Tax planning and other value proposition Financial Planners can offer with KP Bose Dasan – Transcript

Gwen Lazarito
Hey guys, welcome to another episode of the financial planners Southeast Asia podcast when here and today I am with Bose Dasan. Again, I don’t want to butcher this name blessing God, and He is the tax and financial planning guru from Kuala Lumpur and a pioneer in the financial planning education in Malaysia. So today we are going to talk about very important topics with regards to financial planning, education or financial education in general for Malaysians, and how to how financial planners can be better at educating their clients. So, thank you so much for being in the podcast. Bose welcome.

KP Bose Dasan
Yeah, I’m happy to be here. And I want to thank Rajen for suggesting that. I be open to your suggestion. And yeah, anytime, to further the cause. And the mission of financial literacy and I want to add numeracy, I’m all game for it. So I’m happy to be here.

Gwen Lazarito
I love it. I love it. And I really love your passion. And again, guess I would also like to thank Rajen for introducing me to you because I want to pick your brain in this very exciting and important topic. So I know that or I mentioned earlier that you are a pioneer in the financial planning education in Malaysia. My first question for you both Is that why did you start financial planning education in Malaysia in the first place? And how did that come about?

KP Bose Dasan
Right? I love the question because it was a nice coincidence that a good insurance agent, good friend of mine, and my my agent, he said that you are tax consultant, you are very well educated. By then I already done my economics degree and I went to Cranfield, England to do my MBA. And I had eight years of tax experience and in the Inland Revenue and also in consultancy, and these insurance agents are listed. It was like we were going through a little bit of a lag period wasn’t very exciting. So I was sort of roaming or looping fortunately. And he said why don’t you go to America and look up financial planning. And this was back in 1986. Yeah, 86. So I wrote a letter to Edmund. Edmund Morrow. And I told him he wasn’t built on Ohio. And he said, Why don’t you come over? And I went over to Ohio. And what a great exposure it was. So it was a fantastic guy. He himself was running a center, he call it global sort of financial center. And he was a pioneer in America in financial planning. Yeah, so yes, right. So and he, he’s exposed to me, expose me to what was financial planning in America. It was also beginning an SN industry there. And so that was 86. Then when I came back, I went back again to America and completed the designation called chartered financial consultant from the American College. And so as soon as I came back in 95, after completing the CFFC, you know, in Ohio, Malaysian Insurance Institute, they started hearing about financial planning. All the agents know they were in charge of a whole bunch of agents. And so they said, why don’t we bring in financial planning and I was roped in straight away from my qualification as a tax consultant educator, so I jumped in with religion insurance excuse to get into financial planning education. You want me to continue or you have?

Gwen Lazarito
Yes, I was actually. That’s very, like, I would say serendipitous. Right. Like, you were in search for something exciting. And you went to the US. And then when you came back to Malaysia, an opening came for you through the Malaysian troops

KP Bose Dasan
Institute. Yeah, the religion Institute. The insurance industry themselves, decided that people wouldn’t be sad, not sidelined. And they wanted to start their own education of the agents they wanted to select Keep it there. As soon as that was coming on, in 1999, another group of Unit Trust agents and public retail and all of that decided they also better not lag behind. And so they also started the financial planning enterprise. And they formed the Financial Planning Association of Malaysia. So we have EMI to offering the chartered financial consultant and tune FM was offering the certified financial planner, and it took off in 1999.

Gwen Lazarito
Wow. And so that’s, that’s really like a positive trajectory. Because in in the 80s, you mentioned that there was nothing sort of that thing in Malaysia in the 80s. And then in the 90s, it suddenly grew and, like, should I say blew up?

KP Bose Dasan
Very exciting. In fact, a no more in that religion insurance environment. I was also elected governor with financial planning association of villages. I was a speaker at the inaugural con conference of the Financial Planning Association of Malaysia, the people from the CFP, Certified Financial Planner, they were all there. And I was one of the local speakers. So it was a fantastic 1000 people were there in the hall with Tinku and Udraw, and a few of them. And so it was three parties were involved in financial planning, there was the Insurance Institute, there was the agents themselves, their union, insurance agent union, and then there was the unit trust industry. So three people claim and our regulators were looking at it, and they and they encourage all three to have the qualification and to go on this journey of financial planning.

