Like Tree32Likes

Financial Planners / Advisors in HK ?

Reply
Page 1 of 6 1 2 3 4 ... LastLast
  1. #1

    Join Date
    Sep 2016
    Posts
    6

    Financial Planners / Advisors in HK ?

    To describe what I am looking for -
    I want a financial planner to help me plan for and secure my long term financial future, by advising on investments, pensions, tax, property, and then eventually things like inheritance etc. In the short term I want to make sure I am on track for a good retirement, and have a proper plan set out.

    I also like the idea of building a relationship with a financial planner, so when my finances become more complicated (such as when my parents die) I will have someone I trust at hand.

    If anyone listens to the 'Meaningful Money' podcast, I am looking for someone like Pete Matthews.

    What I am not looking for is someone to charge me 5% to invest in a few random funds.

    So far I haven't found any such firm or individual planner to provide this. Can anyone help advise?

    Note, I have read a lot of negative perceptions on this forum about financial services in HK, and a "just do it yourself" mentality. This is what I have been doing to date, with mixed levels of success. I already hold a reasonable portfolio of funds and shares, but feel I would benefit from access to professional advice at this stage.

    About me: 33 year old British expat in HK.

  2. #2

    Join Date
    Dec 2002
    Location
    ???
    Posts
    26,636

    Different people for different things.

    Some of the things you mentioned need properly accredited professionals who are licensed / regulated in the UK (assuming this, given your previous post). For example, tax, property and inheritance.


  3. #3

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    13,383

    Hi. First things first, spend time reading this forum, there is lots of advice on financial planning.

    After that come back and ask questions.

    I can PM you some suggestions after you have done a bit more research.


  4. #4

    Join Date
    Jan 2019
    Posts
    14

    For investments, some platforms for your consideration
    BOC: https://www.bochk.com/en/investment/...s/monthly.html
    Mutual fund - https://secure.fundsupermart.com.hk/fsm/home
    ETF: https://www.futu5.com/en (USD $3 per trade)

    Pensions are much less popular in HK due to longevity and low interest rate environment.
    People will just buy house and stocks as their "pensions". And more importantly, they have much higher growth to sustain high living costs.
    You can do reverse mortgage at bank during retirement age. Bank pays you annuity till your death. Never lock in any annuity products in low interest rate environment, it hurts.

    Tax - don't know UK law as a HK local. Find a tax representative that knows both UK and HK tax rules.

    Inheritance - not sure your AUM. I suppose you can just enter some wholelife or ulife to create a sort of tax shelter. It turns out some insurance

    nivantj likes this.

  5. #5
    RCB
    RCB is offline

    Join Date
    Apr 2009
    Posts
    1

    I can't tell you what is good but I can tell you what not to do based on my personal experience.
    IFS managed to talk me into a Generali 10 year Vision account. We had to leave HK after a few years and even though I left the funds sitting in it for the whole time their fees wiped out nearly 90% of the investment. Avoid them.


  6. #6

    Join Date
    Dec 2018
    Posts
    536

    Half the battle in investing is avoiding "investments" which benefit other people rather than yourself. FWIW, I personally would run a mile from any of the following:

    1. insurance policies sold as an investment (if you need insurance, buy term life only)
    2. collective investment schemes which are sold with a front-end load, a trailing commission or are actively managed
    3. anything which is sold with a guaranteed return (e.g. over priced art work with non-existent corporate leases, overseas off-the-plan properties etc)
    4. real estate in a country or city you would not want to live in or where you, the buyer, do not get good legal title to the property
    5. anything where you are locked up for any period of time (possible exception for private equity)
    6. what passes for "annuities" in Hong Kong (which have no resemblance to the annuities sold in some other markets)
    7. managed accounts (except large scale private banks if you meet their minimum investment threshold)
    8. direct lending platforms
    9. companies which have recurring negative cash flows

    Although often a bad idea, I tend to keep allocations to anything exotic to de minimus levels.

    Viktri, pin, shri and 1 others like this.

