Hairdressers look after your hair and doctors look after your health, but when it comes to finances in Macau there are not many caretakers. There are very few certified financial planners (CFPs), registered financial planners (RFPs) or chartered financial analysts (CFAs) working in the city. A spokesman for Luso International Banking said while the qualifications were recognised in Macau's banking industry, the enclave didn't attract these professionals. Due to the region's labour shortage there was a strong demand for 'talented wealth creation professionals'. Maggie Fu, assistant professor of finance at the University of Macau, said there were no courses on offer in Macau specialising in financial planning. She said Macau had traditionally looked to Hong Kong for these skills and there were only a select few senior managers in the region with CFP or CFA qualifications. 'Due to the proximity most people would see Hong Kong as the best place to find these sort of people,' said Dr Fu. Banco Nacional Ultramarino head of private banking Jose Braz-Gomes said due to the boom in the gaming industry wealth accumulation in Macau was constantly on the rise. He said many residents had also made money from investing in Hong Kong and China's stock markets. 'Average monthly income is increasing substantially,' Mr Braz-Gomes said. 'The population is increasing as well, with plenty of job opportunities for professionals, technicians and businessmen, and local wealth accumulation is growing at a flying pace.' Mr Braz-Gomes said the need for qualified financial planning professionals was growing all the time. However, he said CFP, RFP and CFA qualifications were not a requirement to work in Macau. 'Recruitment of staff in wealth management is not easy,' he said. 'Retention of current wealth management staff and internal transfer from other positions in the bank is the main source of recruitment for our staff. Training and updating qualifications are essential, though they are not yet a must in Macau. I believe these qualifications will become that way in the not too distant future.'
