New year, new resolutions. For many of us, this means looking at how we can cut back on our excesses, and plan for a better future. Some focus on money, and, in particular, the changes we might need to make to have more of it. To get 2019 off to a good start, Natalie Chan and Tetia Hoppmann from St. James’s Place Wealth Management share with us a bit about what Shanghai’s international professional women can expect from a first meeting with a financial advisor, and how they can potentially help with growing one’s financial independence.
*This is a sponsored article by St. James’s Place Wealth Management, an IPWS sponsor.
At St. James’s Place Wealth Management, we are aware that women across Shanghai may approach the topic of financial planning very differently.
When first putting this post together, we began by debating what to discuss before embarking on some market research when we came to the shocking realisation that the vast majority of financial guidance focused on women is structured on the assumption that we likely earn less, more often take career breaks and may well be less financially savvy that our male counterparts.
The truth is that from a financial planning perspective – managing, protecting and growing our assets are important considerations that are not gender specific. These are important things that we should all ensure that we have considered and sought expert advice on to construct a plan that will help us achieve our financial goals.
Meeting with a financial advisor
Sitting opposite was an expatriate lady in her late 30s, she had no idea what she wanted in her future or even how to get there – she was afraid of taking the ‘plunge’ and understanding next steps. It was going to be an interesting meeting…
This can be a typical scenario for an initial meeting with a future client for Natalie and Tetia. Some come to St. James’s Place knowing exactly what they would like to achieve but they just don’t know how to get there; some come to us seeking expert advice with the view to ‘validating’ their own thinking. People often think the role of a financial adviser is to recommend and manage investment portfolios – the truth is that this only forms part of the financial planning process. We see financial advice as achieving the lifestyle you want and we help you to get there by working with you to create a personalised road map.
Whether your life goal is buying a house; being able to afford to visit a new country every year; turning your dream into a reality; saving for children’s education or planning your own retirement – it all begins by understanding where you are today and what you’d like to achieve in the future. A good financial plan is not one that is rigid but rather one that adapts to your changing circumstances and keeps you on track as it follows you through your life journeys.
Coming back to the above client, let’s call her Annabelle*. Annabelle has been climbing the corporate ladder for as long as she can remember. After over 15 years in her field, she is now in senior management within an international company responsible for global distribution strategy. She has been considering a career change for some time, but her mind told her not to do it. Financially, she wasn’t sure what that would mean or what she needs to consider. There were also various elements of her situation which needed unbundling such as overseas business and property interests, her overseas tax returns, estate planning for her overseas assets alongside putting some money aside for her future. We covered it ALL!
An hour later, she walked out from our initial meeting with relief and before we shook hands she said “I have learnt a lot today about myself and what the future holds. I am really looking forward to our discussion in 2 weeks. Thank you”. As advisors who pride themselves on adding true value to their clients’ lives, this meant a lot, watching our clients grow financial independence and developing deep personal ongoing relationships with them along the way.
Coming from various backgrounds, Tetia Hoppmann and Natalie Chan (click for LinkedIn profiles) are licensed to provide advice by the Australian Securities and Investments Commission, an independent government body which acts as Australia’s corporate regulator. They both have exceeded the education standards for financial advisors in Australia however provide advice to many nationalities here for St. James’s Place.
As an IPWS member, Tetia and Natalie are pleased to offer a 30 minutes complimentary and obligation-free financial health check to help you to kickstart 2019! RSVP is essential, please email china.marketing@sjp.asia to secure your spot.
About St. James’s Place Wealth Management
The St. James’s Place Wealth Management Group is a FTSE 100 company with £85.7bn of client funds under management. The group was established in the UK in 1991, and expanded to Asia in 2014. Now, St. James’s Place is one of the largest wealth management companies serving the local and expatriate communities in Asia. With offices in Shanghai, Beijing, Shenzhen, Hong Kong and Singapore, our Partners have many years of experience delivering face-to-face wealth management advice to individuals, trustees and businesses to help them achieve their financial goals.
As well as addressing simple and straightforward issues such as insurance, we can help resolve more complex problems for clients, such as investing for growth, or income, or retirement planning.
Putting clients firmly at the centre of everything we do is core to the St. James’s Place culture, and enables us to run a genuinely client-focused business. The strength of our business is underpinned by satisfied clients, their referrals and the dedication of our unrivalled team of St. James’s Place Partners. We are personally committed to providing quality, bespoke advice and the very best client service to meet the ever-changing needs of our diverse client base.
