What is a Licensed Financial Adviser?
Licensed Financial Advisers (LFA) are unbiased professionals who can give financial related advice on and distribute financial products across the market locally and globally.
What are the Obligations of an LFA?
LFAs are obligated to provide clients with the best possible financial solutions based on their needs. The demand for financial advice in Malaysia has been increasing exponentially since the introduction of FA licensing by Bank Negara Malaysia and Securities Commission
How is the FA industry being regulated?
At present, the FA business is currently being regulated by Bank Negara Malaysia (BNM), Securities Commission Malaysia (SC) and Federation of Investment Managers Malaysia (FIMM). A full pledge FA firm requires licenses and approval from all three regulators.
How are Financial Adviser Representatives being appointed?
Financial Adviser Representatives (FAR) are individuals appointed by an FA firm to conduct financial services under its license. Currently, Malaysia has the tightest entry requirements for FAR appointments. Individuals who wish to join the FA industry must hold a RFP or CFP qualification and fulfill all fit and proper criteria guidelines as defined by the regulators. FARs must also gain approval from the regulators before an FA firm can appoint them as representatives.
How do we know if Legacy representatives are qualified to assist me?
At Legacy, we have three different classes of representatives (learn more about our FAR selection). Each class is qualified to provide certain financial advice for specific clientele. Legacy Advisory has a strict internal training policy which our representatives must comply to. Legacy Advisory takes into consideration the experience and knowledge gained before promoting our representatives to senior and principal levels.
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