Chartered Financial Consultant® (ChFC®)
Individuals with the ChFC designation have demonstrated their vast and thorough knowledge of financial planning. The ChFC program is administered by the American College. In addition to successful completion of an exam on areas of financial planning, including income tax, insurance, investment and estate planning, candidates are required to have a minimum of three years experience in a financial industry position.
Like those with the CFP designation, professionals who hold the ChFC charter help individuals analyze their financial situations and goals.
Shareen Han
BANDAR SERI BEGAWAN
Friday, October 19, 2007
TRANSPARENCY is the key for insurance companies in Brunei Darussalam to protect their consumers' interests while pursuing their profit-making motives at the same time, the acting permanent secretary of the Ministry of Finance said.
Achieving sustained business growth and mutual trust between insurers and clients is a real challenge that requires the "adoption of a long-term perspective," said Hj Bahrin Abdullah during the launch of Brunei's Insurance Day 2007 yesterday.
"(There is) an urgent need for insurers and insurance intermediaries such as agents and brokers, who are key front-liners in the industry to better educate the mass, with a view to developing the market for sustainable long term growth," he said.
He explained that educating the public is vital in helping them to understand the protection and risk management procedures involved in the insurance industry.
With Brunei observing its first ever Insurance Day, it would raise awareness and educate the public on the insurance industry, its business and products, and the important role that it can play in economic and societal development, the acting permanent secretary said.
Organised by the General Insurance Association of Brunei Darussalam, he said that Insurance Day 2007 would also help insurance companies to capitalise on the opportunities that are available in the market, as Brunei has yet to benefit from other segments of insurance, apart from motor insurance.
Hj Bahrin added that the theme for Insurance Day is 'Insurance Protect' or 'I-Protect', which will act as a catalyst that would enhance a better understanding of the underlying concepts and methods of protection against risks through insurance.
"The theme also stresses on how important insurance is to all walks of life and it is an integral part of any financial and wealth management programme," said David Wong, representative from General Insurance Association of Brunei Darussalam.
"The first Insurance Day in Brunei is a historical first, where you will find total collaboration amongst all the insurance community, be it life, non-life or takaful (Islamic insurance) operators," he told about 50 guests at Sheraton Utama Hotel. He said that the introduction of Insurance Day is timely, as it will help to create greater public awareness, thus increasing opportunities for both life and non-life businesses.
It is hoped that Insurance Day would not only increase public awareness in various insurance products but inform youths on the available job opportunities in the insurance industry, he said. Wong further pointed out that the formation of an umbrella association of life, non-life and takaful operators may be needed to tackle future challenges in the industry, including addressing ever changing consumer needs.
Insurance Day is celebrated every October 18 after its declaration from members during the East Asian Insurance Congress last year.
The Brunei Times
BANDAR SERI BEGAWAN
The bank has noted an increase in the number of customers seeking assistance in wealth management.
Bank chief executive officer Tiew Siew Chuen said that SCB strives to instil in prospect clients awareness of financial management and planning by holding seminars for people from all walks of life, including schoolchildren.
"More young people who've only started working for a year or two are quite well versed in the investment market they actually come in to start investing," the chief said.
"The general response is that many of our customers are pleasantly surprised at the broad range of products we offer, as many don't realise that banks in Brunei have a broad range (of products)," she said.
Tiew explained that after conducting seminars bank wealth managers see participants visiting the bank to enquire more and start investing in the products they offer.
SCB boasts the largest selection of unit trusts in the market, with more than 150 funds from more than 19 fund houses. It also has a wide choice of capital guaranteed funds, equity funds, balanced funds, bond funds, money market funds, bond funds, money market funds, and real estate investment.
"Dont put your eggs in one basket. You have to divide what percentage of your wealth should be in multi-currency and what can be put in unit trust," Tiew said.
Other factors the bank takes into account when helping customers to make a more informed decision is by asking what they are planning for so that SCB financial planners are able to work out a model to meet the needs of individual customers.
To further improve its service, SCB has enrolled five staff officers to undertake the chartered financial consultant (ChFC) course which is held in Singapore.
"I believe that we are the only bank in Brunei to have done so," Tiew said, confident that this will help boost their wealth management services further.
The Brunei Times
