9 November 2006
CIMB Group today announced that it has rebranded SBB Mutual Berhad today as CIMB Wealth Advisors Berhad with immediate effect.
Speaking at the launch of CIMB Wealth Advisors, CIMB Group Chief Executive, Dato’ Nazir Razak, said, "CIMB Wealth Advisors is a fresh identity for our agency force and reflects a customer-centric approach focused on helping them create, preserve and protect their wealth."
"CIMB Wealth Advisors will distinguish itself by the high level of training and development which we will provide our agency force,” added Nazir. He also announced the setting up of a training and development centre to enhance training of the agency force.
CIMB Wealth Advisors is an industry leader in agent productivity with an average of RM261,000 in sales per agent. Over 40% of the 4,400-strong agency force has tertiary and post-tertiary education. The agency force has a balanced ratio of about 50:50 Bumiputera to non-Bumiputera agents. This enables it to cater to all segments of the market and to take advantage of the fast growing need for Shariah-compliant investments in the country.
Chief Executive Officer of CIMB Wealth Advisors Berhad, Tan Beng Wah, said, "Agents will begin by understanding customers’ investment aspirations, assess appetite for risk and returns, identify optimal asset allocation, and recommend investment solutions. They will anticipate investors’ evolving aspirations, be it for education, investment, retirement, or post-retirement planning."
Customers may also visit CIMB Wealth Advisors’ Financial Care Centre at Damansara Perdana (1 Jalan PJU 8/3B, Damansara Perdana, Petaling Jaya). There, they will be able to consult CIMB Wealth Advisors’ qualified financial planners for wealth management solutions which are customised for their particular needs.
CIMB Wealth Advisors is jointly owned by CIMB Group (60%) and will be owned by The Principal Financial Group (40%). The Principal Financial Group also owns 40% of CIMB-Principal Asset Management. The Principal Financial Group is a Fortune 500 company and is the second largest pension fund provider in the USA with US$206 billion in assets under management and some 16 million customers worldwide.
CIMB Wealth Advisors will distribute CIMB-Principal’s family of funds, which totals 50 funds, and include CIMB Wealth Advisors’ existing funds. There are 27 equity funds, 8 balanced funds, 13 fixed income funds, and 2 cash funds. The company will also distribute third party funds as part of its commitment to offer the widest choice of innovative investment products to customers.
All agents have received a brand guidebook outlining the company’s new business approach, philosophy and emphasis on integrity. This new approach will be reinforced with extensive training and further education efforts to develop the agency force to its potential. The company will re-brand its 35 offices nationwide in stages over the next few months.
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