would promote the growth of the FA industry and at the same time ensure that consumer interests are not compromised.

At such, regulations can directly impact the business practices of today’s FAs.  AFA, which represents the united voice of all the FA firms in Malaysia have three very important wishes that we would like to see it happen soon.

Firstly, our wish is to work with the regulators to harmonise the existing regulations towards adopting a single licensing framework for the growth of the FA business.

Secondly, our wish is to have an effective and efficient regulatory system that minimises the regulatory burden and cost of compliance for all the FAs.

Our third wish is to have to a fair playing field for all financial services intermediaries to co-exist in the best interest of consumers.

Our goal is to work closely with the regulators to promote a sound regulatory system that allows financial advisers to fully meet the needs of consumers in today’s competitive market.

AFA’s purpose is to help our members build their business and the vision is to be the most effective voice to represent all FAs in Malaysia. Its mission is to develop professional strategies with members to make a difference in the lives of FAs. The philosophy of AFA is that we are dedicated to transform lives through proper financial advice.

AFA Objectives are:

  1. To create a professional and conducive environment for the licensed FAs.
  2. To provide an interactive platform for our members to address all practise issues, guidelines and regulations.
  3. To structure a uniform best practices standards for our members.
  4. To build a platform for all stakeholders to work together in growing the financial services industry.
  5. To protect consumers’ interest by working with other related agencies to provide education and awareness.

These are our objectives!

Financial Advisers in Malaysia are a group of passionate people, who work hard to create value and help people to achieve financial freedom.  In the process, we are able to transform lives of Malaysians through a proper financial plan. Therefore, AFA believes that in this challenging financial environment, FAs can play an important role to make a difference for the consumers in Malaysia.

With this, I strongly believe the future for Financial Advisers in Malaysia will be very bright and it will be so bright ladies & gentlemen that you may have to wear sun glasses to meet your clients.

Going forward, AFA will be committed to do it’s best to make financial advisory a profession of the highest standing with great respect from the Malaysian public.

In conclusion, I would like to give a special thank to our Guest of Honor, Deputy Governor of Bank Negara Malaysia, Dato’ Mohammad Ibrahim, for gracing today’s occasion. I would also like to express my sincere appreciation to all our speakers, special guest, generous sponsors, supporting organizations, delegates, organizing  committees, and all those who have contributed to make this conference a success.

May I also wish at the end of today’s session that all of you will have a clearer understanding on the financial planning industry. Let us work together towards charting new frontiers and making FA The Future!    Thank You.


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