SEC Secretary-General Rapee Sucharitakul said “SEC aims to provide people in general access to the capital market as a source to accumulate long-term financial stability. However, until now financial advisory or planning services have been provided only to high-net-worth invertors. SEC then initiates the Wealth Advice for All project with the goal to encourage the business operators in the capital market to focus on offering financial advisory and planning services that can be accessed by a wider public at a low cost. ”

SEC joins with business operators in the capital market from consulting on principles to laying out the framework of related rules to allow a business operator to apply for SEC’s approval and represent itself as wealth advisor to interested persons.

Rules regarding application for approval have been effective from 16 July 2018. The capital market intermediaries of all kinds, whether it be securities brokers, mutual fund brokers, management companies for mutual funds or private funds, or investment advisors, which are fully qualified and ready to provide services, may apply for SEC’s approval to become the wealth advisor. There are currently over 40 operators interested in becoming the wealth advisor.

The wealth advisor may choose to carry out the wealth advice services according to its business model within the scope of the license obtained and must have the operating systems that support all five steps of the complete wealth advice process, namely (1) exploring and understanding customers, (2) constructing an investment portfolio, (3) implement the portfolio according to the asset allocation plan, (4) monitoring and rebalancing the portfolio, and (5) providing consolidated reports for customers’ review.

“The business operators therefore play a highly important role in contributing towards the long-term financial well-being of Thai people. Accordingly, SEC welcomes business operators to provide the wealth advice services. The key of the 5-step process is to select appropriate products for an investor and to monitor and rebalance the portfolio on a constant basis. The rules having been issued are to facilitate the prompt provision of the wealth advice services” added Rapee.

Interested parties in applying for approval of wealth advisor are welcome to contact SEC for advice and recommendations via telephone on 0-2263-6050 and 0-2033-4620, or email: rangrong@sec.or.th or nattasasi@sec.or.th. In addition, SEC plans to officially launch the Wealth Advice for All Project in September 2018 to raise awareness in a wide range of people and a list of business operators licensed as wealth advisor will be disclosed at the same time. Relevant rules are available for download at (http://capital.sec.or.th/webapp/nrs/data/7703s.pdf and http://capital.sec.or.th/webapp/nrs/data/7698s.pdf).

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