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Wednesday, February 21, 2018

3 Years Since I Quit My Engineering Job And Start My Own Business As Financial Advisor!

As many of you would know, I used to be a product regulatory engineer in Keysight Technologies (formerly Agilent Technologies) for 3 years before I quit my corporate job to start my own business as a Licensed Financial Advisor/#YourFinanceDoctor

 Top Advisor under Advisory Fee in 2017

After completing my 2 years Certified Financial Planner® part time course and exam, I was eligible to upgrade myself from being a unit trust consultant/insurance agent to Licensed Financial Advisor (FA) by applying for the licenses from Bank Negara Malaysia and Securities Commission Malaysia. Read more on why I want to upgrade to being a Financial Advisor. Recently, I even gotten myself Shariah Registered Financial Planner (RFP)! 

Those were the days as engineer! 

Throughout the 3 years, many were curious on what business I am into, am I doing well or not, and even asked if I would consider to go back engineering job. I am not going to lie, but these 3 years has been really tough, so much so that it was way beyond my expectations. Nevertheless, I am still going strong and determined than ever, just like the mantra of the Survivor, "Outwit, Outplay, Outlast!". 

Completed both CFP and Shariah RFP


So here are the most commonly asked question and answer.
What business you are into?
Licensed Financial Advisor. I help my clients to achieve their financial goals through proper comprehensive financial plan, which helps them to see the big picture and set both long and short-term life goals. In return, it's easier for them to make financial decisions and stay on track to meet their goals. 


Any difference from insurance agent/unit trust consultant(UTC)? 
Since I used to be both agent and UTC, I know exactly how it is like. A simple multiple choice question exam with just SPM certification, one can be easily qualified. Besides, being financial advisor means I have to resign from any insurance company and unit trust company, and become independent-unbiased advisor that only represents client


How do I know if you are really who you claimed to be?
If seeing is believing... Check out these websites:
Certified Financial Planner (CFP): C005430 (http://www.fpam.org.my/fpam/membership/membership-lists/)
Shariah Registered Financial Planner (RFP): M30012221 

Financial Talk in universities and multinational corporations.

How many FA in Malaysia?
Many people would have thought that they have heard or known about financial advisor, but those that they know are probably insurance agent/unit trust consultant calling themselves financial advisor. In Malaysia, there's only about 600 REAL financial advisor out of 32 million Malaysia's population! In fact, misusing the term "financial advisor" without the license from BNM will be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both. (Section 139, Financial Services Act 2013)


What is your Unique Value Proposition?
There are too many people that are simply selling product and collecting commission. They are driven by the incentive trips and bonuses provided by the companies, to the extent that you would start wondering if they are putting client's interest first or their wallet first

Since a financial advisor does not represents any insurance companies/fund houses (not entitled to any of those incentive trips/bonuses too!), I can sell anyone of them which are best suited to the client. I will need to research the marketplace and recommend the most appropriate products and services available, ensuring that clients are aware of products that best meet their needs and then only securing a sale. 


Is that consider as a business?
Yes, we are required to register with Suruhanjaya Syarikat Malaysia (SSM). In order for Bank Negara Malaysia to give us the license, we will need to provide a statutory declaration where we declared as non bankruptcy and also pass all the "Fit and Proper" criteria.


Do you get a base salary as a financial advisor? 
No I do not. As a financial advisor, we are all self-employed


If not, how do you earn?
I am a Fee-Based financial advisor, where I charge both fees and commissions based on the investment or insurance products I sell. I charge a fee based on client's annual household income and also a fee on asset under my management for my client. 

As far as I know, there is still no "Fee-Only" financial advisor in Malaysia given that the awareness on financial advisor is still far too low. But given the rise of fin-tech, I hope one day I would be fully converted to "Fee-Only" financial advisor.

Being awarded as the Top Advisor in collecting Advisory Fee in 2017.


All in all, I believe in proper financial planning, which by having a comprehensive financial plan, it is the best way to help you to make sensible and informed decisions about money that can help you achieve all your goals in life; it's not just about buying products like a medical card or a saving plan.

Gain control and peace of mind today, contact #YourFinanceDoctor! 
Give me a call: 016-427 0233 or shoot me an email: henrytcx@gmail.com TODAY!

18 comments:

  1. Impress with your new career and you really work hard to achieve your goal.

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  2. wahh.. congratulation.Semoga makin berjaya henry.

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  3. Completely agree with all the basis in financial planning:) And leaving your previous job must have been hard too, but on overall, you have done well for yourself as well. All in all, well done.

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  4. This is great.. no pain no gain. It is a good career with great prospect and from what i've read, you succeded in achieving certifications for your career and it is indeed important for the long term trust and establishment. Congratulation! and wish you a very best in your career :).

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  5. Woww...you memang berani dan seorang yang sangat cekal. Moga berjaya dalam apa bidang yang diceburi.

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  6. Wah,you're so brave to make the risky decision. Glad you'll doing really good in it. Keep it up!

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  7. From engineer to finance advisor a risky decision. But incan see u can do it.. good job!

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  8. You totally make a good decision..cong congratulations..workd hard for better future..

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  9. good luck and congratulations Henry, hope you can be the best in the future :) never regret quitting an engineering job :)

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  10. Congrats! U r doing a good job when u changed ur profession. Work hard and smart ya

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  11. Amazing work there Henry, it was really nice of you when u offered me advise as well!

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  12. Wow.. amazing experience. Good luck for your new job. Boleh la minta advise dari u nanti.

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  13. Congratulations your actions are a good one. I have plans to become a businessman myself but I do not know when to start.

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  14. Wah never know u from agilent. I used to work as chemical engineer too. Too rough n high risk for my health because i was planning to conceive...so i quit..hahaha

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  15. To be success of course u need to be brave to step forward and I could see that you got a great achievement there. keep it up and with your perseverance, for sure more achievements will be coming to you!!

    Racheal

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  16. Ain't easy to get out of the comfort zone and start something new and successfully maintain for years... Keep it up!

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  17. now applies to all taxpayers with accounts at financial institutions or with facilitators which are named, are cooperating or are identified in a court filing such as a John Doe summons. Financial Advisors Sydney

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  18. You're doing what you love.

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