Chairman's Message

A message from the Chairman

Dear Members,

It is my pleasure and honour to serve as the Chairman of the Private Wealth Management Association.

Since its establishment in 2013, the PWMA has grown steadily, from an initial 19 members to its current level of around 45 members, comprising all major providers of private wealth management services in Hong Kong. Over that time, the PWMA has unwaveringly pursued its mission of fostering the growth and development of Hong Kong’s private wealth management industry, thereby contributing to Hong Kong’s competitiveness as a global financial centre.

The rapid growth of wealth in Asia is creating new opportunities for our industry. Led by China, Asia created a new billionaire every three days in 2015, according to the Billionaires Report jointly published by UBS and PwC. The 113 billionaires in the region represented more than half of the global total for that year.

Taking advantage of this wealth creation, however, requires that clients trust you to look after their best interests. It also requires a strategic approach toward meeting the challenges and opportunities our industry faces in areas such as regulation and technological innovation. And this underscores the importance of the PWMA’s work.

The PWMA provides a unified industry voice to our member firms, acting as a platform to communicate and engage with regulators, government officials and peer organizations on issues of common interest across our industry.

The PWMA champions high standards and promotes proper conduct, integrity and professional competence on the part of private wealth management practitioners, helping to secure the trust and confidence of our industry’s clients.

One key way it does this is through the administration of the Enhanced Competency Framework, a voluntary scheme setting out an enhanced level of competency expected of Relevant Practitioners in the Private Wealth Management industry. At the end of 2016, more than 1,750 were approved as Certified Private Wealth Professionals under this framework.

Another initiative to promote high standards and proper conduct is the Treat Customers Fairly Charter for the Private Wealth Management Industry, which PWMA members agreed to adopt at our Annual General Meeting in April, 2017. PWMA worked with the Hong Kong Monetary Authority (HKMA) to draft this charter, which aims to promote confidence and trust in our member institutions by underscoring our commitment to embracing best practice and high ethical standards in how we serve our clients.

The PWMA also promotes the industry’s steady advancement through talent development, training and other initiatives aimed at ensuring Hong Kong has the right “software” to meet the demand for private wealth management services that we expect to continue growing for years to come.

On the talent development front, PWMA, working together with the HKMA, has made an important contribution recently with the launch of the Pilot Apprenticeship Programme for Private Wealth Management. This initiative, which takes its inspiration from similar programmes in countries such as Germany and Switzerland, is aimed at recruiting young talent from Hong Kong’s universities and providing them front-to-back experience and training over the course of two summers to prepare them for a career in private wealth management.

Initiatives such as this one illustrate the great potential we are starting to realize as an industry working together for our common benefit, and for the benefit of Hong Kong. I am proud to be part of this effort and hope you, our members, feel the same way. I look forward to greater achievements ahead with your collective support.

Yours sincerely,

Amy Lo

Chairman, Executive Committee