Not necessary.
A full licensed advisor/planner get to advice clients on a holistic basis, from financial plan, investment, insurance and covers all the eight pillars of personal financial planning.
However, certain FP/FA firms allow advisors to join as partial license advisors, but their scope or role as an advisor will be discounted.
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. However, he/she can still maintain his/her business for non-investment related services, for example insurance business with current insurance company.
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. However, he/she can still maintain his/her business for non-insurance related services, for example unit trust business with current unit trust company.