CIMB Wealth's RM16m move to serve customers better

CIMB Wealth Advisors Bhd (CWA), which sells financial products like unit trusts and insurance through agents, will spend RM16 million integrating its computer system to serve customers better.

Chief executive officer Tan Beng Wah said the company works with different partners to offer the range of products that it distributes, and each partner would have its own computer system.

CWA wants to integrate this into a single platform and consolidate customer information so that it can tailor financial advice to clients, he said.

"This will also put our agents' rewards under one compensation system, ensuring they have the right incentives to sell products according to a customer's need," Tan told reporters in Kuala Lumpur yesterday after unveiling CWA's new corporate identity.



The new system will be put up over the next year and a half.

This year, the company aims to more than double insurance sales to RM25 million in first-year premium. Sales of investment and unit trusts are projected to jump 50 per cent to RM1.6 billion this year, Tan said.

CIMB as a group manages about RM26.2 billion currently, including unit trusts and institutional funds. The company also offers credit cards, structured investments and estate planning services.

CWA is part of CIMB Group Holdings Bhd, the second biggest bank in Malaysia. It has partnered AIA Bhd, the local unit of the US insurer, to sell insurance plans. It recently applied for a financial adviser licence, which will allow it to sell insurance and takaful products from more than one provider, Tan added.