Financial Planners: New generation of financial planners

It is no secret that the financial planning industry will have to go through a digital overhaul. Marshall Wong, a licensed financial planner at FA Advisory Sdn Bhd who goes by the moniker Plannerd, shares that the adoption of technology has increased significantly, from how financial planners communicate with clients to methods that people use to invest.

The purchase of financial products — such as those from insurance companies and fund houses — can now be done remotely, making it easier for financial planners to offer them to their clients, says Marshall.

Covid-19 has also become a catalyst for all financial planners to rethink their online presence. Besides maintaining the connection with their clients offline, financial planners also need to make their presence felt online to counter non-licensed financial gurus who have popped up during the pandemic, says Marshall.

"As financial planners, we will need to step up our online game to reach out to people and provide correct information." - Marshall

“Licensed financial planners don’t really have a strong online presence compared with financial gurus who are not licensed, and there is no legal requirement to become a financial educator. Some financial gurus are asking people to invest their savings in the EPF (Employees Provident Fund) without understanding their current financial position; this is very risky for the investor and is not right.

“So, as financial planners, we will need to step up our online game to reach out to people and provide correct information because, whatever advice we give, we owe our clients a fiduciary duty and we have their best interest in mind,” Marshall stresses.

Having an online presence also secures a financial planner’s “digital trust”, he says, because people generally look up a financial planner’s profile before engaging him or her online. This provides opportunities for financial planners to reach those who are based farther away. “I managed to onboard a client from Melaka during this period,” says Marshall.

Robo-advisers gained popularity during the MCO period, especially among the younger generation. Marshall says a financial planner must understand how robo-advisers work and see how he can use them to complement his services instead of competing with them. “What I believe is robo-advisers can be a part of the financial planning tools — meaning, a financial planner can suggest a robo-advisory investment method if the need fits.”

During the MCO, Marshall started creating more content for his blog and social media pages. From there, he learnt that people valued content on financial awareness, such as how to claim unclaimed money.

According to analytics generated on his various platforms, Marshall has managed to capture the younger market — those aged between 25 and 34 — which accounts for 40% of his online views.