Choosing the right financial advisor
Deciding on a financial advisor is one of the most important decisions you make – pick a bad one and you could face a future of financial heartache. Living in a foreign country can make this decision even more daunting. So how do you decide which financial adviser is right for you in Hong Kong? Other than “Do I trust this person?” and “Can I see myself working with them for a long time?” There are deeper questions you might want to ask when considering who to work with. SIMON PARFITT of Pyrmont Wealth Management offers some guidance on what to look for.
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Some HK firms only hold insurance licenses and so the solution for clients will be insurance-based products, which won’t suit everyone. They also don’t require advisors to be properly licensed to give investment advice, which could be dangerous for you. An SFC (Securities and Futures Commission) license is required for giving investment advice, and allows advisors to be impartial and recommend non-insurance-based products.