Friday, September 17, 2010

First Sovereign Advisory to ink more strategic agreements soon

KUALA LUMPUR: First Sovereign Advisory Sdn Bhd (FSA) is geared to ink a host of strategic partnership agreements with selected financial institutions in the next 12 months to provide a platform for financial planning products and services with Islamic values.

Its chief executive officer Anuar Shuib said FSA had partnership agreements in the pipeline and as it sought to provide the financial planning services for various sectors and cater for different clients' needs.

'There will be many more agreements. We will have a few with the trustees, a few with the insurance companies and also takaful,' he told a press conference after the official launch of FSA by former prime minister Tun Dr Mahathir Mohamad on Friday, Sept 17.

FSA is the first Islamic values based financial adviser licensed by Bank Negara and the Securities Commission.

Anuar said the company's strategic agreements with Hong Leong Tokio Marine Takaful Bhd (HLTM Takaful) and iFast Capital Sdn Bhd would enable HLTM Takaful to offer FSA's clients takaful products while iFast Capital was setting up the unit trusts platform.

FSA's primary role, he said, was to provide an efficient platform for its financial advisor representatives (FARs) and Capital Markets Services Representative Licence (CMSRL) by providing a 'plethora of unique products and services' via strategic partnerships.

A bumiputera company, Anuar said FSA's business model was based on a fair sharing formula between FSA and the FAR and/or CMSRL which would translate into a 'win-win' formula that was proven worldwide in bringing financial planning to the community.

He noted FSA was taking a step forward by using Islamic values in its practice to ensure clients were served 'fairly and equitably' in their financial affairs, adding ethics and conduct were among the important principles in Islamic values.

At the retail level, he said FSA could have specialised financial plans for their clients.

'As an Islamic values based financial adviser, we also give Muslim clients financial advice from a Shariah perspective, which is an FSA unique selling proposition,' Anuar pointed out.

"We offer prudent financial planning with an array of other related services like portfolio management and tax planning to our clients," he said.

At the corporate level, Anuar said there was a renewed focus on the importance of company financial planning. He said there were lessons to be learned from the recent global financial crisis and that companies were more aware of prudent financial management.

'Corporations now realise that there is more to be achieved when practising sound financial planning rather than avoiding it,' he added.

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