Hong Kong clients prefer paying regular fees for financial advice
According to a comprehensive recent study carried out by deVere Group, the majority of Hong Kong residents prefer to pay for financial advice with ongoing fees rather than larger, upfront charges.
Over 3,000 of our clients based in Hong Kong took part in the survey, and 76 per cent answered that rather than paying one-off fees, they would prefer to pay regular, smaller amounts to their wealth management professional.
The results of this survey highlight the differences in markets around the world -and how a ‘one size fits all’ approach is not the best way forward, if adaptations can be feasibly made.
deVere Group founder and chief executive, Nigel Green, who was featured in International Adviser this week, says of the findings: “Our business in Hong Kong will now primarily be focused around a fee-based wealth management model as this is what our clients here are clearly telling us they want.”
At the end of last year, Nigel Green announced that deVere Group’s international operations would run on a ‘dual business model’. One division will focus on wealth management for local and expat clients; whilst the other would concentrate mainly on international planning advice for expatriate and global investors.
Like our CEO, I’m extremely confident that this dual-focused approach, which is gradually being rolled out, will give us even more scope to meet the expectations of our clients and regulatory bodies and take our already impressive results-driven service to the next level of excellence.
Our status as one of the world’s leading independent financial advisory organisations has been built on consistently listening to our clients’ demands and being able to adapt to evolving trends – and with our new dual approach, these cornerstones of our success will only become stronger and more robust.