What is Financial Planning?

According to the Certified Financial Planner Board of Standard, financial planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a home, saving for your child's education or planning for retirement.The financial planning process consists of six steps that help you take a "big picture" look at where you are financially. Using these six steps, you can work out where you are now, what you may need in the future and what you must do to reach your goals.

The process involves gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan for how you can meet your goals given your current situation and future plans. As life and circumstance change, so your financial plan will need to be reviewed and revised on a regular basis: 

• Ensure you are on track to meet your goals
• Identify and address new goals and
• Make sure the financial tools you are employing still meet your needs.

Steps to the Financial Planning Process:


1. Identifying and setting short, intermediate and long-term goals. Ideally, each goal will have a date and dollar amount attached to it. 

2. Evaluating your current situation - cashflow analysis and calculating your net worth. You need to honestly assess your current financial status, including positives and negatives. 

3. Review your insurance coverage, including life, disability, home, auto, umbrella liability and long-term care. 

4. Review your current tax situation to identify tax-saving opportunities and potential deductions. 

5. Review your estate plan to ensure that your will, living will, healthcare power of attorney and other estate planning documents (revocable living trusts and durable power of attorney) are up-to-date and valid. 

6. Develop a retirement funding plan that covers when you plan to retire and how much you will need to support your retirement lifestyle.

7. If you have children, develop a college funding plan to help cover higher education expenses.

8. Develop an overall investment plan with proper investment portfolio that supports your goals, while staying within your investment time horizon and risk tolerance.

All of these areas will help you develop your initial financial roadmap.

Finally, review your plan and progress periodically by giving yourself an annual check up to make sure you are staying on track. Life will throw you a curveball from time to time; divorce, a serious illness and an unexpected job loss can all affect your financial plan. So be prepared and be flexible. 
 

How To Make Financial Planning Work For You

You are the focus of the financial planning process. To achieve the best results from your financial planning, you will need to be prepared to avoid some of the common mistakes by considering the following advice:

1. Set measurable financial goals. 
Set specific targets of what you want to achieve and when you want to achieve results. For example, instead of saying you want to be "comfortable" when you retire or that you want your children to attend "good" schools, you need to quantify what "comfortable" and "good" mean so that you'll know when you've reached your goals. 

2. Understand the effect of each financial decision. 
Each financial decision you make can affect several other areas of your life. For example, an investment decision may have tax consequences that are harmful to your estate plans. Or a decision about your child's education may affect when and how you meet your retirement goals. Remember that all of your financial decisions are interrelated. 

3. Re-evaluate your financial situation periodically. 
Financial planning is a dynamic process. Your financial goals may change over the years due to changes in your lifestyle or circumstances, such as an inheritance, marriage, birth, house purchase or change of job status. Revisit and revise your financial plan as time goes by to reflect these changes so that you stay on track with your long-term goals. 

4. Start planning as soon as you can. 
Don't delay your financial planning. People who save or invest small amounts of money early, and often, tend to do better than those who wait until later in life. Similarly, by developing good financial planning habits such as saving, budgeting, investing and regularly reviewing your finances early in life, you will be better prepared to meet life changes and handle emergencies. 

5. Be realistic in your expectations. 
Financial planning is a common sense approach to managing your finances to reach your life goals. It cannot change your situation overnight; it is a lifelong process. Remember that events beyond your control such as inflation or changes in the stock market or interest rates will affect your financial planning results. 

6. Realize that you are in charge. 
If you're working with a financial planner, be sure you understand the financial planning process and what the planner should be doing. Provide the planner with all of the relevant information on your financial situation. Ask questions about the recommendations offered to you and play an active role in decision-making.  
 

Building Your Own Career


By becoming an insurance consultant at MAA, you will help thousands of families achieve the financial security needed to secure a better life. Besides, you will also be contributing to the community by providing them with advice on protection and investment plans. Making a difference in people's lives is more satisfying and fullfilling then you can ever imagine.

There are many motivating and compelling reasons why you should consider building a consultation career with MAA :

• Unlimited Income Potential
  
  
• There is no limit to how much you can earn. The better your performance, the higher your income. You have the freedom to set your own pace and income objectives. As an insurance consultant, you determine your own income potential.
  
• Be Your Own Business
• As an insurance consultant, you establish and decide your own career path. You have the absolute freedom to manage your own time and develop your own business strategies. 
  
  
• Attractive Benefits Package
  Not only do we offer lucrative commission scheme and monetary incentives, there are also attractive fringe benefits for which you may qualify. In addition, we also offer reimbursement for academic courses related to your profession.
  
  
• Continuous Learning "Learn, Unlearn and Relearn"
  Gain professional knowledge. Develop a positive attitude. Discover your potential.
  With MAA, you embark on a lifetime of learning and professional development through comprehensive and advanced training in financial planning. Our sophisticated training program is designed to equip you with sales & marketing skills.
  
