PWMA / PwC Hong Kong Private Wealth Management Report 2017 · In its second year, the Hong Kong...

September 2017

www.pwchk.com

PWMA / PwC Hong Kong Private Wealth Management Report 2017

In its second year, the Hong Kong Private Wealth Management report offers a view of the challenges and opportunities facing the private wealth management industry in Hong Kong. The findings of this report are based on a joint survey conducted in July 2017 by the Private Wealth Management Association (PWMA) and PwC. 33 of the 45 PWMA member firms completed this survey, providing a broad range of views on the most pressing topics facing the private wealth management market in Hong Kong.

Asia’s private wealth management market, fuelled by robust GDP growth, increased levels of savings and the rise of more self-made billionaires, continues to grow and provide opportunities for Private Wealth Management Organisations (PWMs). Hong Kong has captured a significant portion of this growth, positioning itself along with Singapore as the top market to attract private wealth from across the world. Based on our survey, it is estimated that total Assets Under Management (AUM) managed in Hong Kong is over US$800 billion. We expect that the increasing wealth from Greater China will continue to drive the industry’s growth in Hong Kong.

That said, the private wealth industry is also going through rapid change, posing challenges. Unrelenting regulatory pressure, operational complexity, the rise of new technologies, changing client expectations and a shortage of talent have all contributed to this transformation.

When asked about the threats facing the industry today, 82% of participants cited regulatory challenges among their top 3 concerns. Regulatory requirements differing across jurisdictions create challenges for PWMs operating across multiple locations, where PWMs are seeking further cooperation from regional and global regulators. As the majority of our survey participants indicate, industry organisations such as the PWMA can help in alleviating this problem by liaising with regulators and providing forums that promote constructive dialogue.

Executive Summary

PWMA / PwC Survey 2017

In today’s changing environment, competitive advantage increasingly relies on the ability to provide a technology-enabled client experience in an efficient and compliant manner. Our report reveals that the top complaints from PWM clients are lengthy onboarding processes, excessive document requests and lack of digitally-enabled solutions. As wealth passes on to a new generation of clients accustomed to seamless digital services, PWMs will need to significantly reduce operational complexity and employ digital solutions to enhance the client experience. Our survey results suggest that the majority of PWMs are aware of this trend and acknowledge the need for process re-design and new technology solutions.

As the industry has grown and competition increased, Asia has faced significant challenges in attracting and retaining relationship managers (RMs). Talent management is one of the top 3 challenges cited by the PWMs surveyed. Excessive poaching by competitors, attractive opportunities in other industries, and the high compliance burden on RMs have all contributed to this talent war. Most survey participants agreed that the industry has to significantly change its approach to talent acquisition or face an unsustainable war for talent.

Looking forward, to stay competitive and avoid losing market share, PWMs will need to successfully adapt to the evolving market landscape and make corresponding changes to their strategies.


Market size & Client base ........................P.1

Regulatory compliance .......................... P.5

Digital ....................................................P.9

Focusing on China ................................. P.3

Process optimisation ...............................P.7

Changing customer expectations ..........P.13

Talent management ...............................P15

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5

Contents

2

3

4

6

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The survey was conducted by means of an online questionnaire. 33 out of the 45 PWMA member firms completed the survey. The results have been analysed in combination with global and APAC insights from other sources where available.

The report covers the following areas:

• Market size & Client base

• Focusing on China

• Regulatory compliance

• Process optimisation

• Digital

• Changing customer expectations

• Talent management

Introduction


Market size and client base in Hong Kong

Asia’s wealth management market has experienced healthy growth in recent years, outpacing other emerging markets and overtaking North America as the region with the largest number of High Net Worth (HNW) Individuals1. Asia is now home to 10 of the 30 cities with the highest number of billionaires, with Hong Kong ranking second only to New York2.

The population of wealthy individuals in Hong Kong has continued to rise at a relatively fast pace in recent years. In 2016 there were 72 billionaires2, around 4,600 Ultra High Net Worth (UHNW) Individuals and around 238,000 HNWIs3.

As a result, the wealth management industry has attracted many large and small organisations servicing various segments of this wealthy client base. According to Asian Private Banker, the Assets under Management (AUM) of the top 20 wealth managers in Asia grew by 6.1% in 2016 to reach US$1.55 trillion4. Based on responses to this survey by 33 Hong Kong PWMs, we have estimated that Hong Kong accounts for over US$800 billion in AUM.

