I recently got to try out and get a financial planning session with Priscilla Yong, a CFP from MULA.
You may have seen and heard of MULA:
Website: https://www.mula.com.my/
Instagram: @mula.advisory
Referral code: A007
I was interested in having a financial planning session because I wanted to have an unbiased third-party view on how my financials stand. Being a CFP myself and managing my own finances since forever, it was an eye-opening experience. On one hand, it helped solidify some beliefs and I got some reassurances but I also found that I was a little too comfortable with some parts. More on this later.
My Plan
I won’t be posting the whole report I got as some of the information are private and also because these are not meant to be shared with the public. I’ve gotten prior approval and permission from MULA to share these.
As above, this is the table of contents. From here, you should have a rough idea on what the financial plan from MULA covers.
My goals – kept it simple, needed just about RM5,000 per month and some for travelling every year. For now.
This was the part where I was a little too snuggled in my comfort zone and was rightly brought back to reality by Priscilla who informed me that my current mortgage rate was a little higher compared to what is being charged in the market. And this is where I benefited from having a financial planner look through my numbers. I think I will be saving a lot more once I get my mortgage looked at.
Reasons for Engaging a Financial Planner
The main reason I looked for a financial planner was to make sure I was on track financially and also to get a second opinion on the handling of my finances. There will always be ways where I can optimise and do better.
Your reasons for engaging the services of a financial planner may differ from mine. But I think even if you’ve been absolutely thorough with your own financial plan, it is still good to have someone else take a look at it.
Why MULA?
I’d like to point out that I was first asked to provide feedback on MULA’s app when they first launched. After learning more about them, I decided to give them a shoutout here and also got a referral code to share with everyone.
Fee-Only Financial Planners
I’m a huge advocate of fee-only financial planners. You don’t want them to push certain products just because they are incentivized by commissions. Always, always go for a fee-only planner.
MULA is one of the cheapest I’ve come across in the industry at RM1,999 for a one-year plan. You get a comprehensive plan, and a thorough explanation of said plan via a video call.
AND you get access to your financial planner throughout the year where you can schedule a quick call if you need to reconfirm figures etc or just to get their opinion. Realistically one would only do a review semi-annually or annually.
Also, with MULA, it gets cheaper by 10% every year you renew your plan.
Technologi Terkini and Very User-Friendly Interface
When I started the financial coaching process, I had to key in all my financial info in their MULA App. I must say, I really like their simple UI.
They also have your data stored securely and you can pull them up to refer at any given time via the app. The amount of data I had to key in initially was a lot. I spent close to an hour going through old documents to make sure my figures were correct. But I still went through with it as it would be valuable information that I could compare with in the future
All your reports, old and new will also be available.
MULA Promo and Referral Code
First off, the code to sign up is: A007
MULA has also very generously provided us with some T-shirts. They’ll be given to the first 5 customers who sign up using the above code.
Please show your love to MULA as I believe they’re leading the financial planning industry onto the right path by first and foremost being – Fee-only. And they’re also making financial planning easily available to the masses. Trust me, we all need it. And of course, all these at a very reasonable rate.
On a personal note, I will be stepping into the financial planning industry as well (which was actually what brought MULA to my attention initially). I’ll have more updates for everyone soon as I look to join a financial planning firm and take on some clients! It’ll of course be a fee-only FP firm.
