HK professionals target 'gold mine'
The seminar "Winning Strategies for Hong Kong Wealth Managers in China" attracted many financial service professionals in Hong Kong, as most of them see the mainland as an untapped "gold mine" for wealth management.
Jack Tsang, president of the Hong Kong Chapter of the International Academy of Financial Management, said it was significant that the seminar took place in Hong Kong instead of on the mainland, because many local wealth management professionals had noted that a growing number of mainland high-net-worth individuals (HNWIs) were interested in diversifying their investment portfolios in Hong Kong.
"We see that the competition to provide services for these HNWIs will not only intensify in China but in Hong Kong as well," Tsang said.
Hong Kong's wealth management industry, targeting mainland HNWIs, had several competitive advantages, such as its deep pool of experienced professionals, and its sophisticated telecoms and industrial infrastructure, Tsang added. "It still takes time for China to nurture wealth management specialists."
Tsang sees bright prospects for Hong Kong wealth managers specialising in serving mainland HNWIs. "Hong Kong professionals have advantages, particularly for those who have already worked across the border for many years. They have gained exposure to international best practices and latest market trends and have built a sound understanding of the mainland market."
Tsang foresees a growing number of Hong Kong professionals crossing the border and helping with an exchange of innovative ideas with their mainland counterparts.