DSC_31311234_edited.jpg
DSC_31231234_edited_edited.jpg
DSC_31171233_edited.jpg
 

Frequently asked questions

ABOUT PERSONAL FINANCE

What is a Personal Financial Consultant?


Personal Finance Consultation takes place when the client decides that he/she wants to start the journey of financial planning or managing money in a more efficient manner. This is needed to be able to reach one or multiple financial aims in their life. Typical financial aims such as preparing for the marriage, children’s tertiary/university education, starting a business, retirement (life post work) and the all crucial planning for the different stages of ageing.




Why is Personal Finance Consultant important to you?


We, the consultants, have the right skills and training to be able to understand your needs and financial aims. This way we can tailor a plan (be it investment plan, insurance plan or estate plan) specially for you which will fit into your current stage of life.




When should I start my consultation?


You can start this at any time once you are gainfully employed or have some sort of income. Simply put, once you start earning money. There is no age prerequisite for this.




Is Personal Finance Consultaion a one-off disccusion?


Like any meaningful working relationships, you will continue to have many discussions into the future as your position or situation changes. We normally have annual reviews with our clients about their progress and portfolios.




Do I need to be rich or wealthy to start my personal finance consultation?


No, there is no need to be wealthy to start this consultation however it is important to have at least some sort of income to plan for the financial future.




How should I start my Personal Finance Consultation?


Contact us today via our contact page and we will get back to you. Check out our consultant page for the list of consultants and their field of expertise.





ABOUT SAVINGS & INVESTMENTS

Is savings in the bank consider part of my financial journey?


Savings in the bank is indeed crucial. However, putting too much money there (more than 3-6 months expenses) will also mean that inflation will erode the value of the money over time. This means your money is not working for you in the long term. Investing is the way to go if you wish to beat inflation over time.




What do I still need to do if I have sufficient savings in the Bank?


One of the key items on our list to do is to deploy your money to investing. Investments can be simply putting your excess money into bonds or better yielding funds (compared to Fixed Deposits). Products such as Unit Trusts or Mutual Funds are suitable investments vehicles. Eg : RM100,000 in FD @ 3.5% annually for 10 year brings your savings to RM141,060. However, RM10K in 8% investment fund brings you RM215,892. There is a big difference of RM70,000 which is 50% more (RM215K vs RM141K) or 70% of your initial deposit.




What If I can't save money, Can i still start my financial  journey discussion?


* If you really cannot save money, you simply must start reading the book “In/Outcome” by the Founder Amelia Hong or read articles about starting to save. This is because typically a consultant will not be able to help you generate more money if there were no resources to work with. However, many of our consultants have helped clients to start saving money even though they couldn’t save earlier.




How to start my investment?


As your information, we have two ways to start your investment with us.

1. Complete the sign-up form where we will courier the required documents to your address.

2. Sign-up through our platform and complete the payment by online banking.

= As kick start of your investment journey, the minimum initial investment amount is

RM500 (NEW client) and RM200 for existing clients.


*If you are interested, please WhatsApp to 013-325 7653 ( wa.link/jc2t24)*.




How to invest in overseas market through EPF?


There are some ground rules by investing through your EPF:

1.The profit of investment is backed to your EPF Account 1 and it is unable to withdraw in cash unless you reach age 55.

2. The investment amount is 30% of your Account 1.

3. There are only certain funds can be invested through EPF.

4. The EPF investment form will be couriered to your address for signature and thumb print purposes.

*You have to provide the photocopy of your IC (front & back) and EPF statement.*




What are the benefits in investing with FinAIMS?


  1. We help you invest based on your risk profile.

  2. We have helped many people save for their future successfully.

  3. Reporting twice a year to help you make a better decision throughout your financial journey.

  4. Access to Financial Planners if you need later.

  5. All the Financial Planners of FinAIMS are authorised under FIMM.

  6. 30 mins virtual consultation if needed (Fees Applied).





ABOUT INSURANCE

Is Insurance considered part of my financial consideration?


Certainly, insurance is a crucial component in the financial discussion. Insurance is one of the great pillars of financial planning. Without insurance, many financial goals get derailed if something happens to the person eg illnesses, accidents, disability, or even death.




Must I purchase insurance in my life? If so, at what stage should I purchase my insurance?


Yes, you must absolutely purchase insurance as part of being a responsible person. Insurance gives you options as it covers many life issues if they should happen to you. Purchase as you go through different stages in life eg, starting out work, starting a family, increase in responsibilities and so forth. These events are normally the trigger points to insurance purchase. The only time you do not need insurance is if you do not value your life or the life of your loved ones or if perhaps you have enough money to last you for about 30-40 years of your life.




Must I purchase an expensive insurance?


We believe that insurance should be used to protect your life. Therefore purchase one as inexpensively as possible to cover various critical issues and deploy the rest of your money to investments for your long term financial planning.





ABOUT RETIREMENT PLANNING

What is retirement planning?


