The financial planning sector is going through a boom, with many firms expanding their teams of advisers
There are various definitions of a wealth manager, from independent financial adviser and insurance agent to personal or private banker.
But the president of the Institute of Financial Planners of Hong Kong, Henry Lam Kin-cheung, a CFP practitioner, says there is only one definition from the client's perspective - a wealth manager helps to accumulate, preserve and transfer your wealth. He is not someone who merely takes care of your money in the bank or only helps you to invest.
'Financial planning is a new industry in Hong Kong. The mass- affluent market has just started where individuals are now more willing to trust wealth managers. Large corporations are enjoying the boom because they experienced huge growth last year. At present, they are repackaging products or expanding departments to meet clients' needs,' Mr Lam says.
Now, the main issue in the industry is to retain and train good people.
'We now have more jobs than good people. I believe that the career prospects are absolutely excellent. It is a people business in the end. Even if you have extremely competitive products or good processes, you will not able to capture the opportunities if you do not have the right people,' he says.