Fiduciary duty
Fiduciary duties are imposed upon a person or an organisation who exercises some discretionary power in the interests of another person in circumstances that give rise to a relationship of trust and confidence.
Based on the definition above, as a financial planner I have the fiduciary duty to do the right thing for them.
Kalau dah sampai charge fees sampai 20% utk kurangkan loan interest, masih acting on clients punya best interest ke?
For me, a financial planner or intermediary should have the following outlook when working with their clients.
One, never provide advice for client that benefits me more than the client. If you are ever in a situation where the advice that you are giving is benefiting you more than your client, please don’t do it. If a client doesn’t need to do something but doing that will help you get income or get on that reward incentive that you have been targeting, please don’t ask the client to proceed.
Two, always be available for the client thru rain or shine. Jgn jadi chipsmore sekejap ada sekejap xde. Client tu bayar your fees or invest or take takaful atau buat estate planning with you. As long as ada the engagement even after he or she is no more your fee paying client, you are still responsible for whatever advice / implementation that you have done with them. Ada one client buat PRS one time, referred by a friend. Once in a while dia akan message and asks something, so kita jawab lah. Market tak ok, jgn lari dari client. Respond to their queries.
Three, if you don’t know, jgn act like you’re an expert. Kalau x tahu, bgtau jer tak tau, and inform the client you will help them get the info that they are requesting from you. Jangan jadi pakar mcm dkt social media, semua benda boleh jawab. Tak semua benda yg digoogle tu betul ya. Clients pun faham yg bidang kewangan ni luas, and x semestinya kita expert in each and every area.
Morale of the story, senang cerita, always do the right thing for your clients, and insyaallah you will get rewarded one way or another.