27 November 2015
Seeks to partner 10,000 consultants through its new business academy
Kuala Lumpur: CIMB-Principal Asset Management Berhad (“CIMB-Principal”) is optimistic that its newly launched “CWA Business Academy” will offer a structured business development path to enterprising adults looking into deriving multiple income streams in the wealth management industry. Located strategically in the Jaya Shopping Mall, the Academy will also house a servicing counter that caters for its consultants to complete their business transactions. As the wealth management solutions distribution arm of CIMB-Principal, CWA aims to partner at least 10,000 consultants by the end of 2016.
Effendy Shahul Hamid, CEO of Group Asset Management and Investments said, “The Academy will soon expand its training capabilities to include other strategic collaborations such as CIMB Bank, third party bank partners and Institutional Financial Advisors (IFA). Our hope is that the CWA Business Academy will grow in scale and this will be the beginning of CIMB-Principal’s maiden step to launch more academies in the ASEAN region, in the near future. CIMB-Principal is committed in taking its retail distribution strategy onto regional shores, in line with CIMB Group’s T18 aspirations to focus on priority areas and strengthening the organization culture.”
Munirah Khairuddin, CEO of CIMB-Principal added, “The Academy is aspired to hone CWA consultants’ wealth management skills via its four key faculties: Sales and Financial Planning, Product and Technical, Personal Effectiveness as well as Leadership. Upon graduation, these consultants are envisioned to provide all fellow Malaysians with professional advice on their preferred CWA’s financial solutions such as Unit Trust, Private Retirement Scheme (PRS), Insurance, Takaful, Estate Planning, Trust Nomination and ASB financing. The Academy will not only be the platform to generate future entrepreneurs but also inspire and nurture a new generation of young professionals into CEOs in the next five years.”
CWA currently has 7,000 highly trained Federation of Investment Managers Malaysia (FIMM) registered Consultants and Financial Planners throughout the country. As at 20 October 2015, CIMB-Principal has a total asset under management (AUM) of RM62.6 billion.
CIMB-Principal currently manages a total of 59 retail unit trust funds in which 21 are Shariah-compliant, 12 wholesale funds, 10 PRS funds and two exchange-traded funds (ETFs). It is also one of the largest PRS provider and distributor in Malaysia with RM257.6 million in AUM in the PRS industry with 27% of the market share.