KUALA LUMPUR, Oct 10 - Effective Oct 11, financial planners with the CMS Licence are eligible to apply to register with the Federation of Malaysian Unit Trust Managers (FMUTM) as Corporate Unit Trust Advisors (CUTA).
CUTA will become the new group of distributors who can market and distribute units trust funds of multiple unit trust management companies (UTMC).Financial planners with the CMS license deal with securities restricted to unit trust products.
In a statement today, FMUTM said the new guideline was formalised after a series of consultations with the Securities Commission and the financial planning associations.It said the group of CUTA will herald a new age for the unit trust industry.
They will be able to assist their clients in asset allocation and advise them on the asset classes to invest to meet their financial goals.It also will be able to offer independent advice required by their clients before they make their investment decisions.
"CUTA's primarily role as a personal financial planner to their clients will not affected even though they are now allowed to market and distribute unit trust products," said FMTUM.Among the requirements to register as CUTA include being a financial planning corporation registered with the SC and having the CMS License.
They should also have a initial paid up capital of RM100,000.00. They also have to represent two or more unit trust management companies.Further details of the registration criteria are available on FMUTM's website.
FMUTM also announced that unit trust agents who are known under the securities laws as Persons Dealing in Unit Trusts are now been renamed as Unit Trust Consultants.Bank and stockbroking firms which have been traditionally called Institutional Unit Trust Agents will know be known as Institutional Unit Trust Advisers.- BERNAMA
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- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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