Money Moves

Market changes bring new opportunities

by Carmen To

Edmund Kan, business development director, Splendor Financial Services Limited
Photo: Edde Ngan

As more members of the public come to appreciate the importance of obtaining advice about managing their personal finances, there is growing competition among service providers in the field to hire professionals with both ability and experience.

"It is a big problem trying to match supply with demand," says Edmund Kan, business development director of Splendor Financial Services Limited. "The major challenges for the industry will be the higher cost of human capital and recruitment, as well as the lower commission earned because of price cuts for some products and attempts to boost sales."

He adds that the industry also has to focus on the need to raise overall standards and achieve a consistently high level of professionalism. With over 35 years' experience in the banking and finance sector, Mr Kan believes there is now a good system of government regulation and general compliance, which still allows companies to position themselves differently and adopt diverse market strategies.

"Candidates who want to pursue a career in this sector will have plenty of opportunities to improve themselves," he says. "Employers actively encourage staff to gain extra qualifications, such as that of certified financial planner (CFPCM), and take these into consideration when deciding promotions."

Splendor offers reimbursement of fees for approved courses and sees this as a form of recognition, which also encourages staff to strive to offer a quality service.

The company ensures there is a good working environment, appropriate in-house and external training courses, and a helpful sales support team. Special effort is put into developing a distinctive staff philosophy which aims at achieving excellence in satisfying customer needs.

"Our priority is not just to close a deal but to work with our customers and follow up in a way that gives them what they need," Mr Kan says.

He admits that the market and the culture of the industry are changing, as more diversified products become available. "New options are emerging for different kinds of customers, and they should benefit as a result," he says.

Taken from Career Times 19 May 2006, p. A2
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