Gwen Lazarito
Oh, that’s so cool. And and it’s like coming together. But I guess my next question from that was that, how did the atmosphere of the financial education? Like how did it feel like in the 90s, compared now to here in the present day, like, has a lot changed with regards to Malaysians perception with regards to financial education and financial planning?

KP Bose Dasan
That’s a very good question. You know, we have our little blips, or whatever you want to call it. So I, I was also aware in America, that mainly this industry was endorsed by the insurance agents and Unit Trust agents. And even I have the series seven license, where you can sell multiple products, including international products in America. But of course, is no use over here. Because if you don’t have that system of a broker, the broker then hires all these people to be independently associated with them. And they all handle all the products of this brokers. But in Malaysia, it was like the insurance industry, the key the leaders of the insurance industry, the leaders of the unit trust industry, they were eager to learn financial planning, because the promotion in America was that if you are attracted life underwriter or chartered financial consultant, or a CFP, Certified Financial Planner, you would outperform an ordinary agent, because of your extra knowledge, your greater understanding, because you hold a wider perspective of financial affairs. So naturally, more people will be drawn towards you. And so financial planners would, by and large, have a three times the income of an ordinary agent, so everybody comes in, everybody jumped in. But let me add this because the short, very short interview, so I’ll just say this, yeah, somebody was also kept telling me and I recently also tested that how much of a value proposition are financial planners offering the public the people at large? So we got we got two systems going on here, the largest number of the individual product, people handle individual products, we insurance all unit trusts, for example, you know, yeah, so this comprehensive financial planners, with the fee based and commission based and broker dealers are this thriller, very small industry. Yeah. And I was hearing Rogen talk and he was saying, there’s so few financial planners licensed but there are about three to 4000 for qualified and certified financial planning and chartered financial consultants. So a lot of people qualify that But to practice to be viable, a few of them have succeeded. And many are still holding on to the original principle associated PE in insurance or unit trust. So, the the T performance, the great performance are still handling for a particular company, or the bank, but the bank with bank assurance, they started on coming on board with bank assurance and all that adding on to the product. So they are like a broker dealer, or what we call institutionalized

you trust handlers, etc. So, but it did not really take on I’m speaking at 2021 platform today. And I and I realized that when I asked my when I was writing an article, I posted something and I wanted people to tell me, how what do you want out of financial planner? How can financial planner better serve you? It was a very small sample. So I should not summarize anything from this. But there’s not really much people want to say anything. So no, it is a really I don’t know about Philippines or any other. I know Australia, because my first broker dealer, they came from Australia, one of the largest groups in Australia, they invested, they came in, they really expanded and they have left the scene, then there are other smaller groups. And I don’t know, I don’t get the vibration that I got in the early 2000s. It’s not really so strong right now. But I think FM is doing a good job. I’m sure EMI is doing a good job, they are saying that financial planning, education is very important. So therefore, using the education to to sort of support the products that come with that. Education is where the game is. So So you would see that writing a plan and getting paid a fee. Like my friend in America and Ohio, he had the famous in Cincinnati, that the famous group there. So he did the financial planning for the top 20 executives and he got the five or 10,000 USD. So I was very impressed. So when when organization says please do a financial plan for my top executives as a reward as a financial purposes, I expected that to take off in Malaysia, it did not. And I don’t know about you, but I can guess why. Because we are going on two on two parallel lines. We are also saying that let the individual suppliers have unit trust or insurance, let them survive. We even have very large tied agencies under the cooperation center. So that has not that has not gone anywhere, and are still wondering, what will I get good advice? Because I think you will know I mean, if you start listening to some of the things I’ve written I’ve talked about, there’s so much depth in this financial planning. Yeah, you can really help people and, and this pandemic, during the pandemic for one and a half years, I started writing free posts and as tended to Facebook and LinkedIn, and a lot of acceptance. They saw the depth to reach financial intelligence, financial decision making all these can go we can guide these things. And so other than personal habits, you can be processed because about it. I remember in the world financial planning day, October six, I posted some reservations. I said before I said, Let’s be let’s be frank here. Number one, the fundamental principle I’d count I think both of you and Rajan, I remember talking about your lessons, the richest man in Babylon, fantastic.

