The Financial Planning Association of Malaysia (FPAM) advises Malaysians with less than RM500,000 to invest through licensed financial planners to avoid potential fraud and unsatisfactory experiences. CEO Linnet Lee emphasizes the importance of understanding regulatory landscapes, particularly for financial influencers and unregulated activities like forex trading.
If you have less than RM500,000 to invest, the Financial Planning Association of Malaysia (FPAM) recommends working with a licensed financial planner to ensure safe and informed investment decisions. FPAM CEO Linnet Lee emphasizes the importance of caution and seeking guidance from licensed professionals to avoid unsatisfactory experiences and potential fraud when diversifying portfolios.
Lee highlights that licensed professionals possess the necessary systems to assess an investor's risk profile and suggest suitable investment portfolios. She stresses the significance of understanding the regulatory landscape for financial activities in Malaysia, emphasizing that financial advisory services are regulated by Bank Negara. Companies must obtain approval to market insurance products and provide comprehensive personal advice tailored to clients' needs.Lee warns against unregulated financial activities, particularly in forex trading, stating that trading forex through unauthorized entities in Malaysia is illegal. She advises engaging only with licensed banks and money service businesses. For stock investments, Lee indicates that Bursa Malaysia and licensed securities companies, including online platforms from investment banks and independent platforms, provide oversight. Property investments are regulated by Bursa Malaysia and the Board of Valuers, Appraisers, Estate Agents, and Property Managers. Cryptocurrency, she suggests, is suitable for investors with moderately aggressive or aggressive risk profiles, urging caution and investment only through platforms registered with the Securities Commission Malaysia. To differentiate licensed financial advisors from online influencers, Lee encourages consumers to verify credentials through official channels. For reliable investment education, she recommends resources like the Bursa Malaysia Marketplace, the Federation of Investment Managers Malaysia, and InvestSmart Fest. Lee acknowledges that legitimate stock traders may advertise on platforms like Facebook or YouTube, but it's crucial to verify their background.
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