For Immediate Release
KUALA LUMPUR, 16 May 2017 – In light of the public’s growing concern and in response to the staggering number of Malaysians falling victim to money games and scams, Whitman, a leading multi-client family office based in Petaling Jaya, is introducing a new service that will help protect investors from falling for ‘too good to be true’ investment schemes.
At a media briefing today, Yap Ming Hui, Managing Director, Whitman Independent Advisors shared that one of the main reasons why money games and similar scams are rampant and continues to thrive in Malaysia is due to the lack of commitment and foresight from the wealth management industry to enhance their advisory role and provide adequate support to help investors grow their money more effectively.
According to Yap, there are two main reasons why investors fall for money games, get rich quick scheme or investments which are high risk in nature, but packaged and disguised as low risk investments offering not only “guaranteed” returns, but a guarantee on the capital as well.
Firstly, investors are confused. These scheme operators are very Machiavellian. They launch these ‘investment’ schemes in different forms to confuse investors. As a result, investors can no longer differentiate whether an investment scheme is legitimate and safe to invest.
Secondly, investors are not getting what they need from their current wealth management providers.
“There’s a mismatch of what consumers need, with what the financial institutions are trying to sell. They want to be guided to use regulated investments to grow their money with high certainty and achieve financial freedom. However, due to the lack of advisory support from wealth management service providers, investors feel overwhelmed by the choices offered and may not know what actions to take when their investment loses money. Rather than growing money, they may end up losing 20 to 30% of their capital. It’s ironical because of the bad experience, investors now perceive regulated investments as highly volatile and uncertain, and ultimately loses faith in the system. Therefore, some investors end up falling for these money games because they are sold on the idea of fixed return investments that are perceived to be low risk, in addition to the promise of high returns.” Yap remarked.
He remarked, “Call it greed, or being gullible, but there would be less victims from money games if the wealth management industry as a whole, steps up and deliver on their promise of being a one-stop centre that helps their customers address all financial and investment issues at various points of their life. For example, the wealth management industry could provide customers a clear picture of where they stand now and offer a tailored action plan on how to achieve their financial freedom. With this, there would be no need for investors to get involved in unscrupulous money game schemes or take unnecessary investment risks.”
The Launch of Whitman’s Holistic Wealth Management Programme
Whitman is taking the initiative by launching the first Holistic Wealth Management programme in Malaysia.
The programme adopts a proven, proprietary system to grow investor’s money with high certainty, with the ultimate goal of helping them achieve financial freedom. It is a much-needed solution for the industry to address issues arising from gaps in the current wealth management setup that has indirectly led to scamming opportunists.
As part of the programme, a specially-trained wealth manager will be assigned to a client on a yearly retainer basis to assist them at every juncture and financial crossroads. They will assist clients to evaluate various investment proposals to determine its suitability. They will also play a role as a financial bodyguard to help investors fend off scams and illegitimate investments.
In addition, clients will be guided to use regulated investment vehicles to invest in various asset class such as equities, bonds, REITs, and foreign investments to grow their money with high certainty and achieve financial freedom. For example, with proper selection and continuous management of portfolio investments , it is possible to receive an annualised return of between 7-10 per cent with a relatively low volatility over the medium to long term.
Yap added, “As a family office, Whitman spends tremendous amount of time and effort to understand our client’s financial position in a holistic manner, preparing a tailored and dynamic plan with milestones and checkpoints to monitor and review progress. We are bringing the gold standards of wealth management practises into our new service offering, that is the Holistic wealth management programme.”
Yap believes that the ‘full-blown’ Holistic Wealth Management offered by his firm, will provide clients with a piece of mind and help them to make better investment decisions.
He concluded, “It’s time the wealth management industry undergoes an overhaul and reinvents itself to meet consumer’s new and demanding needs. By introducing a holistic wealth management concept, Whitman hopes to be a catalyst and usher in a new generation of wealth management advisory services – Wealth Management 2.0.”
In conjunction with the new service launching, Whitman has initiated a CSR programme to offer a one-hour free consultation to victims of money games and scams. This programme will be offered for a period of one month starting 16 May 2017. Interested parties can contact Whitman at 03 7880-8359 or email email@example.com to learn more.