KUALA LUMPUR: Whitman Holdings Bhd plans to expand its retirement advisory services nationwide and strengthen its talent pool following its listing on the LEAP Market of Bursa Malaysia, positioning itself to tap growing demand as Malaysia moves towards an ageing population.
Managing director Yap Ming Hui said the listing marks a strategic step in scaling the company’s advisory capabilities, expanding its workforce and raising awareness on retirement planning among Malaysians.
“The main reason we listed is to build a stronger platform for the company, so that we will be able to expand our team, strengthen our advisory capabilities and reach more Malaysians,” he told reporters after the listing ceremony today.
Yap said the group intends to hire more staff, improve its advisory framework and expand its presence to other states over the next three to five years. “We need to employ more staff, strengthen our advisory tools, processes and framework and expand our services geographically so that we can cater to a larger group of people.”
A key focus will be talent development, as Whitman seeks to position itself as a preferred platform for training financial planners and retirement advisers.
“Our focus is to attract more candidates and produce more qualified financial planners, especially in retirement planning, so that we can support the growing needs of Malaysians,” Yap said.
The listing enhances Whitman’s profile and credibility, enabling the company to reach more clients and play a larger role in addressing Malaysia’s retirement planning challenges, he said. “If we remain small and low-profile, there are many Malaysians we cannot reach. Listing gives us the platform, visibility and resources to grow and contribute more meaningfully.”
Yap said the Employees Provident Fund (EPF) has set a Basic Savings Tier benchmark of RM390,000 at age 55 as the minimum retirement threshold, but many Malaysians still fall short of this level, underscoring the need for better retirement planning and advisory support.
“Many Malaysians believe EPF is enough, but with changing lifestyles and demographics, that is often not sufficient. Proper retirement planning and guidance from licensed advisers are increasingly important,” he said, adding that professional advisory services can help individuals make better financial decisions and avoid scams or unsuitable investments.
Malaysia’s transition towards an ageing society and growing workforce is expected to drive demand for retirement advisory services, presenting significant growth opportunities for the industry.
“The market continues to grow because more working adults will eventually retire, and there is still a gap in integrated retirement advisory services. We believe there is a lot more to be done,” Yap said.
Whitman aspires to eventually transfer to the ACE Market as part of its long-term growth plans.
“I aspire to build Whitman into a stronger institution comparable to other financial services providers. Moving to a larger market in the future will give us more resources to grow and support more financial planners,” Yap said.
Whitman opened at 12.5 sen a share in its debut on the LEAP Market, a 25% premium over its reference price of 10 sen, with a volume of 10,000 shares. It closed at 15 sen, with 60,000 shares traded.
The company, which has been operating for over 25 years, provides holistic financial planning services through its subsidiary, Whitman Independent Advisors Sdn Bhd, including unit trust advisory, private retirement scheme advisory, insurance consulting and will-writing services.
Yap said Malaysia’s retirement advisory sector remains underpenetrated compared with more developed markets such as Australia, the United States and the United Kingdom, providing long-term growth potential.
“We believe there is a big opportunity in retirement advisory in Malaysia, and we are well-positioned to grow the company further,” he said.
Read the news from The Sun, at the following link: https://thesun.my/business/local-business/whitman-plans-to-expand-services-nationwide-enhance-talent-pool-post-listing/