Every one of us I say one of the best books ever written on the subject of financial freedom. Now, that’s fantastic. And I also shared dragon and everybody on that point. So what you’re saying is that the real money making is in the economy. I mean, I’m a follower of Warren Buffett. I follow Warren Buffett when when Warren Buffett was talking to billionaires and billionaires in one particular section, even wrote on the board, he said, Okay, 1974 the the Dow Jones was 7.5 17 years later, the Dow Jones was 7.5. So you asked, and this included Bill Gates and everybody. So as audience how did I make money? The Dow Jones index insane. Now the interesting point here was, then Warren Buffett said, I invest in the economy. I don’t follow the market up and down in that I end up all their lives lies the truth. And therein lies the essence. So everybody should go and work, produce GDP go and produce products and services. get rewarded paid for it. But then comes a secondary issue, or I made some money, I want to put it in the right place. So therefore, this guy, George Kinder said a nice word, the basic, the most important inner resource is the ability to earn income, and the capacity to save, you know, that goes to two things. So I am not going to say give up everything to become an investor, that is karandi. You go and work produce goods and services. But when you’re when you’re producing surplus income point, good channels to then grow the money as not glacial say. So therefore, the value proposition of financial planners, whether in Malaysia, or Philippines or anywhere else, we are still waiting to get that. That what’s the word? Mental that yes, I must see, oh, who’s your financial planners? Have they talked about those days? Or who’s your psychiatrist, but counseling? They want now to choose the conversation to be who’s your financial planner? Oh, can I Can you introduce him to me, etc, etc. So to get to that level, that that wonderful value proposition of talking to a financial planner, we are working hard, and I think a lot of good people on that game. Okay, I think that’ll stall. And let let you with the question now do you have?

Gwen Lazarito
Well, I definitely agree with your sentiment 100%. Because there is I and it’s the same here in the Philippines, like, there is still a parallel with regards to like the, the the brokers, as you say here, and as well as the financial planners, where the that industry still thriving, while because here in the Philippines as well. And I think it’s the same in Malaysia, that not every citizen, know the difference between a financial advisor and a financial planner, or at least like a risk advisor or a financial planner, some of them think it’s the same. And then there are also a lot of people who don’t even think that they need one, that they need to hire one. And as you say, it’s very important for for all the people to remove the stigma with regards to talking about like, who is your financial planner, right, like, and that, I think is one of the best way that we can encourage everyone to be financially educated is to be able to have an open conversation with regards to the how they’re dealing with their finances, and who they can tap into for help if they are struggling, or if they want to know more. So, and I guess that leads me to another question, because there is clearly a gap between the the financial education that that Malaysians are supposed to have between the one that they currently have right now. So like what are some of the gaps that you are able to determine with regards to financial education? And how do you think or like what are the best ways that we can address them?

