Building designs for life in a fast-changing world
I STARTED IN the financial planning industry in 1997 when the stock and property markets were strong. Unfortunately, the Asian financial crisis hit shortly after I joined Convoy Financial Service in 1998 and it was a challenging time.
However, it did force people to rethink investments and financial planning. It was a great chance for us to offer a service that involved more than just stocks and property.
Better luck arrived in 2000 when the government introduced the Mandatory Provident Fund scheme and people started looking around for places to put savings, knowing that the MPF alone would not provide enough for long retirements.
Our company targets professionals with an income above the Hong Kong median of US$20,000 a year. Typically, they are in their 20s and 30s. They know that it is difficult to find a job in Hong Kong when you are over 50, so they come to us to talk about whole-life planning.
As financial planners, we must gather sensitive information on clients' needs and desires. Each plan is designed especially for individual clients. Often our consultants will meet prospective clients three times before they make a proposal.
I used to do financial planning but now I focus on management. As the chief executive of Convoy, I go to China at least once a week because we have joint ventures on the mainland. The economy there is growing fast and we are helping them to explore ideas and technology in this sector.
Our main competition is banks. They have a huge client base to draw from, whereas we have to advertise, cold call, offer seminars, and use internet sites to attract clients.
I spend many afternoons in meetings with service providers and brokers. Convoy offers services of its own, but no products. In meetings, I gather ideas on how to develop and launch products. I also pass on ideas and complaints from clients to brokers.
We use about 100 major brokers, fund houses and insurance companies.
The fact that the markets and the business environment keep changing makes my work challenging. Suddenly everyone is offering financial planning, so there is keen competition. Besides that, major regulatory bodies like the Securities and Futures Commission and the Insurance Authority keep a close eye on this sector.
I spend a lot of time ensuring that we are not stepping across any lines. In Hong Kong, there are so many regulatory bodies and each has slightly different rules, so it is difficult to know if you are following them all. The grey areas leave many points open for interpretation.
Ultimately, my greatest satisfaction in this business comes from what consultants have achieved, not what I have achieved.
Our clients and the consultants are our greatest assets. Today we have more than 50 staff and over 450 consultants.