  7. #7

    Join Date
    Nov 2014
    Posts
    355
    Quote Originally Posted by Mikestranger
    To describe what I am looking for -
    I want a financial planner to help me plan for and secure my long term financial future, by advising on investments, pensions, tax, property, and then eventually things like inheritance etc. In the short term I want to make sure I am on track for a good retirement, and have a proper plan set out.

    I also like the idea of building a relationship with a financial planner, so when my finances become more complicated (such as when my parents die) I will have someone I trust at hand.

    If anyone listens to the 'Meaningful Money' podcast, I am looking for someone like Pete Matthews.

    What I am not looking for is someone to charge me 5% to invest in a few random funds.

    So far I haven't found any such firm or individual planner to provide this. Can anyone help advise?

    Note, I have read a lot of negative perceptions on this forum about financial services in HK, and a "just do it yourself" mentality. This is what I have been doing to date, with mixed levels of success. I already hold a reasonable portfolio of funds and shares, but feel I would benefit from access to professional advice at this stage.

    About me: 33 year old British expat in HK.
    I think what you are asking for sounds simple but in reality is significantly more complicated than what you think, in my experience.

    What is "on track for a good retirement" and what constitutes a "proper plan" is something that is difficult to define. A real estate agent could tell you that these would be satisfied by owning an apartment, which they will be able to help you with. On the other hand, a stock broker might tell you that you should hold a portfolio of X, Y, and Z shares, of which they can advise you (for free) if you switch to your account to their brokerage. Neither is wrong, but none of them have you own interests at heart. This is an agency problem and it is difficult to solve.

    Given how easy it is to access knowledge (the internet) and how difficult it is for the layman to assess whether a professional is being honest when the risks are so high (you can always lose whatever you put in), it makes a lot of sense to learn how to manage your financial future.

    Even the big private banks, big accounting firms, and big law firms wouldn't be able to give you the holistic plan that you are searching for as they would run into the same issues I've described above. They aren't trying to be malicious, but they've got different specialties and incentives just as the smaller firms do.

    Furthermore, you reasonably want this information at a low cost. But people who are capable of providing such valuable information 1) wouldn't sell it at a low cost; and 2) don't need to sell it to you because they're busy managing their own finances. Furthermore, how would you evaluate whether or not the plan is good if you don't have the capability in the first place?

    Lastly, it is also hard to get a referral (for a single expert) because people that would know someone like this wouldn't want to share the expert with other people because the expert would have less time to help the person doing the referring.

    And for what it is worth, I do have experience in this niche industry. I did the technical work on tax/property/inheritance/business planning/auditing/evaluating asset performance/etc. for wealthy clients in Canada (and one very wealthy Hong Kong family) of my bosses, who were the experts. We were not a low cost resource though, although I never calculated our fees as a % of assets so I don't know what the equivalent % would be.
    Last edited by Viktri; 20-01-2019 at 02:46 PM.

  8. #8

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    3,646

    whatever i have studied in CFA L3 on retirement planning, i have never seen any certified planner or banker or anyone else following that stance.. good luck in your hunt...


  9. #9

    Join Date
    Dec 2002
    Location
    ???
    Posts
    26,636
    CFA L3 on retirement planning
    Is the coursework something a non mathematical person can review and understand?
    Last edited by shri; 20-01-2019 at 07:08 PM.

  10. #10

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    3,646
    Quote Originally Posted by shri
    Is the coursework something a non mathematical person can review and understand?
    the full content of the course work is not, but certain portion that one needs to speak to the 'client' about is..

    anyway i notice for Asians the planning tend to be conservative and slightly problematic, mainly, bulk of our assets are locked in the primary residential property we have.. assumptions tend to remove the equity value of the primary property, or under estimate their worth, and inheritance planning is sometimes quite a taboo to talk about,...

    so all in, makes the type of retirement planning that all the advisers have been trained to do not very applicable in the asian environment
    shri likes this.

Reply
Page 1 of 6 1 2 3 4 ... LastLast