Tougher regulation, industry-wide competition, rising consumer awareness and changing consumer demographics keep an industry in flux. For the financial solutions customer, what promise does this year hold? ARNOLD YEUNG, Chairman of AMG speaks.
ARNOLD YEUNG, Chairman of AMG.
This year marks 20 years of what began as a sojourn into service for one of Hong Kong’s sons of the soil. Arnold Yeung, Chairman of AMG began his journey from a small office in Sheung Wan – then a little-known name in the colossal world of finance. Today, AMG is probably the biggest independent financial services solutions provider in Hong Kong.
It is an achievement beyond admiration because Hong Kong is a small, demanding market with very long memory. Customers here are fairly still rooted in the traditional Chinese ways centered around referrals something that’s worked well for an entrepreneur content to climb on merit.
“To offer solutions you need the passion to help your fellow human being. You have to think as if you were the customer! You have to treat your customer as you would like to be treated!” – Arnold Yeung
In Whose Best Interest!
“I’ve been asked that question before,” retorts Arnold Yeung. “You want to know if the products we offer are what the clients needs most. The answer is really quite simple. In our view, the customer has always been and will always remain, the real boss of AMG. It is the customer who has made us, it is the customer for whom we exist and it is the customer who will assure us our future. The market always outlives the industry. Secondly, we never present only one solution but at least a few options that best suit the customer’s financial needs. We encourage customers to do their own due diligence as well. It is this approach and care to the clients that’s made us the most preferred IFA and insurance broker in Hong Kong.”
News & Trends
Previous industry misbehavior by some firms has attracted much regulation. While it is a step forward in industry-discipline and customer protection, it makes it harder for an increasingly competitive industry to thrive in a cost-heavy market.
On 26 June 2017, the new Insurance Authority formally took over from the Office of the Commissioner of Insurance as the industry’s regulatory body.
The transition marks the blossoming to life of a seed planted back in 2010 when the first consultation paper on the subject was circulated, citing the need to modernise Hong Kong’s insurance regulatory regime.
The empowerment of the new Insurance Authority marks the end of a very long road. For the insurance industry, however, this is merely the end of the beginning. Insurers and insurance intermediaries operating in Hong Kong now face the challenge of implementing the changes needed to align their governance, practices and processes with the new requirements in the legislation.
“The new Insurance Ordinance and the new Insurance Authority mean the beginning of a period of greater regulatory change for the insurance industry at a time when it is going through change itself through the general embracement of technology,” Yeung notes.
“Legal practitioners have a key role to play in advising industry participants in this changing environment. Those market participants pro-active in addressing the necessary changes are the ones who will best adapt, survive and thrive,” he adds.
“Over-regulation may impact the consumer negatively and rising costs to regulate may well find the consumer picking up the bill, eventually. A balance will need to be reached for intended growth, so crucial for Hong Kong, will be harder to achieve,” stresses Yeung.
To Automate or Not?
Insurance companies have long since claimed it takes a human to understand a human. Now, this same lot are now preaching the ‘amazing’ uses of buying a tailor-made insurance product from a Robot called Penny or Jenny, Tom, Dick or Harry!
“Like most personnel-intensive industries, the insurance sector is also facing a growing talent crunch,” says Yeung.
“Some service providers are experimenting with AI but my personal opinion is of course, it takes a human being to understand human being and explain the benefits of insurance. Insurance is about trust, relationships, understanding.”
“AMG is not for a speculator or the punter. We mean risk management 1st, steady growth with a pragmatic sense of ADVENTURE.” – Arnold Yeung
Adding Value
Yeung says: “Insurance is a financial service that fulfills a person’s need but that person may have more than one need. To explore those needs you need to go beyond the ‘sell-what-the-buyer-asks-for’ transaction. In fact, the word transaction here is a sign of disrespect to both, the buyer and the seller.”
“Not everyone can carry out the work of promoting insurance. To offer solutions you need the passion to help your fellow human being. You have to think as you were the customer! You have to treat your customer as you would like to be treated!
Yeung says, “at AMG we take a very close look at the kind of person we employ and customer dissatisfaction even its rarely occurs.”
“As service providers we need to have an open window to customer’s needs but who is going to let you look into their private lives if they don’t trust you? Once you gain a person’s trust, they confide in you, share their needs with you and that’s where you are presented with more opportunity than you could imagine. We are still a very ‘loyalty-conscious’ market and just like we have family doctors and lawyers and bankers we also prefer one financial adviser to handle all our family’s needs. This should be the goal of every insurance or financial adviser – to become a trusted ‘go-to’ source for all the family member’s needs. To be a solutions provider and a friend at all times – good or bad. That’s when you get referral business that you can build on.”
The Future is Now!
According to Yeung, from all setbacks come great opportunity. A industry veteran Yeung has been through financial tsunamis, political uncertainty, market changes, consumer trends etc. but remains a student, always watching, always learning.
“At AMG we don’t just offer insurance to our retail and institutional clients. We cater to a wider range of financial needs than most people know. We are trusted because our approach is simple – we are only as good as our customers are successful. That’s our philosophy. We are glocal – local and global in sense we understand local sensibilities and global opportunities. It must be known though that AMG is not for a speculator or the punter. We mean risk management 1st, steady growth with a pragmatic sense of adventure. This is our strength, our motto, our goal,” concludes Yeung.