  
• Financial Planners 
  Financial Planning is a professional service aimed at providing assistance to those who are interested in achieving their financial and lifestyle goals.
  For the client, this process involves gathering relevant financial information, determining his goals in life, examining his current financial status and coming up with a strategy or plan as to how he may achieve his goals given his current situation and future plans. These may include buying a home, saving for a child’s education, planning for a comfortable retirement or starting a business.
  
  At MAA, we have a series of Financial Training Programs to assist you in your development as a certified financial planner, so that you in turn can provide professional advice on financial planning to high networth clients.
  
  
• Prestige & Recognition
  If you are dedicated to excellence, you will find the opportunity for prestige and recognition in the form of awards and incentive trips. Each year, you will have a chance to qualify for a free holiday and trips around the world. 

Why Join MAA Takaful Berhad

At MAA, we have a vision in place, a mission to accomplish and a commitment to uphold. In MAA, teamwork works best for us. We strongly believe that the only way to move forward is to work together as one united force, committed to business quality and service excellence.

Our vision - "Every Single Malaysian to be financially covered by MAA".

We strongly believe in our products and our people. Together with the financial strength and integrity of MAA, let us strive to be the No.1 Insurance Company in Malaysia.



Success Stories


HARVESTING THE FRUITS OF HER SUCCESS (FAUZIAH BTE MOHD AMIN)

The transition from wealth management to insurance was relatively smooth as the products were similar in nature and Fauziah had on-the-job training. She underwent the vital and necessary training required in the business and prepared a group of investors interested in MAA products. The road to success, however, hasn’t been as smooth. Like most people, Fauziah found that she had to start from scratch. She also had to do what is second nature to those in sales – push and motivate herself.

Living in the fast lane, how does she handle the stress and keep going strong? “First of all, it’s important for us to set goals. Work hard, but always make sure you are in the right direction. Surround yourself with those who are motivated themselves. Use the incentives offered to motivate yourself. Remind yourself to never give up when facing rejection. Always remember that you have to go through a lot before you score the big one”.

On being the first ever Bumiputra woman to ever receive the award, Fauziah says that she’s proud of herself and hopes to be a role model for the Malays. “It is not impossible for a woman to be successful both at work and home. Women should work to ahieve financial independence, self-esteem and satisfaction. With persistence, perseverance and integrity, anyone can achieve success”.

The cheerful wife and mother of two admits that “juggling work and family simultaneously is no easy task, but every woman should learn to balance family life as much as they possibly can. I’m lucky because my job gives mea great sense of accomplishment and fulfillment, and I have my family to turn to when I’m at home.

For now, Fauziah is comfortable operating on her own, without any down-liners. Perhaps in the next few years she will consider expanding and operating on a bigger scale. “I worked hard before and I’ve paid my dues. I consider what I’m doing right now at MAA my ‘harvesting time’. I have serviced my customers the best way I can, and I think it has paid off”. It’s evident that Fauziah is happy at her new home. “I have the management of MAA to thank. They have been very approachable, and I’m grateful for their continuous encouragement and support”.

What does the future hold for this energetic lady? “I’d like to earn as much as I possibly can and then perhaps retire in a few years’ time. That would be the best!”

She may have been dubbed the gutsy lady, but Fauziah Mohd Amin has got her feet planted firmly on the ground.

Fauziah Mohd Amin is no ordinary lady. As one of the recent members of the MAA family she impressed many at the Agency Awards 2006 when she nabbed the coveted MAA Top of the Table (MTOT) Award. How did she achieve this commendable feat? “I worked hard, persevered and believed in myself”. She has the award to prove it, the award she richly deserved for her outstanding first year commission of more than RM1,000, 000.00.

We’ve heard numerous success stories, but Fauziah’s success in insurance is no ordinary tale. Her move to MAA was purely by chance; an agency manager from another company impressed by her capabilities offered to recruit her. A client also encouraged her to explore the insurance industry. Fauziah had many options in mind. Needless to say, it came as a surprise when she decided to make the switch to MAA. What was the deciding factor? “I liked MAA’s products. Not only were they attractive, they were similar to what I had been dealing with in the banking industry”.

Armed with her knowledge and experience in the wealth management business, Fauziah made her move. She had worked for a number of years in the Wealth Management Division at a foreign bank, and along with her group of clientele, was confident that she would be able to build a solid career at MAA. “I was very independent from the start. My Chief Consultant (DR Sarip Ahmad) helped me get started and encouraged me to strive for the best. So I focused on work, all the time knowing that I wanted to secure a TOT, then proceeded to sell a lot of Capital Guaranteed products. It helped that I liked the products that I was selling”.