This article first appeared in The Edge Malaysia Weekly, on October 31 - November 6, 2016.
HOMEGROWN advisory companies have just as much expertise as their foreign counterparts when it comes to managing the wealth of millionaires in Malaysia, says Phang Kar Yew, managing partner at YYC Harveston Wealth Advisory.
“Independent financial advisers (IFAs) like us now have access to many types of financial products, including offshore platform providers. And in many ways, we have more resources than a single label [financial services] outfit.
“Other than having an advanced regulatory structure in terms of our compliance and regulatory environment, what we have is pretty much in line with the global players. We are emulating the best experiences of the wealth management in countries in America and Europe, without going through the same risk exposure they did in 2008/09. Also, due to regulations [introduced by] Bank Negara Malaysia and the Securities Commission Malaysia, [the retail market] is also insulated from toxic assets.
This article first appeared in Personal Wealth, The Edge Malaysia Weekly, on April 4 - 10, 2016
Malaysian women have made great strides in financial and retirement planning over the past few decades, but more needs to be done. According to HSBC’s report on the
Future of Retirement: A Balancing Act, released on March 18, many Malaysian women (69%) are unable to save enough for a comfortable retirement because of their more pressing financial obligations, such as mortgages and other debts.
Annie Hor, a financial planner with Harveston Financial Advisory Sdn Bhd, says while she has observed a heightened awareness of financial planning among Malaysian women in general, those who are single and below 30 tend to be less concerned about their financial situation.
“Many married men leave the financial matters to their wives, such as paying the household bills or their children’s education. Hence, women have become more empowered and are looking into financial planning not just for themselves but also their spouse,” says Hor.
Single women who are already in their thirties tend to take more ownership of their overall finances, she adds. “When you are single, you really have to depend on yourself and ensure that there is no gap in your planning.”