Australian financial planners struggling to come to terms with the post-Royal Commission environment and the Financial Adviser Standards and Ethics Authority have an option – they can move offshore.
Financial planning business broker, Paul Tynan, is pointing to opportunities in Malaysia and has highlighted a self-licensed, holistic financial planning business based in Kuala Lumpur which is looking to recruit Australian financial planners.
Tynan is up-front in acknowledging a commercial association with the Malaysian business but believes moving offshore may be an option for some Australian financial planners who are feeling overwhelmed by change and the tightening Australian regulatory environment.
He said that the Malaysian business had adopted many of Australia’s best practice planning techniques, such as the provision of Statements of Advice (SOAs) even though this was not required under Malaysian law.
“This opportunity would suit any Australian financial planner who is seeking a lifestyle change and doesn’t want to be bound by the over-regulation and education requirements in Australia,” Tynan said.
He said the Malaysian business would support interested Australian planners by providing them with a client base and back-office services.