How to become a Unit Trust Consultant/Agent in Malaysia?

I’ve always wondered what is it like to become a unit trust consultant in Malaysia?

For those who are involved in the industry, do share your thoughts and ideas.

Some questions that need answering:

1. How to apply?
2. What training program does one need to go through?
3. What ongoing training does one need to go through?
4. Income prospects.
5. Can one become a part-time unit trust consultant and still be successful.
6. What is it like becoming a unit trust consultant?
7. What prompted you to become a unit trust consultant?
8. What prompted you to join the organisation you are in now?

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Disclaimer: This article is not a specific nor general advice on managing or investing your money. This article does not constitute a recommendation nor does it take into account your investment objectives, financial situation nor particular needs.

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About nadlique

This blog is about the journey of a 28-year-old Malaysian towards financial freedom. This blog was started back when the blogger was 21 years old. However, his journey towards financial freedom had begun way before that. Materials such as investing, business, entrepreneurship, equities, and real estate are presented. The author also posts his thoughts and observations on life in general.

Comments

  1. 1. approach any unit trust agents. they actually can hire to expand their group. looking at your portfolio, i’m sure u have an agent with public mutual

    2. it depends on the UT company itself. as for ours, they prepare lots of training programme for all level of unit trust consultants.

    3. also depends on the UT company and your group. if the group is active, they will prepare all sorts of training base on their own initiatives.

    4. based on commission structure of each UT company. basically its around 2.5% to 3% of total sales

    5. of course you can. there are certainly many out there

    6. its fun for me to help friends in need of advise on investment subjects if u are really interested in it.

    7. I wanted to know more about UT. i became an agent and start attending all sorts of training provided to learn more. selling to others was not my motivation. i wanted to manage my investments better.

    8. because it carries a huge impression to the general public. in order to sell, u really need a good recognized brand to make it easier.

  2. Thanks for the info Redza.

  3. Jimmy Tan says:

    email me , if you want to become an agent jims988@yahoo.com

  4. mohd osman says:

    Hello,

    just wondering if you need to register or sign some sort of contract in order to become a unit trust consultant … for example, let say I want to be a consultant with public mutual fund, do i need to register with them?

  5. Hi maybe i could be of help.

    1. How to apply?
    First you must register with a “Institutional Unit Trust Adviser” or “IUTA” for the list of IUTA’s you can find it here http://www.fmutm.com.my/contents.asp?sid=100063&cid=100058&zid=100009

    The requirement is as follow:

    -You must be 21 years old and above.
    -You must possess at least a SPM qualification with 4 passes, or a Diploma/Degree from a local or overseas university.
    -If the company has an agency structure then you must be enrolled by an the IUTA’s Agency Supervisor, Agency Manager or Group Agency Manager.
    -You must pass the FiMM (Federation of Investment Managers Malaysia) examination.
    -Some IUTA’s have their internal examination for you to pass in the case of CIMB Wealth Advisors you must also pass the Product Fundamental examination within 6 months upon receiving your Agency Code.

    What are the fees incurred?
    -Total fees incurred are RM288 (effective 17 Feb 2009). The breakdown is as follows:
    -FiMM Fees – RM170
    -FiMM administrative fees – RM68
    -Sales Kit – RM25

    Note that the fees above does not include trainig fees and this might differ as agencies also conduct their own training. This might differ between companies especially on the admin and other fees but the FIMM fees is standard. Most companies nowadays don’t just do unit trust only as they also do insurance/takaful and estate/will writing since the commission for unit trust is very low therefore other examination fees might be needed.

    2. What training program does one need to go through?
    Sales training by company and agency. Product and etc. Training is continuous all year long.

    3. What ongoing training does one need to go through?
    Nobody stops learning. :)There is no compulsory training but usually ongoing trainings are like Financial Talks, Product Trainings, Motivational, Sales Training, Conventions etc.

    4. Income prospects.
    -EPF Unit trust commission for equity fund is around 1.5-2.0% depending on your rank
    -Cash investments for equity funds is around 3% depending on rank
    -Insurance and estate planning commission is much higher. I don’t think i’m allowed to disclose that 🙂

    5. Can one become a part-time unit trust consultant and still be successful.
    You can be part time consultant. But successful depends on your definition. In monetary sense i would say you can make a good additional income but still depends on you hard work. An average part time consultant who makes an average sale of 100k per month can get around ~Rm 2,000.

    6. What is it like becoming a unit trust consultant?
    Meeting clients and sharing about investments. Basically it involves training, prospecting, selling and servicing. Once you get the hang of it people will start to refer their colleagues and friends.

    7. What prompted you to become a unit trust consultant?
    Financial freedom, passive income, great support and culture from the agency. I first came to know about the business when i read The Star article about the Millionaire Sisters. The agency i come from are full of positive and energetic people so its a good place to be at. Everyone is striving for their goals and dream. You can visit our site at http://www.millionairesisters.org

    8. What prompted you to join the organisation you are in now?
    Well we are one of the biggest financial organisation from CIMB and we’re a complete financial service company as we don’t just have Unit Trust for our clients. We also have Insurance, Takaful and Estate and Will Planning services.

  6. salam to all,
    u can take a look at my website to get some ideas on how to become an agent.
    thanks 🙂

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