Aktivitas Advisori Investasi
Aktivitas Advisori Investasi
🏦 Section K — Financial & Insurance Activities
Investment advisory services — providing professional advice on investments in securities, portfolio management recommendations, financial planning, and wealth management advisory. This is advisory-only service: you analyze investments, recommend strategies, provide financial planning, but you do NOT directly manage client funds or execute trades. That's the key distinction from asset management (66111, Manajer Investasi) — advisory gives advice, asset management executes and manages. Common services: portfolio analysis, asset allocation recommendations, retirement planning, tax-efficient investment strategies, wealth preservation consulting.
What You Need
PP28/2025 Licensing Data1 scale
Post-License Obligations6
→ Submit periodic business activity reports to regulator
Risk: Tinggi (High). Authority: Menteri/Kepala Badan. Timeline: Otomatis (NIB auto-issued). Kewajiban: Berbentuk badan hukum.
Critical: This is OJK regulated — separate license required Investment advisory falls under OJK (Otoritas Jasa Keuangan) jurisdiction. The regulatory framework is POJK 10/2012 (Wakil Manajer Investasi dan Penasihat Investasi).
Two-stage licensing process
Stage 1: PT PMA Establishment + NIB
- PT PMA incorporation — notary deed, AHU registration; minimum IDR 10B stated capital (~3–5 weeks)
- NIB via OSS — register on oss.go.id, select 66151, Tinggi path; NIB auto-issued (Otomatis) (~2–3 days)
- Kewajiban compliance — "Berbentuk badan hukum" satisfied by PT PMA structure
Stage 2: OJK Investment Advisory License (Izin Penasihat Investasi) 4. OJK application — submit to OJK for Izin Penasihat Investasi 5. Modal disetor minimum — IDR 200 million paid-up capital (much lower than asset management which requires IDR 25 billion) 6. Individual advisor licenses — all advisors must hold WPI (Wakil Penasihat Investasi) license from OJK; requires passing OJK exam 7. Fit & proper test — directors and commissioners must pass OJK fit & proper assessment 8. Compliance infrastructure — AML/CFT procedures, client suitability assessment framework, conflict of interest policies 9. Professional indemnity insurance — required to protect clients from advisory errors 10. OJK approval timeline — 3–6 months from application to license issuance
Post-license obligations
- Quarterly reporting to OJK on client numbers, assets under advisory
- Annual compliance audit
- Client suitability documentation (must assess client risk profile before giving advice)
- Disclosure of conflicts of interest (e.g., commissions from product providers)
- Continuing professional education for WPI license holders
Typical total timeline
4–8 months from PT PMA to operational advisory firm (OJK license + WPI certifications).
Minimum capital
IDR 200 million paid-up (OJK requirement) + IDR 10B PT PMA stated capital.
Authority
Menteri/Kepala Badan (OSS) + OJK (investment advisory license).
Fully open (Terbuka) — 100% foreign ownership.
Investment advisory services existed in KBLI 2020 under similar codes. KBLI 2025 maintains the classification with OJK regulatory framework under POJK 10/2012 unchanged. The key distinction from asset management (Manajer Investasi) is preserved: advisory = recommendations only; asset management = discretionary fund management.
Bali Intelligence
💼 Investment Advisory in Bali (Growing Expat Wealth Management Market)
- Bali has a significant expat community with wealth management needs: HNW individuals, digital nomads with investment portfolios, retirees managing retirement funds, entrepreneurs managing business sale proceeds
- Demand drivers: Expats living in Bali need advice on Indonesian tax-efficient investment structures, offshore vs. onshore asset allocation, estate planning, retirement income strategies
- Existing players: Few dedicated investment advisory firms in Bali; most expats use Singapore/Hong Kong advisors remotely or rely on insurance agents (who may not be fiduciaries)
💡 PMA Opportunities in This Sector
- Expat wealth management advisory: Serve foreign residents in Bali with cross-border investment advice, tax planning, retirement income strategies
- Family office advisory: Advise HNW families on asset allocation, succession planning, philanthropic structures
- Business owner advisory: Help entrepreneurs structure exits, manage sale proceeds, plan for retirement
- Combination with other services: 66151 (advisory) + 64991 (venture capital) for family office + direct investment structure; or 66151 + 74100 (business consulting) for integrated wealth + business advisory
⚠ Critical Points for Investment Advisors
- OJK license is mandatory: Providing investment advice without Izin Penasihat Investasi = illegal; OJK enforces this
- WPI license for all advisors: Every individual giving investment advice must hold WPI license from OJK; passing the exam is required
- Fiduciary duty: Investment advisors have fiduciary duty to clients; must act in client's best interest, not advisor's
- Disclosure of conflicts: If you receive commissions from product providers (e.g., mutual funds, insurance), you must disclose this to clients
- Client suitability assessment: Must assess client risk profile, investment objectives, financial situation before giving advice; documentation required
- Professional indemnity insurance: Protects you from liability if client suffers losses due to your advice; OJK requires this
- Lower capital than asset management: IDR 200M vs. IDR 25B for Manajer Investasi — advisory is more accessible entry point into wealth management sector
- 66111 — Asset management (Manajer Investasi) — if you want to manage client funds directly (discretionary management)
- 64991 — Venture capital — if you also make direct investments alongside advisory services (family office model)
- 74100 — Business consulting — if you provide business advisory alongside investment advice
- 66221 — Insurance agent — if you also sell insurance products as part of financial planning (but disclose commissions)
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