1

1. Asia-Pacific Wealth Report (RBC Wealth Management and CapGemini, 2015)2. Billionaire Census (Wealth-X, 2017)3. The Wealth Report (Knight Frank, 2017)4. Asia Private Banker 2016 AUM Tables (Asian Private Banker, 2017)

* Population statistics from Census and Statistics Department – population in HK (as of 2016): 7.4million** World Ultra Wealth Report 2017 (Wealth-X, 2017)*** Wealth Total: Billionaire Census 2017 (Wealth-X, 2017)

HNWINet Worth US$1 million – US$30 million

HK residents*

1 in 31

BillionaireNet Worth > US$1 billion

UHNWINet Worth > US$30 million

HK residents*

1 in 1,607

US$986Billion**

HK residents*

1 in 102,460

US$236Billion***

Over US$800 billion

of AUM managed in Hong Kong with around 2,500 relationship managers (RMs)


Top 3 competitive threats to PWMs by client segments

Number of client accounts managed by PWMs in Hong Kong

AUM of PWMs by range

12%

52%

36%<1,000

accounts

over 5,000 accounts

RM headcount in PWMs

There are approximately 2,500 RMs servicing clients in Hong Kong.

The remaining 20% have over 100 RMs

UHNW HNW Affluent

Rank 1stCompetition from other private banks

Competition from other private banks

Self-directed investments

Rank 2nd

Competition from non-bank wealth and asset management service providers



Rank 3rd

Self-directed investments Self-directed investments Competition from other private banks

Competition from other non-traditional companies

Around 30% have 50-100 RMs

Over 50% of PWMs have fewer than 50 RMs.

26

0 1

6

AUM (US$billion)

100-150<50 50-100 150-200 Around 52% of PWMs have between 1,000 – 5,000 accounts.

PWMA / PwC Survey 2017 2

Focusing on China2

Hangzhou

Rank 1920 billionaires

Rank 1821 billionaires Shanghai


Taipei

Rank 29

15 billionaires

Hong Kong


23 billionaires

Shenzhen

Rank 15

Beijing

Global top billionaire cities in Greater China, 2016

Source: Billionaire Census 2017 (Wealth X, 2017)

100%of PWMs consider China as the main driver of growth in the HK private wealth management industry.


5. Billionaire Census 2017 (Wealth-X, 2017)

There were 249 billionaires in China in 2016 – the second largest billionaire population in the world after the United States. Together, they accounted for AUM of US$670 billion5. Robust wealth creation is occurring right across China with 4 of the top 30 billionaires cities. There is no doubt that China is playing a significant role in the private wealth management industry in APAC.

Our survey respondents are unanimous that China has the greatest growth potential within APAC. However, only two-thirds of them consider their organisation well positioned and adequately connected to meet the evolving needs of Chinese clients. Based on our interviews with senior executives, PWMs are more ready to serve Chinese clients offshore instead of onshore given market access restrictions and the challenge of gaining banking licenses in China. With competition for the offshore Chinese market increasing, PWMs are gearing up to pursue mainland customers and seek to differentiate themselves in the Hong Kong market, providing holistic wealth solutions such as bancassurance products, funds and debt securities.

“Time is not ripe for us to expand the onshore private banking business in China. Focusing on offshore private banking to cater for the China market is still our preferred choice.”

Senior executive, PWM


93%

97%

100%

100%

96%

92%

75%

48%

27%18%

Within120

Within90

Within60

Within30

Within20

Onb

oard

ing

day

s ra

nge

2017 2016

Regulatory compliance

The successive waves of regulation that have inundated the banking sector in the wake of the Global Financial Crisis show no sign of slowing or reversing. According to PwC’s 2017 Global FinTech report, regulation could cost the world’s largest banks up to US$4 billion a year, as many of them are still reliant on manual processes.6

82% of the PWMs surveyed cited regulatory compliance among their top 3 concerns with AML and tax evasion as the main areas of focus. 64% of PWMs indicated that they have spent most of their resources and budget on AML/KYC compliance among all other regulatory areas.

Despite the investments in AML/KYC, onboarding clients is taking longer than in the past. In our 2016 survey, 74% of PWMs were able to onboard their clients within 30 business days. This year, the number has fallen to 48%. 85% of PWMs cite the lengthy onboarding process among the top 3 complaints from clients.

On average, how quickly do you onboard a client?

3

6. Global FinTech Report 2017, Redrawing the lines: FinTech’s growing influence on Financial Services

(PwC, 2017)

The average time for client onboarding has grown by 6 days to 36 days, a 20% increase from last year.