KP Bose Dasan
Thank God that I have this little exposure to avoid having been to America number of times, I saw even in that industry, you ever could college, for example, was giving a fantastic education, education in financial planning. They had beautiful courses and wonderful material share. And however, there was a counter organization. So that organization said you got to keep it short. We cannot have such a one two year. We want the numbers of financial planners. And so the ChFC, the chartered financial consultants that I originally did with the American College. So here’s the question as always, you work as a quarterback of the team. That means you bring in other advisors, and you you are the quarterback and you guide and you integrate all the advisors, the various specialists to come to your point about the CFP Institute, they were going on, okay, I’m a financial planner. I handle all these products and I can deliver all these products you now I am a tax consultant from I joined the Income Tax department 1976. That’s 45 years in taxation. No. Are you going to tell me that any of these financial planners can match me in taxation, they can tell you appreciate the depth to which every individual professional can go into Legal wise, tax wise, insurance wise estate planning wise, you know, investment wise. So we have these three major disciplines, tax insurance investment, as the cornerstones of financial planning now to get into the tax of these various proprietors, is not really easy for a single person to say, Okay, I’m educated in these three fields. Yes, we should encourage his work as a team. But the time is with you, all the products go through you are the advice goes through you, but you collate the advice of individual experts in the various fields. So this, however, I think there’s a little bit misaligned is not really aligned in that way, writing a plan, addressing different areas of a person’s finance, like, if you want to talk about tax, you want to talk about investments, you want to talk about insurance, you want to talk about estate planning, and also financial management, you got to bring it all together. So the CFP approach is a shorter version of the American College, but guess who’s winning, CFP is winning worldwide attention? Because American college got too deep, you know, you you give him good education, but then there’s no marketing plan for it, okay, how do you perform in the industry out there? So, so, we are we are going there, I mean, we are climbing the steps, we are trying to reach that level where, where as I heard Roger, one of your interviews are very good. Whereas he was saying that his team, they always wrote, competed on writing good financial plan, they won awards. So they were getting into writing a blueprint that. So he’s not talking about today, in my Facebook friend, he’s talking about being a life planner, and he’s talking about education, funding insurance for his two children and this and that, they’re doing a very good job. So everybody has a mission at their level, whether it’s insurance, whether it’s unit trust, but the financial planners value proposition, we really need to increase that augment that we really need to put a place there and say, financial planners deliver holistic financial planning, because the one major factor, which is very simple, our resources are limited. So you need the most efficient allocation of resources, to do a good job as best as you can’t to cover all your goals and objectives. So therefore, when people realize, yeah, you’ve got to juggle a lot of things. The finances has to be juggled, too, I allocate region, so much investment so much my retirement, so my, you know, my current net expenses too much. So this acquisition, allocation of limited resources is the foundation of financial planning. That’s so therefore bringing a team on. Now I’m a tax consultant. I am giving a lot of lectures on tax planning. My God when I write the notes, I met amazed how much value tax planning can give to a client? Yes, but tell me how many of the agents out there the financial planners out there asked for a tax consultant to be on the team over this 30 years? Not at all. Yes. The products company. So we are looking at okay, so I must say, I don’t want to be prejudiced. Yeah. I’m very.

Gwen Lazarito
Yes, that’s, that’s, that’s okay. Please go ahead. This is very interesting. No,

KP Bose Dasan
no, no, no, no, no, I’m speaking of EMI. This is my 20 minutes or 30 minutes of airing my views so that nobody wanted to have my views. I write it and post it freely in LinkedIn and Facebook. But the point is this. The point is this that is value in education. If anybody saw my slides, they realize, Oh, my God, we can do this. We can do that. Okay, this is what I do. Oh, this is impossible. I can’t see it. So then what do I do and I heard Rajan was talking about, you double up your time you start doing jobs here and there to get that money to allocate to, you know, important goals. So see, it guides you, it directs you. And even your other participant. Roger was talking about his blueprint, you know, so when you have a blueprint, and you’re guided, I’m trying to be here. So let me organize myself. So so therefore, I do not know I don’t want to summarize Malaysian people as a pathetically stupid. Maybe 80% are struggling to just put food on the table and they’re just trying to get on with their lives. And we have a very high savings mechanism. You know that Roger was talking about it. EPA have a provision for one of the best in the world best. It is uncomfortable. I’ve been I’ve been to America. I’ve been to England. I know it’s not cannot be compared so good. But yet, you’re hearing news and I wrote a piece recently. There is not enough. It’s so fast is depleted, because there are too many leakages and everybody uses a human he comes in. And so what happens you are not even getting retirement capital of 240,000, that gives you 1000 A month of indeed a very low amount of outcomes is very cheap now 1000 ringgit a month is not enough. So I will say in the recent article I wrote, I said, I need just basic high paid all my bills, I paid my entire independence, my household debt, and so even then I need 3000, just to survive. Can you imagine if you’re a family, man, and still got things to do, and still got liabilities and goals to achieve? Wow. So a country that saved a lot is struggling. So I am an economist, a pseudo economists that didn’t have an economics degree. But you know, another truth of the matter is what we learn is so little, does a nice thing. And in the Indian say, what you have learned is just a handful, what you don’t know is the world. Yeah, so this is clear. That’s what I’m talking about. engaging people with depth in the fields, whether it’s insurance, risk management, whether it’s just planning whether it’s tax, get them in and provide value, very valid, added services. And the client says, Oh, you guys, you’re super, thank you so much investment. I’m shocked at the things you can do with investment. Yeah. So it goes on. So goes on. So if my little podcast today is to show that to to get a better value proposition, we need to put more tap into our plants. We need to get corporation to say, hey, please help my people. My executives need help I, I forced them to work, not eight hours, maybe even 10 hours. So we need to also handle their personal financial affairs. Come, come come Can you do it? I mean, we need that kind of enthusiasm in the world. And our world. Yeah. Okay. Yeah. Let’s get back to you.

