The Essential Element to Be a Financial Planner in Hong Kong

â€Å"Describe the essential element to be a successful financial planner in Hong Kong and China. Explain the challenges of practicing ethical financial planning in Hong Kong and China.† Successful financial planning Successful financial planning Establishing trusting relationships with clients Establishing trusting relationships with clients Strong reputation Strong reputation Professional and ethical behavior Professional and ethical behavior Strong financial planning knowledge Strong financial planning knowledge Strong interpersonal skills Strong interpersonal skills Financial planning has become much more important over the decade in Hong Kong and China. Many graduates and other people with professional financial planning knowledge†¦show more content†¦A structured product can generate higher cash flow than treasury bonds in the blooming economic. However, it incurs higher risk for the client’s investment at the time. For the financial planner, it is difficult to say for certain that those new and complex products are better than the tradition investment tools. And it makes the decision-making to become harder. Another ethical challenge is the method of compensation. In US, most financial planners are compensated via a combination of fees and commissions. Comparing with the financial planners in Hong Kong and China, many of them are compensated by commission and low basic salary. Commission is a motivation which drives financial planners to maximize the asset value of their clients. Higher growth rate of the asset value implies higher commission that planners can earn. However, commission-based compensation would bias financial planners to perform a risky portfolio. Instead of concerning clients’ interest, planners would pursue his or her own benefit for survival. Because the basic salary might not be enough for living. In Hong Kong and China, financial planners may face the pressure from their employers or supervisors. They have to meet the monthly quota of some â€Å"recommended† products. In general, they receive high commission by selling these products. Different from the salespeople, financial planners are advising their financial planning to their clients but not selling it.Show MoreRelatedThe Essential Element to Be a Financial Planner in Hong Kong1091 Words   |  5 Pagesâ€Å"Describe the essential element to be a successful financial planner in Hong Kong and China. 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