CIMB Wealth Advisors Berhad is set to distribute three insurance products through its 380 licensed agents following a collaboration with the insurance arms of CIMB Group. The products were underwritten by the Group's life insurance and takaful companies for the exclusive distribution of qualified CIMB Wealth Advisors agents.
The series of products, called the Wealth Protector Series were launched today by CIMB Group Chief Executive, Dato' Nazir Razak, who said, "This launch signifies the optimisation and synergy derived from different parts of the CIMB Group working together as a universal bank. We are now able to deliver a larger and more complementary portfolio of products and solutions to customers of CIMB Wealth Advisors."
Dato' Nazir also said that the partnership provides an excellent platform for CIMB Wealth Advisors agents to distribute both conventional life insurance and takaful products. "Distribution through CIMB Wealth Advisors will enable CIMB Group's insurance arms to access a motivated and energised agency force. They can leverage on the proven skills of CIMB Wealth Advisors agents," he added.
Initially CIMB Wealth Advisors will focus on three regular products which will provide the protection needed to complement the existing unit trust offerings. These products are designed as wealth protection vehicles to complement the investments of CIMB Wealth Advisors investors.
"Our focus is on protection based products. However, we will also be developing uniquely packaged investment solutions, leveraging the financial instruments and services available within CIMB Group with a view of providing differentiated products to our customers. There is huge cross-selling potential given the fact CIMB Wealth Advisors' client base is already familiar with investment products," explained Tan Beng Wah, Chief Executive Officer of CIMB Wealth Advisors Berhad.
The launch also witnessed the appointment of an initial batch of 380 CIMB Wealth Advisors agents who had qualified as insurance agents in the last two months. The number of agents is expected to rise to 800 by year end.
"Last year, we embraced a new identity in CIMB Wealth Advisors, with the promise to create, preserve and protect wealth. We started by helping our investors create wealth by assessing their individual financial position and offering investment products that best suited their needs. Earlier this year, we helped our investors preserve wealth when we introduced Trust Nomination Service, the first of its kind in Malaysia, exclusively for CIMB Wealth Advisors investors. With the launch of insurance and takaful products, we complete the circle by providing the protection element," said Tan.
With the new offerings, CIMB Wealth Advisors now offer the full range of wealth creation, preservation and protection products.
About CIMB Wealth Advisors Berhad
CIMB Wealth Advisors Berhad is the largest retail investment distribution arm of CIMB Group Asset Management with more than 4000 consultants and financial planners offering investments and financial planning services. Its wide suite of offerings which helps create, protect and preserve the wealth of its customers are sourced from CIMB Group as well as strategic partners, thus providing "best of breed" investment solutions.