Leading the IARFC Philippines

Member Profile Gamalielh Ariel “Boyet” Benavides, RFC® Philippines Chapter

Emerging from the reorganization of the Philippines Chapter is Gamalielh Ariel Benavides or known to the IARFC Team as “Boyet”. He is the president of the Chapter Board of Directors and has been leading his dedicated RFC associates in reinventing the IARFC in the Philippines. The IARFC Board of Trustees and Home Office share in his enthusiasm for promoting the RFC designation in his country and support the Chapter’s efforts to uphold the IARFC Mission.

Register: First, explain how and why you became a Registered Financial Consultant? Boyet: In 2003, when the RFC designation was first introduced in the Philippines, I joined a handful of representatives from my firm to evaluate the RFC Conversion Course. I actually sat in during the first three sessions and made my recommendation to enroll participants from our firm in the second session.

Register: Why did you and your team decide to take responsibility for the Chapter? How did forming a new group evolve? Boyet: We were originally part of the RFC Club Manila, assisting the then local office of IARFC in its continuing education seminars and annual gathering of RFC members. I was then invited as a lecturer for Investment Planning in 2015, and started to get more involved in the activities of the Philippine Chapter. When President Ralph Liew retired from IARFC, together with several RFC lecturers and members, we decided to form a renewed RFC local chapter. During the few years preceding 2019, we noticed that the following had waned and membership was on the decline.

Register: Nationwide, what is the future of Financial Consulting Services in general? Boyet: It is a growing practice, and is now seriously being considered by the general public. The IARFC has increased the public’s awareness in engaging trained and ethical financial professionals to assist them in creating dynamic and living financial plans to ensure their future and those of their loved ones.

Register: What is the need for the IARFC Association and its mission in the Philippines? Boyet: Although awareness on financial planning and the IARFC has grown over the years, there is a need to further increase its visibility.

We seek to further professionalize the financial consulting profession through education, networking of RFC subject matter experts through continuing education programs, and active exchange of challenges and success stories. We also need to ensure active membership and strict compliance to the IARFC Code of Ethics to maintain the credibility and reputation of RFCs in the Philippines.

We also seek to improve awareness and accessibility of the general public to RFCs in major cities throughout the Philippines.

Register: Explain the interaction between the Philippines and the IARFC Home Office. How do you see them working together? Boyet: We see an active collaboration in the exchange and adoption of global best practices and success stories through the IARFC Home Office.

Register: How does the IARFC Philippines support Continuing Education and what is the involvement of the RFC Alumni Group? Boyet: We hold IARFCPH-organized CE sessions at least once every quarter on topics and themes of major or pressing concern for the local RFCs. The topics and themes are selected based on continuous surveys and feedback sessions we conduct with active members.

The RFC Alumni Group is a key component to the success of the activities and programs of IARFCPH. Since its creation 5 years ago, the pool of talent, passion and expertise has been the driving force in the success of CEs and the Philippines’ Annual Financial Forum.

“We need to put on a more public persona, educate regulators, customers, and the general public on what and who are RFCs; not just the IARFCPH Board which is based in Metro Manila, but successful RFC professionals outside of Manila as well.”

Register: How has COVID19 changed the plans for the Chapter? How would you define your “New Normal”? Boyet: The new normal has given IARFCPH a new challenge in engaging with its members and prospective financial consultants. In the absence of frequent face-to-face interaction, we now rely heavily on video communications, webinars, social media, group messaging/ forums to promote and conduct our activities. This has given opportunities for RFC members who have expertise in social media platforms, graphics/animation, learning/ teaching methodologies, to come forward and contribute to the execution of IARFCPH’s marketing and education programs.

We are building more visibility for IARFC now, unlike in the past.

Register: What other challenges do you see in developing the RFC designation in your country? Boyet: There are other local accreditation programs being offered in the Philippines; but IARFCPH puts forward a different value proposition. It’s not just the one-time title; RFC is a global designation, earned though continuous learning and interaction with subject matter expert RFCs.

Reach may also be a challenge. The Philippines has over 7,100 islands. Our major coverage areas are Manila and Cebu. But we already see the need up far north and down south in Luzon and in the Mindanao islands. At present, we have a sprinkling of RFCs in these areas. Our goal is to develop and support these cells and create vibrant teams that can later spin off as regional chapters.

Register: As President of the IARFC Chapter, any insights on Chapter development for 2021? Boyet: We need to reactivate RFC graduates into engaged members who will continue the path of upgrading themselves, as well as interacting with fellow RFCs. For quite some time, there was no focus on continuing education; we have to make sure that RFC members are well aware of the needs of Filipinos, and have the network of fellow RFCs to execute the financial plans they create for their clients.

We need to put on a more public persona, educate regulators, customers, general public on what and who are RFCs; not just the IARFCPH Board which is based in Metro Manila, but successful RFC professionals outside of Manila as well.

Register: On a personal level, tell us about your family, your commitment to your career and how you manage your spare time? Boyet: On weekdays, I serve as the Chief Trust Officer of a commercial bank in the Philippines. As Chief Trust Officer, I administer and manage a team of trust marketing professionals, an investment portfolio team, and the back-office support team. The majority of my time is spent with the marketing and the portfolio team, providing guidance and support as they engage with customers for solutions requiring trust or investment management services.

On weekends, family takes priority. Time is spent with my nephews and nieces catching up on what happened during the school week, bonding time out of town for a quick swim, or picnic in the park. It’s a challenge during these times, so we usually binge on Netflix, YouTube and story-telling at home with my Mom.

Register: Finally, what encouragement would you give an individual who is seeking a career in financial services? Boyet: Financial services is a very technical field, but you have to have the passion to engage with individuals; draw out their aspirations and dreams, and create the roadmap to achieving financial freedom in the near or far future. The convergence of industries within the financial services sector requires the financial consultant to have the knowledge and to be conversant with different kinds of financial services – with expertise in one field.

A strong network of RFCs in other financial services fields is necessary to bring the solution to the client. A good financial consultant should be able to harness all these resources towards serving their client. You can’t do it alone; you will need your fellow RFCs to help you out. This is the IARFC, a community of professional financial consultants subscribing to the same set of ethical standards, committed to continuous learning, and helping each other to achieve their clients’ aspirations and dreams.