TheStar
PETALING JAYA: OSK Trustees Bhd has received Securities Commission (SC) approval to provide financial planning advisory services, making it the country's first trust company to do so.
The company received the Capital Market Services licence from the SC last month to offer such services pursuant to the Capital Markets Services Act 2007.
Chief operating officer Ong Eu Jin said the approval was a significant milestone for the will-writing and trustee industry as it marked the beginning of a new financial planning and advisory-based approach by a trust company.
With the licence, OSK Trustees would be authorised to provide advice, including by way of plan-writing and charge professional fees for its advisory services.
The scope of the company's advisory services would centre around estate planning and administration, he told StarBiz.
He said with the launch of its advisory services, OSK Trustees was moving beyond merely providing will-writing and trustee services by offering more “complete and elaborate estate planning services''.
“We are positioning ourselves as the industry leader in terms of expertise and know-how for the public to turn to for assistance.
“The services also complement our will-writing and estate administration services, in which OSK Trustees is a prominent industry player, and are expected to contribute to a significant increase in the number of wills and trusts,'' Ong said.
He said although advisory services were a complementary service, the company was confident it would contribute to as much as 15% to 20% of its total income in the next two to three years.
Ong said potential users of estate planning advisory services included business owners (in dealing with their business succession planning), Malaysian residents with properties in foreign jurisdictions, Malaysian residents with foreign dependants, and foreigners who had properties in Malaysia.
Ong expects the potential market for advisory services to be huge due to the lack of public knowledge in dealing with a deceased’s estate.
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