Money Moves

New line of business built on solid platform

by Maggie Tang

Sherry Yip (front), managing director, Network Financial Services Limited
Photo: Nolly Leung

Hong Kong is the world's most service-oriented economy, with the service sectors accounting for 90 per cent of GDP, according to figures released by the Hong Kong Trade Department Council. This provides favourable conditions for the growth of financial services including financial planning. Hong Kong, therefore, is highly valued by many multinational financial service providers as a key growth market.

Network Financial Services Limited (Network) is a young and dynamic financial services provider with a vision to bring added value to the local financial planning market. Sherry Yip, managing director of Network says, "Although we are new to the market, we will have no problem generating confidence from customers." Network is a subsidiary company of AXA China Region Insurance Company Limited (AXA), a member of the global AXA Group, a worldwide leader in financial protection and wealth management. "Our background is a real advantage to this business development," Ms Yip adds.

Network distinguishes itself from its parent company by its innovative and independent operation model. Ms Yip explains, "In addition to products from AXA, we also offer products from a pool of financial service providers. This enables our advisers to provide clients with unbiased advice, plus more options to better manage their wealth."

The financial planning industry has undergone tremendous changes over the past three decades. Customers have gone from seeking protection to demanding growth on assets. Achieving individual financial goals for a desired future lifestyle has become a reality in the industry. Choosing a financial planner, as a result, is an important decision. "There are concrete reasons why one requires financial planning — putting your money to work for you, job transitioning, retirement protection, medical protection and wealth succession. Network offers diverse investment instruments and insurance plans to cater for these needs," Ms Yip says.

Meanwhile, the company offers an attractive remuneration scheme for its financial advisers, financial planning managers and managing partners. For example, new financial advisers must focus on business development, and the company therefore provides a "safety net" allowance for its financial advisers for up to three years. "The allowance eases the financial stress," notes Ms Yip. "Joining Network means you open the door to unlimited opportunities. The local financial planning market, particularly for independent financial advisers, has plenty of room for future growth and we are well supported by AXA."

Network also offers substantial incentives for financial advisers to take their career to the next level, including the possibility of a franchise buyout option. "Our financial advisers are not employees of Network. They are building their own businesses. High-performing financial advisers are entitled to fast-track promotion, a scheme resembling franchising which includes the possibility of a buyout by the company. We believe this scheme provides more incentives to our financial advisers and enhances professionalism," says Ms Yip.

Taken from Career Times 22 June 2007, p. A2
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