(Article featured in Daily Express online newspaper dated May 9, 2007)Kuala Lumpur: Prime Minister Datuk Seri Abdullah Ahmad Badawi said that there was an urgent need to expand the knowledge of financial planning in the country as well-educated investors were more likely to invest for the long term.
I fully appreciate that the investment management industry plays a significant role in mobilising domestic savings, and hence it must be able to think long-term in developing this industry, he said at the Federation of Malaysian Unit Trust Managers Anniversary Dinner 2004 here.
Therefore, industry professionals should be responsible in their role as educators and be able to explain all the basics of good financial planning, he said.
Abdullah said that it was important to remember that the industry had been entrusted with managing the hard earned savings of the people, and had the capability of helping individuals manage their wealth.
With this in view, he said that one of the challenges for the industry was to effectively educate the public to enhance their level of investment awareness.
Industry professionals should carefully explain the benefits of the various investment products available and should also adopt international best practices when serving their customers, he said.
The public's trust is in your hands, and that the authorities will not hesitate to severely punish any abuse of this trust. Always be honest, transparent, and professional when handling customers needs, he said.
Abdullah also urged members of the unit trust community to be highly innovative with their products.
This would bring about the development of products suited for all segments of the nation, including those that will cater to the needs of low and middle income groups.
Abdullah said that there was a strong future for the industry and that the government would continue to support its development and growth, especially in terms of product and service innovation.
Hard work and dedication, as well as keeping the trust and confidence of your investors, is the formula that is required for success in this area, he said.-Bernama
