More than half of local investors said they could have achieved better investment outcomes in the past five years if they had engaged a financial adviser, according to a recent survey by St. James's Place Wealth Management.
The London-listed wealth manager surveyed 2,000 investors in Hong Kong and found that 52 percent of them said they could have earned better returns with guidance from professional financial advisers.
Four in five, or 84 percent said they prefer seeking financial advice before making any major financial decisions, and 62 percent would consider engaging a financial adviser to manage investments on their behalf.
“When people have engaged with a professional financial adviser, 99 percent said that it was beneficial,” said Matthew Deeprose, head of business at St. James’s Place Hong Kong.
And for those who have not engaged a trusted financial adviser, 61 percent said the main barrier is that fees are too expensive, and 49 percent said they can manage their own investments.
The top source of financial advice for Hong Kongers with an annual household income of more than HK$1 million is family, which accounted for 26 percent, bankers (19 percent) and financial advisers (17 percent), according to the survey.
Also, among the group, 76 percent are open to receiving face-to-face advice from a professional financial adviser, said Deeprose.
