The growing ranks of affluent in Hong Kong have a distrust of financial advisers. Family, friends and social media are their preferred choice for expert advice.
When it comes to managing portfolios, a new survey by brokerage firm Charles Schwab revealed that just over a third (34 percent) of Hong Kong respondents work with a financial adviser. The U.S. financial services firm reported its findings in a statement.
The majority of Hong Kong respondents (78 percent) said that they feel more knowledgeable than a financial adviser. Among those that do not use a financial adviser, almost 60 percent stated that they do not know where to find trustworthy financial advisers.
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«There is a gap in finding appropriate and reliable investment advice from financial experts and we believe the distrust is a clarion call to Hong Kong's financial advisers,» said Michael Fong, managing director at Charles Schwab Hong Kong.
The survey also said that Hong Kong investors hold aggressive investment aspirations. Half of those surveyed said they focused on doubling investment yields, and they are investing both in Hong Kong and offshore.
