The standard thinking for people wanting to build wealth in Macau used to be simple: save and invest in growth assets such as shares and property.
But in recent years that message comes with a new twist. If you're serious about wealth creation, invest in growth assets by all means. But if you don't have the skills or time to do it yourself, use professionally managed products such as managed funds and don't just invest your own money. Seek advice from your bank, borrow and invest someone else's money as well.
Maggie Fu, assistant professor of finance at the University of Macau, said wealth management was not traditionally a financial service offered in Macau.
Dr Fu said that with more foreign banks entering the market, financial planning services were slowly being introduced.
'Many of these foreign banks have been offering wealth management services to their customers for a very long time,' she said. 'Their entrance into the market has prompted some of the more traditional banks to change their services. In general, banks are always trying to provide better services to their customers.'
A spokesman for Luso International Banking said that wealth management was still in its infancy in Macau, and that the services on offer were nowhere near as comprehensive as those available in mature markets such as Europe and the United States.