82%

of PWMs indicate regulation as their major challenge.


Concerns with regards to private wealth management industry today

Lack of implementation flexibility

52%

Ambiguousregulations

61%

Ranking 1 Ranking 2

Difficulties in prioritisingmultiple regulatory obligations

42%

Ranking 3

Lack ofregulatory expertise

42%

Ranking 3

Limited budgetand resources

33%

Inconsistent regulations across jurisdictions

21%

Ranking 5 Ranking 6

51% of member firms are incorporated overseas. The majority have their regional compliance functions located in either Hong Kong or Singapore. Limited flexibility in implementing prescriptive regulations is the next big challenge faced by member firms (52% of respondents rank it in their top 3), followed by prioritizing regulatory obligations and a lack of regulatory expertise (42%). Respondents of foreign bank branches in Hong Kong find it difficult to get resources from their Head Office due to different priorities and would like to see more coordination between regulators.

61% of respondents cited the need to provide significant judgments on regulations as their top challenge. Senior management in some member firms say there are limited forums for getting clarifications from the Hong Kong regulators. In particular, 48% of respondents would also like to seek more clarity and consistency from the regulators in the interpretation and application of some regulations.


Top enablers provided by PWMs to assist RMs to retain and attract clients

What are the challenges in process optimisation?

79%Too many manual

process steps

73%Too many

complex forms

52%Too much waiting

time between process steps

48%Limited functional

supporting tools

36%Missing

know-how of RMs on

formalities

Lack of communication across teams

12%Limited capability to comply with new requirements

15%

Process optimisation4

97%

respondents agree that operational complexity needs to be significantly reduced.

Top areas currently under significant transformation

Client onboarding

Sales suitability compliance

KYC/AML/Periodic reviews

Automated compliance solutions

70%

Streamlined applications and improved infrastructure

82%

Ranking 1 Ranking 2

User-friendly client relationshipmanagement systems

67%

Ranking 3

In-house service specialists

67%

Ranking 3

61%

48%

45%


Given the lengthy onboarding process, 42% of member firms are currently undergoing significant transformation to improve this area. This includes the introduction of technical solutions, online and mobile account opening as well as other onboarding services.

The private wealth management industry is allocating considerable resources to process redesign in order to reduce overlaps and develop technological enhancements. The survey results indicate that outsourcing and hubbing of support services from centres of excellence are gaining popularity as a way to achieve efficiencies.

Limited resources

91%

Ranking 1

$

Fragmented processes

58%

Ranking 2

Lack of expertise

39%

Ranking 4

Legacy systems

58%

Ranking 2

Regulatory restrictions

18%

Ranking 5

Limited regional decision-making authority

18%

Ranking 5

What are the key issues within the onboarding process?

Functions / processes within the PWMs which have been outsourced to locations outside HK

3%

Philippines

8%China

1. Operations2. Technology3. Product Development



18%India

10%Switzerland

32%Singapore

29%Hong Kong


“We are glad to see more automated solutions developed to ease the operational burden and enhance customer experience.”



As wealth is transferred to the next generation and the population of younger Chinese self-made billionaires increases, a strong digital offering is increasingly a differentiator for Hong Kong PWMs. A lack of digitally-enabled solutions has been cited by 36% of the survey participants as one of the top 3 complaints PWMs receive from clients. The future of wealth management is undoubtedly digital, with a seamless multi-channel delivery system supported by automated and efficient back office processes being essential.

Digital5

In the past

Moving forward

Mostly manualInternal –

Business Process

Face-to-face supplemented with phone & email communication

External – Client Interaction

Increasing automation or technically-assisted

Multi-channel delivery (i.e. Face-to-face supplemented with a high degree of email, video conferencing & instant messaging communication)

75%of PWMs offer one or more online or mobile solutions to customers.

“The private wealth management industry has, in general, lagged behind retail banking in developing digital solutions that meet customer expectations.”



Online available now

Online in 2 yrs

Mobile available now

Mobile in 2 yrs

Access to global research

9

5 7

8

Portfolio statements view and interaction

19

8 7

3

Electronic mailbox for client correspondence

5

16

6

3

Proactive alerts in relation to market events

6

5 8

11

7

81

10

FX trading

Equity trading

3 8

9 9

Structured products

8

2 8

Account opening and onboarding

9

2 12

Fixed income trading

2 11

10$

Alternative investments

2 6

6

Financial advice & planning

1

3

5

7

Portfolio and financial planning simulation tools

3

1 8

12$

6

1 8

8

Deposits

Today, around 75% of PWMs surveyed provide one or more digital solutions through online or mobile channels. Of the remaining 25%, the majority plan to launch such services in the next two years.

