A full license financial planner/advisor must hold 3 main licenses, which are FIMM UTC license, SC CMSRL license and BNM FAR license.
Anyone who would like to join a FP/FA firm to offer investment-related services must hold FIMM UTC license and SC CMSRL license. If he/she is currently a financial advisor/planner or unit trust consultant, he/she will have to resign from his/her existing company to join the FP/FA firm.
On the other hand, anyone who would like to join a FP/FA firm to offer Insurance-related services must hold BNM FAR license. If he/she is currently an insurance agent, he/she will have to resign from his/her existing company to join the FP/FA firm.
Compliance officer from the financial advisory firm will guide the new advisors to prepare the checklist of documents to submit for licensing application.
The FP/FA firm would also be able to advise the new advisor on how to transfer or move his/her existing business or clientele to the new FP/FA firm (if applicable).
If one is not qualified to apply for either CMSRL or FAR license yet, he/she must at least pass one module of CFP/RFP qualification to join the FP/ FA firm as an Apprentice. (Remarks: Exemption of module(s) from CFP/RFP qualification is not considered as passed the module).
Glossary:-
FIMM: Federation of Investment Managers Malaysia
UTC: Unit Trust Consultant
SC: Securities Commissions
CMSRL: Capital Markets and Services Representatives License
BNM: Bank Negara Malaysia
FAR: Financial Advisor’s Representative
CFP: Certified Financial Planner
RFP: Registered Financial Planner