As the financial crisis has highlighted the need for more prudent wealth management, Convoy Financial Services is opening up opportunities for those seeking to become independent financial advisers.
'We established the company with about 10 people [in 1993]. Now we have about 1,400 frontline staff, but we really want to project it to 2,000 this year,' said Quincy Wong Lee-man, the company's chairman who noted that the firm was mainly seeking consultants.
Unlike other financial institutions, such as banks and insurance companies that have suffered in this crisis, Convoy has been able to withstand the financial storm thanks to a unique approach to wealth management and is aiming for growth of 30 to 40 per cent this year.
Mr Wong said that, unlike other financial institutions that carried and sold their own products, Convoy observed the needs of its clients and co-operated with fund houses, institutions, companies and banks to match client needs with the right products and plans. As such, there is no pressure to sell any in-house products to a particular client.
'Because the market has changed and the need for financial planning and asset management remains the same, there is lost confidence in the market.
'That means people will shift from the traditional thinking about banks and turn to maybe something else,' said Mr Wong, adding that the same thing had happened before in the industry.
