Chairman of the Bedok Reservoir-Punggol Community Club management committee
Education:
BA in Economics (First Class Hons) from University of Adelaide
Experience:
Currently the Executive Director at CIMB-GK Securities Pte Ltd,
leading the Wealth Management Group (WMG)
A founding member of the Action Community
for Entrepreneurship (ACE)
Professional Qualifications:
CERTIFIED FINANCIAL PLANNER
Chartered Financial Analyst
Associate Wealth Planner
In Conversation with Victor Lye, Executive Director at CIMB-GK Securities Pte LtdYou have attained an impressive track record in the stockbroking industry over the past two decades. In your opinion, what are the notable developments in the financial industry over the last decade and how have those developments affected you?
Over the last decade, the liberalisation and growth of the financial sector has been a notable development in the financial industry in Singapore. We have seen the demutualisation of the Stock Exchange of Singapore; the consolidation of local banks; the entry and full licensing of foreign banks; the promulgation of the Securities and Futures Act as well as the Financial Advisers Act; and the growth of wealth management in the country.
I see two key challenges arising from this scenario. Firstly, there is a pertinent need to upgrade our professional capabilities and weed out incompetent professionals who place their interests above their clients. Secondly, we need to shift the industry position from a vertically structured model to one that is horizontally structured. By doing so, we will adopt a ‘best of the breed’ approach, reduce product pushing and bring our clients’ needs to the fore. Recognising the fact that there should be a notable distinction between products and advice, I have decided to develop the wealth management business model venture focusing on disseminating professional advice in 2002.
You have earned both the Chartered Financial Analyst (CFA) and CERTIFIED FINANCIAL PLANNER or CFP® certifications throughout your career as a financial advisor. What motivated you to earn both certifications and how different are the knowledge skills provided with each qualification?
On top of my formal training in economics and accounting, I was driven to take up the challenge to tackle the rigorous and demanding coursework for both certifications. Both the CFA and CFP® certifications are well designed to cater to the relevant financial market segments. While the former delves more into the fundamentals of investments, the latter focuses more on the broader area of organising and dealing with one’s long-term financial issues. In line with the growing interest in wealth management, the CFA certification now encompasses investment counselling that is customised specially for high net worth clients.
You are one of the founding members of the Action Community for Entrepreneurship (ACE) which aims to develop Singapore into an innovative and entrepreneurial nation. Based on your experience, have you ever observed a similar kind of entrepreneurial spirit within the financial services industry?
Entrepreneurship is not merely about business, it is more about an individual. The entrepreneurial spirit is alive when a person seeks growth opportunities in the face of uncertainty. Anyone can live the entrepreneurial spirit regardless of whether they are self-employed, are business owners or are employees. We must all get beyond our comfort zones and keep moving forward in order to grow.
In the financial services industry, the main source of capital is talent. We can see many instances where the entrepreneurial spirit is harnessed within the financial industry. This moral fibre and determination is usually depicted by many financial professionals in established mainstream financial services firms – ranging from insurance agents to hedge fund managers and financial advisors.
What advice would you give aspiring entrepreneurs who are hoping to start their own financial service-related businesses?
To be an entrepreneur in financial services, you have to ensure that your heart and mind is in the right place. Whether one is self-employed or otherwise, one has to be both professionally competent and honest. It is imperative for one to have passion for professional excellence and the constant drive to serve one’s clients well and build long-term relationships with them.
In the financial services industry, trust is the cornerstone in all that we do. Unfortunately, there are many industry practitioners nowadays who are professionally inept and do not consider the interests of their clients first. The key to be a successful entrepreneur is to have a positive mindset, be honest and to continually seek for opportunities for growth in times of uncertainty.
It is very commendable that despite your hectic work schedule, you are still very involved in volunteer work. What motivates you to contribute selflessly to the community?
I am truly inspired by the selfless spirit of others who contribute to the community in their own respective ways. I believe that unity is strength and I am confident that each one of us has a part to play in working together for the common good of the society. If each and every one of us does our part – however meagre that contribution is – the world will definitely be a much better place to live in.
I am happy to say that I have been able to achieve my goals in leading a balanced lifestyle through effective time management and the relentless support given to me by my beloved family members.