For additional information, please visit www.amgwealth.com
Hong Kong’s Business Leaders share market and interest intelligence in the pages of HKMVC 2019
開創多變新紀元
安柏環球金融主席楊學超表示﹕「財富管理與保險關乎信任 、 關係 、 理解及專業 。」
安柏主席楊學超對香港理財行業有着濃厚的熱情，憑着堅毅的努力及對顧客的熱誠，從上環一間小型辦公室開始，一步一步走過二十個年頭，將其發展成香港金融市場中極具名氣的公司。今天，安柏是本港其中一間最大規模的獨立金融服務供應商。
這種成就令人讚嘆不已，畢竟香港市場成熟，顧客要求高、知識廣。這裡的客戶一般都依然抱持傳統中式思維，倚重熟人介紹。不過，正正是這種模式造就切合企業自身特點發展的氛圍。
安柏環球金融集團創辦人 – 楊學超
全心全力去服務 客戶利益置首位
楊憶道﹕「曾經有人問我，我們怎知道提供的產品都是適合客戶的呢？其實，答案簡單不過。我們認為客戶一直都是安柏真正的老闆，直到將來都會如此。客戶成就了我們，客戶支持了我們，客戶令我們有美好的將來。其二，我們從不認為單一方案或產品已經足夠，所以我們會以數個財務方案以作分析及供客人選擇。此外，我們也會鼓勵客戶積極了解及審查。我們提供多元方案，關懷客戶，這兩大方針令我們成為香港最受歡迎的獨立理財顧問和保險經紀商。」
新動態 新趨勢
小數公司違規，結果招來更多監管。雖然監管有助業界自律，保障消費者，但亦令競爭越演激烈的保險業在成本高企的市場中更難發展。
保險業監管局於2017年6月26日接替保險業監理處成為監管業界的機構。
這過渡標誌着新保險世代的開始。早在2010年，首份相關諮詢文件就提出香港需要現代化保險管理制度。
同時，新保險監管局掌權亦意味着一段歷史的終結。然而，這不過是保險業舊時代的完結。在港營運的保險公司和保險中介現正面對挑戰，須推行種種管理、做法、過程上改變，以對應新法例要求。
楊指出﹕「業界在科技大勢所趨下力求轉型，與此同時，新保險業條例及保險業監管局亦在市場發展上帶來較大影響。」
楊補充﹕「在這多變新環境中，法規從業員擔當着為業界提供建議的重要角色。那些主動適切應對改變的參與者最能在市場中適應、生存、發展。」
他強調﹕「過度監管在任何行業也可能為消費者帶來負面影響，而上漲成本最終可能轉嫁到他們身上。行業蓬勃成長無疑對香港很重要，但監管與發展之間平衡將會變得更加困難。」
人工為本？人心為本？
不少保險公司都有一貫說法 – 將心比心、以人為本，但現在，不少公司卻推介由機械人所提供的特製個人化方案！
楊說﹕「保險界就如其他人材競爭大的行業一樣，正面對人材逐漸短缺的問題。」
「部份服務供應商正在試行人工智能，但我個人認同將心比心、以人為本的道理，只有人才能解釋一份合適的保險計劃的好處。財富管理與保險關乎信任、關係、理解及專業。」
不斷增值 邁步向前
楊說﹕「保險用以滿足人的需要，而人的需要又可以是很多元的。如果你要知道對方需要甚麼，你便要跳出「問一句，答一句」的交易框架。事實上，交易一詞聽起來就對買賣兩方不太尊重。」
「並非任何人都能擔任推介保險的工作。你既然作為理財方案供應商，就要有服務大眾的熱誠。設身處地，將心比己，你要以推己及人的心態對待客人。」
楊說﹕「我們安柏於挑選理財顧問與及對客戶的回應也非常認真。」
「我們作為服務供應商，要對客戶的需要抱持開放態度，若他們並不信任你，那他們又怎會讓你了解自己的所需所想呢？一旦獲得客戶信任，他們會向你傾訴，跟你分享他們的需要，無數的機會就此而來。我們的市場還是對「忠誠」相當敏感，就好像我們有家庭醫生、律師、銀行家、會計師，我們也希望只要一位理財顧問就能照顧全家所需。成為照顧全家所需的「必選」服務供應商應是每位理財顧問的目標。不論順境逆境，我們作為顧問，作為朋友，都會陪伴在客戶身邊，獲得他們的信任和推薦，從而好好發展。」
現在成就將來 將來始於現在
楊認為挫折跟機會相並而來。他身為資深業者，經歷了金融海嘯、金融風暴、市場跌蕩、消費趨勢變遷等情況，但他至今依然好像學生一樣，細心觀察，持着學習心態。
楊總結﹕「安柏並不單單為零售和機構客戶提供理財及保險服務。我們還有較少人知的高端個性化金融服務。客戶相信我們，因為我們的方針很簡單–客戶成功，我們就成功。這是我們的思維。我們更是全球在地化的公司，在地於我們理解本地文化，全球於我們把握環球機遇。不過，安柏並不太適合喜歡投機賭博的人士。我們將風險管理放在首位，以務實態度去營運，穩健成長。這是我們的優點、格言、目標。」
如欲知悉更多資料，請瀏覽: www.amgwealth.com