The most common online services currently include access to portfolio statements and electronic mailboxes, followed by access to global research and equity trading. For mobile services, equity trading is not as prevalent, but market alerts rank high on the list of available services.

In the next two years, the main areas of focus for digital services will include portfolio/ financial planning stimulation tools; account opening/onboarding services; market alerts; and the ability to trade various asset classes online.

In line with changing client expectations, 79% of PWMs surveyed identified multi-channel delivery among the top 3 priorities in attracting clients. However 64% of PWMs rank their digital capabilities as lagging behind their peers. This appears to be in line with the industry view that digital solutions available for other financial services, particularly retail banking, are ahead of those commonly available for PWMs.

Which services are available now and which do you plan to offer in the next 2 years?

“We see a trend of customers expecting us to provide sufficient and timely information through multiple channels to facilitate their investment decision-making,”



Partnering with FinTechs can offer a potential solution to the existing limited digital capabilities. With an increasing emphasis on FinTech development by the Hong Kong Government and the launch of different policy initiatives in recent years, the number of FinTechs in Hong Kong has nearly doubled from 86 in 2015, to 160 in 2017, according to Hong Kong’s Financial Services Development Council7. In addition, the Hong Kong government and financial regulators have introduced a range of initiatives to reduce the industry’s anxiety when deploying FinTech solutions. Encouraged by these developments, many of the PWMs surveyed are exploring potential FinTech as a way of overcoming various operational or client facing issues.

As one executive put it, “Without a doubt, FinTech enables the private banking industry to continue evolving at an unprecedented rate, bringing expertise, efficiencies and extra values to both the organisation and its customers. Working with outside FinTech firms is predicted to grow in popularity.”

How do you rank your digital offering?

11%Regulatory concern

28%Lack of IT resources

61%Lack of budget

24% In line with peers

12% Leading in the industry

64%Lagging behind peers

£ 85%

of PWMs surveyed consider FinTech solutions would introduce more opportunities rather than threats to the private wealth management industry.

“The industry is fragmented with a large number of small-scale players offering FinTech solutions. We see a lot of appetite for innovative solutions from the Hong Kong private banks, but most of these solutions come from established FinTech players that are based in developed countries - primarily US, UK and Western Europe.”

Henri Arslanian, PwC FinTech specialist

Unsurprisingly, these digital solutions have mainly focused on client-facing services, with onboarding/account opening as the top solution followed by client communication and suitability assessments.

Has your organisation engaged FinTech / RegTech solutions in optimisation initiatives?

Implemented

Completed proof of

conceptsConsidering partnerships

30%

25% 45%

7. The Future of FinTech in Hong Kong (Financial

Services Development Council, May 2017)11 PWMA / PwC Survey 2017

Although PWMs see opportunities from partnering with FinTechs, many have identified the following three key challenges:

Data security did not rank high in the list of challenges when working with FinTechs. In fact, most PWMs did not cite cyber-security as a top threat to their organisation at all. Cyber and IT security investments were also ranked lowest among the various areas in which PWMs spend their budget and resources. This may reflect the fact that cyber and IT security investments are often managed at a group or cross-divisional level, rather than directly by the PWM division within a firm.

High implementation

cost

Lengthy implementation

process

Potential lack of regulatory approval

The “WannaCry” ransomware attack in May 2017 reignited the issue of cyber-security.

While regulatory & compliance and talent management issues are top of mind for PWM organisations, less attention is paid to cyber-security at the local level.

Although a large number of our respondents (72%) indicated that they plan to launch online or mobile trading services within the next two years, most organisations are not investing enough in cyber-security according to PwC’s Global State of Information Security® Survey (GSISS) 20178. With regard to the type of attack vector, 49% of respondents from Hong Kong and mainland China cited phishing as the top vector for cyber-security issues8, while business email compromise formed the biggest impact of cyber-security incidents, which would be on top of most PWMs’ agenda given the wide adoption of emails as a common communication channel with the clients.

As PWMs seek to expand their digital presence, they are also addressing the issue of cyber-security either at the business level or centrally across their organisation.

8. Global State of Information Security® Survey

(GSISS) 2017 (PwC, 2017) PWMA / PwC Survey 2017 12

In an era of digital transformation, clients’ expectations of their wealth managers are changing rapidly. The new generation is used to a digital customer experience supported by technology firms like Apple, Google and Alibaba. This tech-immersed generation is more independent, and wants control over their financial decisions. As a result, this generation expects a more collaborative decision making process through the provision of adequate and timely information and analysis by PWMs.

Changing customer expectations6

“Second generation clients are generally better educated, more sophisticated and savvier in investing compared to their parents. Keeping pace with their growth and lifestyle is critical to winning their trust.”



Access to global research and products

Self-service investmentplatforms

Social media presence

Holistic wealth solutionsMulti-channel delivery

61%79%

Ranking 1 Ranking 2

58%

Ranking 3

55% 21%

Ranking 4 Ranking 5

Required attributes to attract next-generation clientsAs expressed by the surveyed PWMs, multi-channel delivery is key to attracting this new generation. Clients are increasingly demanding access to wealth management services anywhere, anytime and through multiple channels such as smartphones. Currently, most PWMs surveyed do not provide digital portfolio simulation, financial planning, and online trading, although many have these services in their 2-year plans. Such tools will offer the new generation more independence by enabling them to access a comprehensive set of investment opportunities to perform their own research and to execute transactions.

This independence does not devalue advice from RMs. A positive experience with RMs is ranked as one of the most important factors in choosing a PWM. For PWMs to differentiate themselves, it is of critical importance for their RMs to provide value-added advice to exceed customer expectations. As the new generation increasingly relies on digital communications such as instant messaging apps, PWMs need to ensure that digital modes of communication are offered to clients.

PWMs seem to be split in their readiness to serve the new generation of clients. There is also no apparent relationship between the size of the organisation and its level of readiness. This may mean that the ability to serve the new generation is a matter of strategic focus rather than one of size.

AUM vs Readiness to serve the new generation

50 billion - 75 billion


Less than 0.5 billion (500 million)

0.5 billion - 5 billion


Number of PWMs with AUM(US$)



Neutral

Not w

ell-prepared

Wel

l-prepared

Prepared

AuM

$50 billion - 75 billion


Less than 0.5 billion (500 million)

0.5 billion - 5 billion


Number of PWMs with AUM(US$)



Neutral

Not w

ell-prepared

Wel

l-prepared

Prepared

AuM

$

equals one respondent


“Assets being managed by private wealth managers in Hong Kong are expected to double in five years, so the private banking industry will need more talent.” says Amy Lo Choi-wan, Chairman, Executive Committee of Private Wealth Management Association9.

Despite the strong demand for RMs, there is a significant shortage of talent in the industry in Hong Kong. Talent acquisition and retention was cited by 45% of PWMs among the top 3 threats to the wealth management industry. Most PWMs believe that excessive poaching from peer institutions will lead to an unsustainable talent management model for the industry.

The lack of young, energetic talent joining the industry may be partly attributed to the existing recruitment model adopted by PWMs. Peer institutions are the number one source of talent for all PWMs but most PWMs do not seem to nurture graduates through internal development programmes for the RM role. Additionally, PWMs consider having previous private banking experience and extensives personal networks as the most important attributes when selecting candidates. Such a stringent selection process severely limits the pool of target candidates.

Talent management7

Top 3 ways of attracting RMs

Acquiring from peer organisations

In-house transfers

Referral from existing RMs

100% 97%

64%

9. Billionaires create demand for managers (The Standard, 15 May 2017)

85%of PWMs consider their current acquisition and retention model as not sustainable in the long term.

61%

of respondents agree that the current talent acquisition model needs to fundamentally change to meet future needs.


Rank of consideration factors when recruiting RMs

Diverse experience in the banking industry

73% Previous private banking experience

18%

Ranking 1Ranking 5

Language capabilities

Ranking 6

Previous sales experience

Ranking 4

45%

15%

Extensive personal network and connections

Ranking 2

64%

Strong educational background (top universities)

Ranking 8

6%

Professional qualifications

Ranking 7

9%

Reputation and high regard for ethics

Ranking 2

64%

$

Combined with competition from other employers such as asset management firms and the heightened burden of regulatory compliance on RMs, talent acquisition and retention will be a significant challenge for the industry unless recruitment models fundamentally change.

According to the survey, the top 5 attributes for a RM are: 1) retain clients; 2) responsiveness to their needs; 3) ability to provide advice on overall wealth goals; 4) interpersonal skills and 5) risk and regulatory management skills.

