THE VALUE OF
FINANCIAL ADVICE
Beyond the notion of making sound financial decisions
Identifying trusted sources
of advice
Amidst growing interest in retail investing and the emergence of new trends in the investment landscape such as robo-advisory services and digital brokerages, has this shifted the public's need for financial advice and changed the perception of an ongoing advice relationship?
St. James’s Place Wealth Management Asia launched this report to dive deeper in understanding how Hong Kongers and Singaporeans view the importance of seeking advice before making a financial decision, as well as their impression of the value of financial advice in building wealth and enriching their lives.
In this report, you will discover:
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How Hong Kongers and Singaporeans are likely to seek advice before making a financial decision and where they seek such financial advice from.
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How likely they will engage a financial adviser to achieve their long-term financial goals.
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What matters to Hong Kongers and Singaporeans when choosing an adviser to work with.
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How important receiving face-to-face financial advice is to them.
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The areas in which they feel more financial advice needed.
Key findings
Hong Kong
01
52%
02
49%
rank financial advisers as their top source of financial advice.
03
59%
say honesty is the most important trait to consider when choosingan adviser to work with.
Singapore
01
51%
believe that they could have achieved better investment outcomes if they engaged financial advice.
02
56%
rank financial advisers as their top source of financial advice.
03
63%
say honesty is the most important trait to consider when choosing
an adviser to work with.
Please note that the value of an investment will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested.
Technological advancements can play a great role in facilitating the client experience but should not replace trusted and clearly valued face-to-face advice.
MATTHEW DEEPROSE
Commercial Director
St. James's Place Asia
About the Research
The Value of Financial Advice 2020 is an independent research study undertaken by St. James’s Place Asia into financial advice trends in Hong Kong and Singapore. It provides insights into the perceptions of financial advice, the sources, and how these are being applied in financial planning.
The findings in this survey were analysed and established through a total of 2,064 interviews conducted online in February and March 2020 in Hong Kong (1,019) and Singapore (1,045). Only respondents that were between the ages of 25-54 and who held personal investments in stocks, property, shares, funds, etc. were interviewed. All respondents were from households with a minimum annual income of between HK$400,000 to over HK$1,500,000 for Hong Kongers and S$70,000 to over S$250,000 for Singaporeans.
Figures included within this research are rounded to the nearest whole number and may not add up to 100%.
Important notes
Information and/or opinions presented in this report is provided for research informational purpose only. It should not be relied upon as
financial advice and it does not constitute a recommendation, an offer or solicitation. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted.
©2020 St. James’s Place plc. All rights reserved. “St. James’s Place” and the St. James’s Place Logo are trademarks of St. James’s Place plc.
Excerpts from this report may be used or quoted, provided they are accompanied by the following attribution: ‘Reproduced with permission from The Value of Financial Advice 2020, published by St. James’s Place Wealth Management.’
Please note that the value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested.