MIDLAND WEALTH Management, an independent financial adviser and affiliate of Midland Realty (Holdings), will expand into Macau next month and the mainland at the end of the year.
Sidney Sze, chief executive of Midland Wealth Management, said it would provide financial planning services in Macau and distribute insurance products in the mainland because regulations restricted it from operating as a financial planner at present.
It plans to open offices in Shanghai, Beijing, Guangzhou and Shenzhen. It has 26 investment consultants in Hong Kong who are licensed to sell life and general insurance in the mainland.
Mr Sze is upbeat about the financial planning business and sees tremendous potential in Macau, the mainland and Hong Kong, despite being a newcomer.
Midland Wealth Management is eight months old in Hong Kong, but has already achieved a break-even position, Mr Sze said. He said this was achievable because of its affiliation with Midland Realty (Holdings), which provided a huge database of potential clients.
'Midland Realty has 400 branches and closes 4,000 property transactions a month. We have an agreement with them to call on their clients,' Mr Sze said.