The Company History

By the end of year 2006, armed with the globally recognised symbol of excellence in financial planning, certified Financial Planners (CFP™), Banyaan Tree founders, Pragasam and Rajna decided to continue their academic pursuits by enrolling themselves into Masters Programmes. Pragasam signed up for Masters in Management, Accounting and Planning from University Utara Malaysia while Rajna pursued her Masters in Medical Sciences (Community Health) from University Kebangsaan Malaysia.

It was the result of Rajna’s Master’s thesis titled ‘Knowledge, Attitude, Practice and Satisfaction on Personal Financial Management among the Medical Practitioners in Malaysia’ has contributed significantly to the birth of Banyaan Tree Money Academy.

The nationwide survey identified the doctors’ personal financial management trends, strengths and weaknesses. The results showed that doctors learn money management through trial and error and often realise the mistakes and shortfalls at later stages of life. Although 76.4% of doctors in the country had positive attitude towards personal financial management, only 33.6% of them had high financial knowledge and 34.6% practiced positive money management. More than three quarter of them were found to be dissatisfied with their financial management skills. Doctors are ignorant and insecure to find alternatives other than fixed deposits in the banks to invest their money. More than three quarter (80%) of them do not know the types of insurance covers available! Credit card management was another alarming issue among the doctors...

This statistics shocked both Pragasam and Rajna. It is public perception that medical professionals are informed consumers and excellent money managers due to their impressive lifestyle but the actual financial wellbeing was a question! What more the general public?

To address these personal financial deficiencies there ought to be a coach who can listen, council, and navigate strategic plans so that the quality of life of an individual can be improved. Who can that be other than the Banyaan Tree founders themselves? Read on...

Besides the financial qualifications, both Pragasam and Rajna had their own bitter financial experiences that brought them where they are today. In their late 30s, due to the economic downtime, Pragasam, not only lost all his investments, he also lost his job as a Senior Agency Manager in a risk management company. Too much money, too many absurd expenses, zero money management skills, wrong investment strategies, all contributed to the downfall. Within the next 6 months situation became worst when they had to sell their residence and move into a rented house, children had to take public transport to school, borrowing from relatives and friends became part and parcel of daily living. Humiliation and self pride made Pragasam to become an insurance advisor while Rajna joined him as a part timer a few months later. They gave seminars on the awareness of insurance and its importance. In 6 months they have signed up more than 500 insurance policies and were making good money. Debts to friends and relatives were settled and no more calls from the credit card companies! In the 2nd year of the business their monthly income was equivalent of their employment 2 years annual income put together!

This did not satisfy both so they took up studies again – certificate in personal insurance, business insurance, diploma in life underwriting and obtained the prestigious USA based life underwriter training council’s fellowship, LUTCF. In the same time, both enrolled themselves in a college to study financial planning. They wanted to know where they went wrong that made them a pauper. In 3 years they were awarded as certified financial planners. Today Pragasam is a security commissioned licensed financial planner and the owner of Banyaan Tree Wealth Advisors advising others on money management while Rajna has joined him fulltime and has set up Banyaan Tree Money Academy.