What is the function and role of a financial planner

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The function or role of a financial planner is to provide a holistic solution to the desired plans. For example, if they want to retire planning, then they are advised on the amount of savings they should have and enough to cover for the rest of their retirement life. Otherwise, there is a possibility that they will have to work at dusk.

Whether you have strong finances or not, it is very important that you pay attention to analyzing these parts of finance:

  1. Self financial analysis – analysis of financial positions such as cash flow and net worth and from there the financial planner will obtain a financial ratio for further action.
  2. Personal Financial Planning – What is your current financial statement? And how to calculate the financial statement in the future? What is the financial ratio of debt to your income?
  3. Retirement Planning – How much should you have at your retirement age? When you no longer have active income? What if you can no longer retire at age 55 due to insufficient funds?
  4. Investment Planning – What is the right investment platform for you based on your level of risk acceptance? Is Unit Trust right for you? What about Sukuk / Bond, Money Market and others? What about asset class and regional equity funds?
  5. Risk Planning – Insurance / Takaful. Licensed Financial Planner through certain firms has access to many insurance companies (such as insurance brokers). Life insurance – 11 companies, general – 12 companies and takaful – 6 companies. Many of these companies have the advantage of being an option, which is a suitable option to be given to the client based on what the client wants. As is well known, risk coverage in case of death, disability or disease where the cost of treatment is all high and this will erode your money so you have to ask for help from others and work. It is important for FP to think about takaful / insurance coverage to prevent financial leakage.
  6. Estate Planning – Planning Wills, Grants, Inheritance and others. This includes waqf. Seems insignificant but if not planned then property and wealth cannot be passed down or bequeathed to heirs.
  7. Education Planning – How to calculate the amount you should provide for your child without interrupting your cash flow while your children are studying at the University level.
  8. Tax Planning – This is related to the usual income measure. How to make sure you plan income tax so all tax relief can be obtained further avoid financial leakage. You know how to save the receipts you should have and also how to use a credit card as a medium for trace your receipts.
  9. And various other planning required such as pilgrimage planning, income replacement planning and others.

For more information about Financial planner Malaysia , please visit https://www.vka.com.my

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