Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.










ANZ: Why Clients Come First in Financial Advice

  • By Kylie George Financial adviser, Harvest WealthPublished 
  • With Permissions from ANZ BlueNotes – Connecting News and Insights

Kylie is the winner of the 2015 Association of Financial Advisers Rising Star award, which celebrates excellence in the advice industry and recognises the next generation of financial advisers.

Financial advice is often seen as a complex thing but in many ways it is quite simple. In my view, if advisers put clients at the centre of everything we do, we will never go wrong.

I believe while we have many professionals within the advice industry, we aren’t quite seen as a proper profession just yet. The good news is we are getting there quickly.  Our industry has had many achievements but it is obvious we still have more to do to be seen as legitimate by those outside the sector.



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2024 Investment Day
23rd July Hong Kong | 25th July Singapore

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 23rd July 2024 in Hong Kong, 25th July 2024 in Singapore.
Visit | Register here


The 2024 Family Office Summit
16th Oct Hong Kong | 23rd Oct Singapore

Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here





In the past, the focus in financial advice was on getting a financial return for clients but over the past few decades it has transformed into focusing on what is in the client’s best interests, what they want to achieve in their lives and how we can put a plan in place to get them there.  Yes returns are a part of this but there is a lot more.

” [Financial] coaching is completely different from anything you can get from a computer program … I believe this is where financial advisers really add value both now and in the future “

~ Kylie George 

Financial adviser, Harvest Wealth

I started in the financial services industry over 20 years ago and I have been a practising financial adviser for almost four of those.  There are many good advisers out there, achieving great things for their clients but, sadly, recent events in the financial services sector have seen public perceptions damaged.

A recent survey from RaboDirect shows perceptions toward financial planning have fallen amid a rise in negative media attention.

The study showed 40 per cent of those surveyed in 2014 trusted financial advice but in 2015 that dropped to 29 per cent. The split was evident across generations, with trust from Gen Y falling from 49 per cent to 39 per cent, Gen X from 41 per cent to 26 per cent in 2015 and Baby Boomers from 31 per cent to 23 per cent.

This shows we have plenty of work to do.

The good news is those not doing right by their clients are in the minority. According to the The Beddoes Institutewhen ranked according to the Net Promoter Score, financial advisers deliver above-average customer service. A NPS score higher than 0 is considered good, on average advisers scored an NPS of 27.

CHALLENGES

Like any industry, unfortunately it is difficult to totally cull out those who are not doing 100 per cent right by their clients. When it comes to solving these issues, I believe they need a targeted response, rather than blanket changes thrown over the industry that don’t help our clients.

In saying that, I do believe changes in minimum education standards, a hot topic in the industry, could help. But I also believe we need to be very careful and logical about how it is implemented or the sector will lose a lot of good people.

The financial advisers I have learned from in my career have come to financial advice later in life. If the barriers to entry become too high, we’re going to miss out on some talented people. Having said that, I do agree we need a higher entry level.

I’m one of these people myself and wouldn’t have been able to advise now if a relevant degree was required to enter.  I went down the ‘apprenticeship’ road and was lucky to learn from some of the best in our industry, while I continued my studies.

In April the Federal government delayed the introduction of new rules aimed at minimum education standards for financial advisers. This news was welcomed by the Association of Financial Advisers (AFA) which has called for a more flexible and practical approach.

At the time AFA CEO Brad Fox said changes shouldn’t force some of our most experienced advisers from the industry. I think Brad has got it right. We definitely need to lift education but we also need time to adapt to the changes as we can’t put our clients and businesses on hold while we do so.

Again, a lot of what advisers do is about people, not just dollars or numbers. You can’t learn human interaction from a book – you only learn this aspect from being involved in client appointments and from actually doing.

INSTANT GRATIFICATION

New, modern technologies like social media have given consumers a new perspective on what financial success is and what can be achieved through it.

However, sometimes clients are unsure of their goals, they don’t know what is possible.  In client meetings we discuss possibilities and uncover what is important to them. Then we work out how to get them there financially.

I like to refer to what we do as life planning rather than financial planning. The financial side is necessary but it’s not sufficient.

I believe in the future advisors will have more of a coach role. Consumers will be much more informed about financial services but will still need someone to keep them accountable and show then the trade-off between needs and wants both now and in the future.  There is no right or wrong answer in these discussions, it only about uncovering what priority a client has at any point in time.

That kind of life coaching is completely different from anything you can get from a computer program, or what so-called ‘roboadvice’, can offer.  I believe this is where financial advisers really add value both now and in the future.

As a sector we need to get back to the basics of helping our clients achieve their goals. As I said: if we put our clients at the centre of everything we do, we can’t go wrong.

Kylie is the winner of the 2015 Association of Financial Advisers Rising Star award, which celebrates excellence in the advice industry and recognises the next generation of financial advisers.

Original Article: Why clients come first in financial advice

Follow: ANZ BlueNotes

BlueNotes is a publication of ANZ’s newsroom, a forum for insights, opinion, research and news about the economy, financial services, investment and society, from within ANZ and outside.




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementOthers


    $20 million to $100 million AUM$100 million to $300 million AUM$300 million to $1 billion AUM$1 billion to $10 billion AUM$10 billion to $100 billion AUMMore than $100 billion AUM


    Mailing List / Free TrialMonthly SubscriptionYearly SubscriptionMembershipEvents


    2024 Investment Day Hong Kong 23rd July2024 Investment Day Singapore 25th July2024 Investment Day Hong Kong 4th Sept2024 Investment Day Singapore 11th Sept2024 Family Office Summit Hong Kong 16th Oct2024 Family Office Summit Singapore 23rd Oct / 6th Nov










    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2024 Investment Day

    • March 2024 - Hong Kong
    • March 2024 - Singapore
    • June 2024 - Hong Kong
    • June 2024 - Singapore
    • Sept 2024 - Hong Kong
    • Sept 2024 - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014




    Previous articleTop Headlines in the Last 7 Days (6th – 12th Jun 2016)
    Next article7 Things To Do When You Meet People Who Are Better Than You In Finance & Investments?
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia