Hit by severe regulation changes Hong Kong’s financial products sellers are down but not out. Dr GERMAN CHEUNG, founder of ATHENA BEST FINANCIAL GROUP sees a light at the end of the tunnel.
The industry is right to loathe regulation because while tougher laws reign in cowboys, they also impact the few who serve with integrity. Reality dictates that while the market thrived under lax legislation, the number of complaints against the industry showed a dis-service to Hong Kong. So, now, very few financial products pass the regulator’s muster. So what must a cost-laden industry do to survive?
Rethinking the Future
Dr. German Cheung, Founder of Athena Best Financial Group is a pragmatic thinker. This development was not completely unforeseen, he says. There are always rotten mangoes in every box and these taint the rest.
“So, now we have to cope with the new reality and to do this, we have evolved into both, the product maker and the services provider. We have created a suite of services to cater to our discerning customers Asia-wide.
Furthermore, our related company METIS Global Ltd helps bring to our middle range customers, trust services that we earlier reserved only for the super rich.”
Geographically, we’ve chosen to spread our efforts across the Asian region instead of just depending on Hong Kong, and this is why the clients who choose to use our portfolio management service have shown a good persistency ratio record.
As the customers’ needs today are changing so fast, I would say the industry in Hong Kong needs to innovate more, and create new products or services. We also have to learn to cater to the lower-middle tier markets.”
Where is the Money?
With the RMB’s devaluation, the fall of gold, the sad monetary situation in Europe, the questionable rise of the US dollar, the height of the local property market and the price of oil, not to mention the 2015 doomsday predictions, where is the sweet spot for investors?
“Diversification is now more important than ever. This is why, regardless of what regulators feel, the fact remains that investors need informed guidance. Our clients gain the strategic advantage because they have access to this vast reservoir of topical, related information that help them take advantage of opportunity as soon as it arises.
We have remained customer-centric and avoided distractions. Our focus on service and best business practices is already widely recognized so integrity and quality will continue to be our building blocks of success. We exist only to serve our clients so referral business remains our lifeline. We look forward to a better future in cooperation with our clients as we go about doing what we know best – serving with honesty, efficiency and integrity.” Concludes Dr. Cheung.
For additional information please visit www.athenabest.com