Money Moves

New initiative in financial planning profession

Charles Mak

This is the first of a fortnightly series of articles focusing on the banking and financial industries

Leading the financial planning industry into a new era, Financial Solutions Limited has introduced a new initiative for Hong Kong professionals to build a business of their own.

Financial Solutions, associate director Garry Stuchbery says the company's services focus on franchise management, financial planning and marketing support. "The key difference between Financial Solutions and other companies is that we operate a business-to-business model. Services to our partners support them in the retail financial planning business. Our product is a financial plan, not just financial instrumental products," he says.

As a member of the Commonwealth Bank Group, one of the two largest Australian banks by market capitalisation, Financial Solutions offers a host of marketing tools to help franchisees retain existing clients and develop new ones. Franchisees can also leverage the company's brand by including it in their corporate identity.

Mr Stuchbery adds: "Our whole support package revolves around providing our partners with comprehensive back-office support. We effectively run their back office for them. We also give our distribution partners the ability to sell financial instruments from a variety of product manufacturers, while behind the whole structure we have a unique buyer-of-last-resort guarantee. This gives franchisees confidence that they are building a business with a long-term future and predictable resale value."

Financial Solutions combines Hong Kong's expertise and Australian financial planning know-how with state-of-the-art web-based program PlanIT. The program includes needs analysis tools, preparation of financial plans, product information and recommendations, consolidated customer reports, market information as well as customer relationship management.

"Customers are becoming more educated and discerning in what they do, so they will demand more value from their financial advisers," says Mr Stuchbery. "This model has been operating internationally and will definitely set a trend in Hong Kong's financial planning industry."

Taken from Career Times 20 August 2004, p. 2
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