This article first appeared in The Edge Malaysia Weekly, on October 31 - November 6, 2016.
HOMEGROWN advisory companies have just as much expertise as their foreign counterparts when it comes to managing the wealth of millionaires in Malaysia, says Phang Kar Yew, managing partner at YYC Harveston Wealth Advisory.
“Independent financial advisers (IFAs) like us now have access to many types of financial products, including offshore platform providers. And in many ways, we have more resources than a single label [financial services] outfit.
“Other than having an advanced regulatory structure in terms of our compliance and regulatory environment, what we have is pretty much in line with the global players. We are emulating the best experiences of the wealth management in countries in America and Europe, without going through the same risk exposure they did in 2008/09. Also, due to regulations [introduced by] Bank Negara Malaysia and the Securities Commission Malaysia, [the retail market] is also insulated from toxic assets.