Gwen Lazarito
Well, yes, thank you so much for your thoughts. And definitely, again, I agree with this 100%. Like, there is really a need to and I’m glad that you you’re educating financial planners, and the people behind this industry as well. Because once you educate those people, it is very easy. It’s or it’s easier for them to educate their clients on the best path to financial education or financial independence. And, and that’s why that you’re right, like, but enthusiasm is very important and crucial for these people in order for the not only for the industry to thrive, but for Malaysians to have a better grasp over their finances as well. And it’s very interesting that you did mention that nobody hires tax experts in their on their side, right? Like they have their doctors, some even have their financial planners, but very seldom do I hear people looking for tax experts at their corner to help them out with their finances. And that’s true, because I think it’s even the same for me. I don’t know anyone who, who I’ve reached out to with regards to my taxes. And I will also admit that there is a lot that I still need to learn with regards to that. And I think it’s I think taxes are one of those topics that gets into the very backburner, right? Some people talk about insurance and some people even talk about investments, but I hardly hear people talk about Texas there.

KP Bose Dasan
If I if I allow me to interrupt you. So therefore one of my slogans or cap tagline would be tax planning is a capital free solution to wonderful improvements in cash flow, your wealth position, because that’s when you save taxes, you’re not coming out with capital, but when you invest in a unit trust, you’re coming out with your own money. So suddenly you realize more intelligent thinking, more intelligent planning, without capital infusion, you don’t have to bring in capital just bringing the ideas. So therefore, tax planning does not involve capital, incrementally. It just involves doing the right things. Whereas if I want to put in a investment, I’ve got to come up with the money if I want to cover insure myself, I have to come up with money. So the point therefore, is people may not understand anyway, to be very honest, let me share this. I don’t know for years, 20 years, the most popular program all the time, whenever beginning of the year is tax tax planning. I think as Pam, financial planning, jambalaya always hires me to do a tax budget talk or a tax planning seminar, and I’ve been doing that for over 20 over years. So guess the idea of a Certified Financial Planner. He wants to learn and keep abreast of tax. And I even had 300 People webinar, but he was a prefab, you know, for one and a half hours. But 300 people, I didn’t get paid. But the point was, is that most people interested in tax. So I do want to say our Malaysian planners are lagging behind No, no, they understand the value, much incorporated into the plan. Yeah, effect section. So I remember in Canada, I was in Canada, also the financial planning industry is very well developed in Canada. And they were talking about all the process you go through, because if it’s not holistic, is not financial planning. So as the insurance industry says, I’m a Life Planner, or I’m an investment planner, and then look at the two industries, we have insurance industry bands, and then the investment industry, as you saw Rajan Singh securities commentator and the Bank Negara, which is controlling the bank and insurance portfolio. And therefore they as you can use our financial planner is such a generic word, but you can use the Abbott Valencia did something wonderful. You used the word village a bully, I think it is. In America, they couldn’t do it. They couldn’t legislate puncher planning how a small little country like ours can do it because there are other agenda on their minds. And also they have an eye on advisors, because I don’t know, because they are scared, if everybody says jump out on Malaysia, and run to other countries when you want to do so. So the advisory profession is very well guarded. So I was I wrote an initial article in The Age magazine and I said, Why are you looking at these 1000 people when they’re 100,000? People selling insurance in Unit Trust? Without any any better? Why you’re pushing products? Is it good for the client? So where is the regulator cannot parently focus on this small little financial planning group? Yeah, oddly active 1000 people. So what I’m saying is that, we got to get it right, there must be very good communication. Yeah, in the early days, there was but now I don’t know what’s happening. But maybe I’m not active anymore in that sense. But, you know, we got to have this industry regulator marketplace, communication going, and I must say, FM is doing a good job. They have a public presence, and EMI, I’m sure, but everybody’s holding it tells you don’t enter my insurance fields, insurances, I also want to enter investment. And now banks are saying, Let me handle all the products, insurance investment, we want to sell everything. And when you look at the caliber of these people, they don’t include a team of advisors, you are not the quarterback you everything, you’re all in one. So so that’s my grievance right now. But but if we kept we keep working on value proposition, the financial planner has been tested value to offer to the client. Clients must experience it, and then they will give you the validation. Fantastic. You know, financial planners are doing a great job. I’m so grateful to that. Now, that’s my message here. Yes, and

