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Personal Financial Planning Industry in Malaysia: A Market Survey

The personal financial planning industry is a young industry in Malaysia. Over the last two decades, financial planners have come a long way to establish a foothold in a highly competitive and regulated finance industry. This study presents the results of a survey on the general public’s understandi...

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Main Authors: Meysam, Safari, Shaheen, Mansori, Sesaiah, Stephen
Format: Article
Published: 2016
Subjects:
HG Finance
Online Access:http://eprints.intimal.edu.my/738/
http://www.iijournals.com/doi/abs/10.3905/jwm.2016.18.4.029?journalCode=jwm
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spelling my-inti-eprints.7382017-03-15T03:48:42Z http://eprints.intimal.edu.my/738/ Personal Financial Planning Industry in Malaysia: A Market Survey Meysam, Safari Shaheen, Mansori Sesaiah, Stephen HG Finance The personal financial planning industry is a young industry in Malaysia. Over the last two decades, financial planners have come a long way to establish a foothold in a highly competitive and regulated finance industry. This study presents the results of a survey on the general public’s understanding about this profession by assessing the impact of five major influential factors on individuals’ intention tohire financial planners’ services. Awareness, acceptability,affordability, accessibility, and assurance are investigated as determinant contributors to such a decision. A structural equation model (SEM) analysis over survey data of almost 500 respondents from various states in Peninsular Malaysia indicates that with the exception of accessibility, all other factors are significantly important. The most critical factoris the acceptability of a financial planning service by the public. The second most critical factor is assurance (trust toplanner), awareness (existence of services), and affordability of financial planners’ services. Our results have policy aswell as industry implications. Awareness-making initiatives by government and policy making central agencies,trust-building behavior by practitioners and financial service providers, professionalism and transparency of practitioners,and competitive rates may lead to a higher penetration of financial planning services in Malaysia. 2016 Article PeerReviewed Meysam, Safari and Shaheen, Mansori and Sesaiah, Stephen (2016) Personal Financial Planning Industry in Malaysia: A Market Survey. The Journal of Wealth Management, 18 (4). pp. 29-35. http://www.iijournals.com/doi/abs/10.3905/jwm.2016.18.4.029?journalCode=jwm 10.3905/jwm.2016.18.4.029
institution INTI International University
building INTI Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider INTI International University
content_source INTI Institutional Repository
url_provider http://eprints.intimal.edu.my
topic HG Finance
spellingShingle HG Finance
Meysam, Safari
Shaheen, Mansori
Sesaiah, Stephen
Personal Financial Planning Industry in Malaysia: A Market Survey
description The personal financial planning industry is a young industry in Malaysia. Over the last two decades, financial planners have come a long way to establish a foothold in a highly competitive and regulated finance industry. This study presents the results of a survey on the general public’s understanding about this profession by assessing the impact of five major influential factors on individuals’ intention tohire financial planners’ services. Awareness, acceptability,affordability, accessibility, and assurance are investigated as determinant contributors to such a decision. A structural equation model (SEM) analysis over survey data of almost 500 respondents from various states in Peninsular Malaysia indicates that with the exception of accessibility, all other factors are significantly important. The most critical factoris the acceptability of a financial planning service by the public. The second most critical factor is assurance (trust toplanner), awareness (existence of services), and affordability of financial planners’ services. Our results have policy aswell as industry implications. Awareness-making initiatives by government and policy making central agencies,trust-building behavior by practitioners and financial service providers, professionalism and transparency of practitioners,and competitive rates may lead to a higher penetration of financial planning services in Malaysia.
format Article
author Meysam, Safari
Shaheen, Mansori
Sesaiah, Stephen
author_facet Meysam, Safari
Shaheen, Mansori
Sesaiah, Stephen
author_sort Meysam, Safari
title Personal Financial Planning Industry in Malaysia: A Market Survey
title_short Personal Financial Planning Industry in Malaysia: A Market Survey
title_full Personal Financial Planning Industry in Malaysia: A Market Survey
title_fullStr Personal Financial Planning Industry in Malaysia: A Market Survey
title_full_unstemmed Personal Financial Planning Industry in Malaysia: A Market Survey
title_sort personal financial planning industry in malaysia: a market survey
publishDate 2016
url http://eprints.intimal.edu.my/738/
http://www.iijournals.com/doi/abs/10.3905/jwm.2016.18.4.029?journalCode=jwm
_version_ 1644541290484858880
score 13.211869

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