Education:
BA in Economics (First Class Hons) from University of Adelaide
Experience:
Currently the Executive Director at CIMB-GK Securities Pte Ltd,
leading the Wealth Management Group (WMG)
A founding member of the Action Community
for Entrepreneurship (ACE)
Professional Qualifications:
CERTIFIED FINANCIAL PLANNER
Chartered Financial Analyst
Associate Wealth Planner
In Conversation with Victor Lye, Executive Director at CIMB-GK Securities Pte LtdYou have attained an impressive track record in the stockbroking industry over the past two decades. In your opinion, what are the notable developments in the financial industry over the last decade and how have those developments affected you?
Over the last decade, the liberalisation and growth of the financial sector has been a notable development in the financial industry in Singapore. We have seen the demutualisation of the Stock Exchange of Singapore; the consolidation of local banks; the entry and full licensing of foreign banks; the promulgation of the Securities and Futures Act as well as the Financial Advisers Act; and the growth of wealth management in the country.
I see two key challenges arising from this scenario. Firstly, there is a pertinent need to upgrade our professional capabilities and weed out incompetent professionals who place their interests above their clients. Secondly, we need to shift the industry position from a vertically structured model to one that is horizontally structured. By doing so, we will adopt a ‘best of the breed’ approach, reduce product pushing and bring our clients’ needs to the fore. Recognising the fact that there should be a notable distinction between products and advice, I have decided to develop the wealth management business model venture focusing on disseminating professional advice in 2002.
You have earned both the Chartered Financial Analyst (CFA) and CERTIFIED FINANCIAL PLANNER or CFP® certifications throughout your career as a financial advisor. What motivated you to earn both certifications and how different are the knowledge skills provided with each qualification?
On top of my formal training in economics and accounting, I was driven to take up the challenge to tackle the rigorous and demanding coursework for both certifications. Both the CFA and CFP® certifications are well designed to cater to the relevant financial market segments. While the former delves more into the fundamentals of investments, the latter focuses more on the broader area of organising and dealing with one’s long-term financial issues. In line with the growing interest in wealth management, the CFA certification now encompasses investment counselling that is customised specially for high net worth clients.
You are one of the founding members of the Action Community for Entrepreneurship (ACE) which aims to develop Singapore into an innovative and entrepreneurial nation. Based on your experience, have you ever observed a similar kind of entrepreneurial spirit within the financial services industry?
Entrepreneurship is not merely about business, it is more about an individual. The entrepreneurial spirit is alive when a person seeks growth opportunities in the face of uncertainty. Anyone can live the entrepreneurial spirit regardless of whether they are self-employed, are business owners or are employees. We must all get beyond our comfort zones and keep moving forward in order to grow.
In the financial services industry, the main source of capital is talent. We can see many instances where the entrepreneurial spirit is harnessed within the financial industry. This moral fibre and determination is usually depicted by many financial professionals in established mainstream financial services firms – ranging from insurance agents to hedge fund managers and financial advisors.
What advice would you give aspiring entrepreneurs who are hoping to start their own financial service-related businesses?
To be an entrepreneur in financial services, you have to ensure that your heart and mind is in the right place. Whether one is self-employed or otherwise, one has to be both professionally competent and honest. It is imperative for one to have passion for professional excellence and the constant drive to serve one’s clients well and build long-term relationships with them.
In the financial services industry, trust is the cornerstone in all that we do. Unfortunately, there are many industry practitioners nowadays who are professionally inept and do not consider the interests of their clients first. The key to be a successful entrepreneur is to have a positive mindset, be honest and to continually seek for opportunities for growth in times of uncertainty.
It is very commendable that despite your hectic work schedule, you are still very involved in volunteer work. What motivates you to contribute selflessly to the community?
I am truly inspired by the selfless spirit of others who contribute to the community in their own respective ways. I believe that unity is strength and I am confident that each one of us has a part to play in working together for the common good of the society. If each and every one of us does our part – however meagre that contribution is – the world will definitely be a much better place to live in.
I am happy to say that I have been able to achieve my goals in leading a balanced lifestyle through effective time management and the relentless support given to me by my beloved family members.
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