Gwen Lazarito
totally agree, as always, because the more that you’re the client, or the people can find the value that a financial planner gives to the table, the more they will be able to provide that positive message to their families and their friends. Right. And the more that the more people are willing to have that conversation and to reach out to financial planners and help them with whatever they need in order to be financially literate and start.

KP Bose Dasan
One that let that be my concern. What I want to add, we keep saying financial literacy, but what annoys me is that numeracy is very important. Just a simple five variables in a financial calculator can do wonders to your ability to understand what’s going on. You understand the massive trust goal ahead of you. So find the potential numeracy is also important. Most people will shy away. They don’t calculate it so simple that I really Have it. It’s so simple, but they shy away from it. So today I would like to use the words in union, financial literacy and numeracy. So we can always just like I wanted to sort of thought about it when I wanted to do my MBA in England, they asked us to do a GMAT, GMAT Graduate Management Admission Test, and he was divided between you have to be literate and numerical, you have to be quantitative and qualitative, you know. So that is the skill that we must bring to the financial planning that are both aware and also is quantitative. So numeracy and literacy must go together for Punisher plan.

Gwen Lazarito
That is absolutely a good point. Ah, that’s very well taught. So yes, I think that’s very, that’s a very interesting concept, but not a lot in. And I think that it’s, it’s in people’s minds, but they don’t Yes, they don’t apply it as readily. So I’m glad that you brought it up that financial numeracy. So yes, that’s, that’s really something to think about. But also, in this case, you help professionals, right? You you give talks, you give seminars, to financial professionals to increase their knowledge and understanding where their guards do to tax and financial planning so that they can help their their clients learn and to be not only financially literate, but to apply what they have learned to and be financially, like, financially. How do you say that financially numerical?

KP Bose Dasan
is fine, but I’m adding the dimension of numeracy to

Gwen Lazarito
Yes, but but but I guess what I, what I’m trying to ask here is that how can is so for the financial planners who are listening to this podcast? Like, if they’re in the in a place that they want to do more, but then they’re stuck? Like, what’s your advice for them to give on how to start this journey for their clients in order to be their clients quarterback?

