We’re all going on an insurance holiday – Hong Kong’s Advice Market

This week’s Advice Around the World podcast takes us all the way to Hong Kong, where we speak to Simon Parfitt from Pyrmont Wealth. Parfitt is one of the standout financial planners in his region, and he has some incredible insights to share with us on his local market. There are several revelations here. One which particularly stood out is the fact that Hong Kong has become a tourist destination. Not for sun, sea and sand, but rather for Chinese mainland citizens looking to buy insurance products. Parfitt tells us why this happens, and how this unusual quirk has come to pass. We also learn why many advice firms fall under the remit of the insurance regulator. This detail, which at face value is dry, leads to a better understanding of how planning does, or in other cases does not, work in Hong Kong. This is a conversation that covers some unusual ground, but not without shedding some light on the value of proper financial planning.