Retirement planning is to prepare for the time of your life when you have retired from work. This span of time might be typically 20-40 years (retire at 60 and pass away at age 80-100). We believe that retirement planning might not be such an appropriate phrase anymore since many people may not actually retire the moment they hit 60. Let's look at our amazing Prime Minister who went back to work at age 93! If we are to follow suit, well at least till 65 or 70, the word retirement might not hold the same meaning as before. However, one must always plan for the challenges that comes with ageing and the degeneration of health and physical ability. These are inevitable as we go along in years. In the past, we were looking at retiring at 60 and live on for another 20-40 years without any income. Hence its crucial to plan for those soon coming years.




When is the best time to start my retirement planning?


Honestly? The moment you get some kind of income. A little focus on this area will take you a long way in this journey. In fact, many who started early will find their later years a breeze compared to their later counterparts.




What if I don’t have my retirement planning? Can I still retire?


Of course you can, however you may probably have to work longer to secure a more comfortable retirement or even an adequate one. And of course, it depends at what age you start the retirement planning. If you are starting in your 40s or 50s, there will be certain challenges that you will have to take special note of so that you may accelerate your accumulation and growth phase. Talk to our consultants today.





ABOUT WILL WRITING

What is Will?


A will is a legal (preferably printed) document which states to whom and when you wish to give/bequeath your assets and monies to when you have passed on. This will must be signed by the testator (yourself) and two witnesses (who are not the beneficiaries nor their spouses. These witnesses are known as witnesses who are ‘disinterested’). So, think about whom you want to benefit in life after you are gone. It could be your children, spouse, certain charities or even your beloved pet.




If I am still young, do I need to plan for my Will?


What is young? 20s, 30s, 40s? People often wonder when a good time is to write a will. I would say that certain trigger points might be an indicator for that time to see your estate planner/personal finance consultant. Changes in your life like a marriage, or children or starting a business or even heck, attending a funeral might be an opportune time to see the consultant. In fact, I was going on a very long trip to the US which made me rethink of rewriting my own will as it was 5 years since I first got it done.




What happen if I don’t have any Will?


Well, if you didn’t plan, then chance will happen to you. You will go to the default option. When one dies without a will (he dies intestate), the Estate Distribution Act 1958 kicks in. For example, if a person dies intestate and only leaves behind a spouse, the spouse will get 100% of the estate. Similarly, if only the children are left behind, the children will get all the estate. If the person dies leaving only his living parents, then his parents will get all the estate, provided his parents are lawful parents. If only the spouse and children are left behind, then the spouse will get one-third of the estate and the remaining two-thirds goes to the children. This might be a rather complicated situation if the children are minors and the bulk of the money is needed to raise them until they are in their majority. Without a will, you leave your beneficiaries running around like headless chickens trying to sort out the estate. They are likely to also suffer financial hardship before the assets are distributed, which could take years depending on the gross estate size as well as the complexity of the relationships of the numerous beneficiaries.





ABOUT OUR CONSULTANT

How should I select my consultant?


You should select your consultant based on your immediate needs. Based on what you feel is a need, have a chat with the consultant during your appointment to discuss the needs. Needs such as Boost Savings, Optimise My Money, Tertiary Education Aspiration, etc




How can I make appointment with the consultant?


You may make a booking by filling up our Contact Us page with your essential contact details.




What documents do I need to prepare to meet up with the consultant?


You do not necessarily need to bring anything other than your IC/Passport. You can always furnish essential documents later.




Know more about your company?


Click on the Link :
-> https://www.finaims.com/about-us <-





FINANCIAL INVESTMENT FUNDS

China Funds


The best return for almost 10 years. The total return is up to 146% since the inception year, 2007. The average return per annum is 8%. China is stepping into its economy recovery stage while the global is influenced by the Covid-19 dilemma. The government of Republic of China had announced a national investment plan where the total investment amount was up to RMB330,000 or RM20 trillion (total GDP of Malaysia for 13 years). The top holdings of China investment companies include Taiwan Semiconductor Manufacturing, Tencent Holdings, Alibaba Holdings, AIA Holdings, and Weibo.




Asia Funds


The average total return for Asia Funds up to RM5 million. The total return is 180% since the inception year, 2011 and the average return per annum is 12%. Countries that invest in are Asia Pacific Regions, Australia, Korea, India, Singapore, Indonesia, Philippines and Thailand. The dividend of Asia fund is paid out quarterly, which is suitable to invest for future retirement purpose. The top holdings company that invest in Asia funds include Taiwan Semiconductor Manufacturing, Samsung Korea, Alibaba Holdings, and Tencent Holdings.




Glove Funds


Total return is up to 279% since the inception year, 2003. The average return per annum is 8.15%. Countries that invest in including Malaysia, Korea, Hong Kong, and Taiwan. The top holdings that invest in Glove fund are Taiwan Semiconductor Manufacturing, Samsung Korea, Tencent, Alibaba Holdings, Top Glove and Hartalega.




Technology Funds (United States)


The fund was launched before the financial crisis of Year 2007. The total return is 108% with the average return per annum is 5.8%. The trending of investment has changed. People are more rely on the technology due to the ability to monopolisation and the outbreak of Covid-19. The returns of the technology fund start to bounce back during Movement Control Order (MCO). Top holdings include Apple Inc, Amazon, Facebook Inc, Google, and Microsoft Corporation.