KP Bose Dasan
Okay. Yeah, as I said, You must cover the three strong basis, which is insurance, taxes and investment. And so and then asset planning will come at a certain stage and financial management the financial planner can easily handle so the minute you you also look into these three broad, very important arrays, fulcrum, almost like baseball, the three bases, so insurance, tax and investments, and then you cover the other tertiary other areas. So yeah, you just have to to participate in education. You like I think many Malaysian financial planners do I have lots of that, entering my seminars on tax and know that at the same time, I’m aware that there’s a personal dimension so a financial planner, as my friend used to say from America and other famous friend of mine, Jerry, sewer, you are saying, we hold the hands of the client. So there is a lot of a personal aspect in managing money. Everybody knows that. How many of you like to do budgets and keep your no variance in your budget, keep to your budget. My father was like that, I saw Rajan how grateful he was to his father. And I also know my father was a fantastic bookkeeper. He was an accountant, as a clerical person, he was the accountant for the accountant General’s office in the government. And he had nine children, and he had to put them through without budgeting. No, no, we could have done it. Without discipline, nobody could have done it. So therefore, this angle of the personal angle is where the financial planner must show his skill. That means he understands the client’s behavior, financial habits, circumstances, everything. So this part of bonding with the client understanding, let’s say, we have a person who Gamble’s Wow, that’s a tough one, that we have to help him you know, he’s got some very serious weaknesses, why is it so? So therefore this aspect? That’s what I used to give a lecture where, what are the balance sheet assets that you don’t see? And what are the balance sheet liabilities that you don’t see? So tangible? What is obvious is one, but what is intangible is the other areas. So this is what the financial planner brings in, he really understands the client, then he was bringing the advisors of the different fields. So so the industry and then the regulators must talk to young people like me, they don’t have to, but the point is this. Somebody has seen the world who has who’s got an idea what’s going on. So they should sort of say, okay, but of course, you know, I’m just exaggerating here, but what I’m trying to say is that the structure of the industry and the way forward, let’s say in the fight to help 100 billion plan for the next five years. So the point is this now, can we bring about better financial education? You know, and the financial interest is that understanding is all, please save so much, don’t begin to separate and this and that there are deep and not so deep. So it’s like oil, you know, there are oil, very deep oil, not so tea. So. So I think the whole industry must, again, start the effervescence, that the dynamism that we had in the early 2000s. Must be brought back. After the pandemic, of course, a pandemic is a dampener, it crashed a lot of us. But again, it gave me a chance to I think I’ve been on material to bring out a book on financial planning, I have coming on 15th of November, where I want to bring in the various elements, you know, and show what financial planning can do for a client. So that’s

Gwen Lazarito
email. But yeah, that’s so interesting. And I’m looking forward to that. So my final question for you both, is that if financial planners want to, say, get into one of your classes, or get into one of your talks, what can they usually expect from from you?

KP Bose Dasan
Yeah, it’s a very good question. Because as Ivan posted question, in one day, what can you learn? You don’t need hours? What can you learn? And it took me 30 years to be where I am today. And before that, I already was well immersed in taxation. So all I’m saying is this. You got to know your horizon, what you need. So first, you get exposed to what’s in financial planning? How deep will they go? How can they help me. So when you see the food gamut, the full spectrum of what financial planners can bring to the table, you realize the depth with which it goes, many are not needing they don’t need, they just buy an insurance buying some investments, and that’s about it, they get on. And that’s all they can afford. But the point is, if everybody manages the money, well, there’s more money in savings, the more money then go to can go into productive investments. And as Warren Buffett says, is the economy that we worry about? The economy must be vibrant. Okay, so therefore, we contribute when people’s money are located well, and when they see your money growing, and there’s money to be spent money to be invested more production of services, our standard of living goes up. Yes, definitely. So so that’s what is all about and and also international exposure. I must say, very quickly, I was in Makati and Manila to give a talk. I was shocked at the discrepancy of what you pay the depositors of a savings account. And what was the minimum interest rate charged by the institution? That no bid? The margin is so big. No wonder every bank is in Manila. I see everybody’s in Manila, I suppose the point is For what profit margin there. Whereas here in Malaysia, here we are competing. So the industries are competing. I like the healthy competition. So the margin cannot be very big. So we tried so as Warren Buffett wanted, I mean, if if the bankers and everybody starts making too much money, then somebody is losing somewhere. Yeah. And so so this is education, this crypto writer, we closed our very good bags and personal money. Even the smart investor is not I heard Rajan talking about it. He’s a founding editor and all that. So see the application. It should not stop. The magazine should not stop. You should not stop. You are doing a great job.

