The Financial Services industry can be confusing. There are so many options to choose from, ranging from Private Bankers, Independent Financial Advisers (IFAs), Insurance Brokers, Wealth Managers and so on.

 

Still, some of those options may not be what they seem on the surface. Retail Banks typically push products to earn commissions, Private Banker's usually have quotas to fill to earn a bonus, and restricted advice groups often aren't independent because their clients only have a limited range of investments to choose from.

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Many IFA firms in Hong Kong aren't SFC Licensed, and should not provide investment advice at all. However, many claim to be able to advise on investments, technically exploiting a grey regulatory area that exists between insurance and investments. Some of those firms also purport to provide tax advice, but they're not qualified tax advisors.

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It’s important to distinguish between the different types of financial ‘professionals’ on the understanding that not all advisers are equal.   

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When it comes to choosing an individual adviser,  people often make their selection based on emotion. It certainly helps if you like the person you’re dealing with, but when it comes to managing your hard-earned savings, your choice should never be made on emotion alone.

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If you feel the need for reassurance, we encourage you to read our testimonials.