In 2017, the Hong Kong Monetary Authority (HKMA) and the PWMA launched the Pilot Apprenticeship Programme, providing training and on-the-job experience covering a range of functions within participating PWMA organisations to full-time university students. The program aims at attracting young talents to start their careers in the private banking industry upon graduation to ease the burden of talent shortage.


A few words about the research and sources:

A number of sources were utilised to research and profile the landscape of the private wealth management industry in Hong Kong. These were blended into a mosaic analytical framework from which we conducted extensive analysis. This information and data is part of PwC proprietary data and analytics structures and are non-commercial in nature and specifically non attributable regarding the identity of any underlying individual or family. In addition to the result of the survey conducted by the PWMA, the following were specifically leveraged as a part of our research:

• PwC has a significant body of research drawn from publishing studies on wealth management and private banking related areas, including current and future perspectives on a number of industries from which we were able to derive insights. These include “Global FinTech Report - Redrawing the lines: FinTech growing influence on Financial Services,” (2017), “Global State of Information Security® Survey (GSISS),” (2017) issued by PricewaterhouseCoopers.

• For the market data on billionaire population, we used “Wealth-X Billionaire Census (2017)”. For the market data and projection of Asia’s and Hong Kong’s Ultra High Net Worth population and High Net Worth population, we used “Asia-Pacific Wealth Report (2015)” - RBC Wealth Management and CapGemini and “The Wealth Report (2017) - Knight Frank. For the Asia AUM data, we used “Asia Private Banker 2016 AUM Tables (2017)” - Asian Private Banker.

• The market data on the number of FinTechs in Hong Kong is from “The Future of FinTech in Hong Kong (May 2017)” issued by the Financial Services Development Council.

• Quote on talent demand in Hong Kong private wealth management industry from “Billionaires create demand for managers (15 May 2017)” published by the Standard.

This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice of any kind. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

PwC and the PWMA are not affiliated. The PWMA is a Hong Kong-based voluntary association incorporated as a company limited by guarantee. The initiative to set up an industry association for the private wealth management industry is the result of a consultancy study sponsored by the Hong Kong Association of Banks (HKAB).

Contacts

Peter Stein Managing Director PWMA +852 2537 1661 [email protected]

Antoinette Hoon

Private Banking Advisory Services Partner PwC HK +852 2289 2742 [email protected]

Harjeet Baura

Hong Kong Financial Services Consulting Leader PwC HK +852 2289 2715 [email protected]

Daniel Wong

Hong Kong Financial Services Risk and Regulation PwC HK +852 2289 3154 [email protected]

Marie-Anne Kong

Asset and Wealth Management Leader PwC HK +852 2289 2707 [email protected]


Established in September 2013, PWMA is a Hong Kong-based voluntary association incorporated as a company limited by guarantee.

The main objectives of PWMA are:

• to better position Hong Kong as the private wealth management hub in the region by promoting and encouraging the growth and development of the PWM industry in Hong Kong and to help maintain Hong Kong’s status and competitiveness as a major financial centre;

• to promote proper conduct, integrity and high standards of professional competence on the part of PWM practitioners;

• to provide a forum for members to discuss and exchange views on trends and challenges faced by the PWM industry and how to strategically position for these trends and challenges;

• to provide industry representation and consultation in Hong Kong on PWM related matters; and

• to provide a channel for the private wealth management industry to maintain ongoing dialogue with governments, regulators, trade bodies and non-governmental organisations.

PWMA has 45 full corporate members, with a 9-member Executive Committee serving as the governing body of the PWMA.

About Private Wealth Management Association (PWMA)

About PwC PwC China, Hong Kong and Macau work together on a collaborative basis, subject to local applicable laws. Collectively, we have around 600 partners and 15,000 people in total.

We provide organisations with the professional service they need, wherever they may be located. Our highly qualified, experienced professionals listen to different points of view to help organisations solve their business issues and identify and maximise the opportunities they seek. Our industry specialisation allows us to help co-create solutions with our clients for their sector of interest.

We are located in these cities: Beijing, Shanghai, Hong Kong, Shenyang, Dalian, Tianjin, Qingdao, Nanjing, Suzhou, Hangzhou, Ningbo, Wuhan, Changsha, Xi’an, Chengdu, Chongqing, Xiamen, Guangzhou, Shenzhen, Macau.


www.pwchk.comThis content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

© 2017 PwC. All rights reserved. PwC refers to the China member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. HK-20160817-4-C1

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