Gwen Lazarito
Yes, thank you so much. Well, yeah, and I definitely, definitely agree. I think it’s, I think the lesson that you just shared is one of the like, the the key message that I want people to realize is the more that they handle in their money. Well, the easier it is for our economy to boost and it’s like a win win situation for everyone. Right? So and that’s why i i love the opportunity that x y media has provided me in order to reach out to financial planners to share their best practices to other financial planners. So it’s like you and I’m sure that once the financial planners, not only in Malaysia, but the rest of Southeast Asia can hear your message about the importance of financial education and the application of that education for their clients is important. It would help like maximize the message of the needs For a more financial a more solid financial education more

KP Bose Dasan
summary I’ll give you a stats on this just that we have one of the highest car ownership in the world. Yeah, we are the third largest car ownership in the world. And in terms of multiple cars, we are the largest car ownership in the world. Now his car and increasing assets are a wasting asset 83% household debt. So that that is very high. Hi, mis directed money. And because we the flamboyant people and the flashy cars and their houses or promoter versus a frugal living, somebody’s working, and in fact who so so there it has to be a conservative all round, good thinking critical thinking. Not, not what I’m saying today. So that’s a side note, but as hope i Malaysians are my generation and generation after ours. We are very exciting, entertaining, we lived well. We saw the world, Malaysians go all over the world. You know one of the highest percentage of foreign students come from Malaysia, many of these countries, England or Australia, America. So Malaysians saw the world, they are aware of what’s going on in the world. We are very literal. Compared to I know Americans may not be even as wide read or wider, knowledgeable as Malaysian sometimes, you know, I see that. So the point is this. The point is this, we shouldn’t lose this. But if we don’t guide our politicians, our civil service and all of them to look at a healthy perspective on what I said earlier and you looked on that means let’s generate the answers the other financial literacy numeracy, let’s increase the efficiency of our allocation of our limited resources. That’s a very good retirement life, let’s say a very happy country, then you guy die and go to heaven. leave Earth as a heaven make heaven. Earth your heaven.

Gwen Lazarito
Yeah. Yeah. Yes, definitely. Well said, Well, it’s good. Now, thank you so much for coming into the show and sharing those knowledge and very good points that I think is important for financial planners to hear and even regular people as well. But before we end the show, if anyone wants to reach out to you, or anyone wants to get into one of your talks or one of your seminars, where can they find your recommender reach you

KP Bose Dasan
know, the best thing is I could promote in my email address. Nobody wants to write today’s the pick the best an audience you know, nobody wants to say KP bows, that’s my email. KP most KP stands for King of planning. KP bows@gmail.com Write me a note, I’ll tell you what’s on. And if I’m, you know, and then another friend of mine said he is busy participating in so many free webinars. He attend so many free webinars, your own knowledge. You know, yeah, just keep your eyes open, keep your ears open, keep your heart open. And I like what Rajan invites to do something for clarity. So therefore, we become interested, not interesting. That’s a big word I learned, you be interested in what’s going on in the world and in your family and in things around you. So I am interested in what’s going on around me. So that’s why I dare to comment, I gotta say something and, and we cannot lose this. This, this aspiration for helping knowing knowledge must continue. Okay, so that’s my message and kpbose@gmail.com. They can write in and ask me what’s going on? And I’ll let them know.

Gwen Lazarito
Wonderful and I’ll be sure to put your email into the description box in this podcast as well as in the show notes so that people can finally ask you what’s going on. So again, thank you so much for coming into the show, but I will see how we get on.

KP Bose Dasan
Let me bless your effort. I like what you’re doing. Thank you so much.

Gwen Lazarito
Thanks so much. Thanks so much. You to keep up the good work or the great work more power.