Cerulli / IFPHK - Survey of Trends with CERTIFIED ...app.ifphk.org/Files/EMS/News/611/KEYFINDINGS-FPSB... · Cerulli / IFPHK - Survey of Trends with CERTIFIED FINANCIAL PLANNER CM

Page 1Financial Planning Standards Board Ltd. owns the CFP marks outside the U.S. and permits qualified individuals touse these marks to indicate that they have met FPSB's initial and ongoing certification requirements.

Dennis LauChief Executive [email protected]+852-2982-7888

Yoon NgAsia Research [email protected]

Noel MayeChief Executive [email protected]+1 720-407-1909

Cerulli / IFPHK - Survey of Trends with CERTIFIED FINANCIALPLANNERCM Practitioners in Hong Kong

IntroductionAs Financial Planning Standards Board (FPSB) expands its presence globally, the necessity to understand the intricacies of each member

territory and the dynamics of advisers’ practices within each market has emerged. As a result, FPSB partnered with Cerulli Associates to

survey its global CFP professional population. The research initiative was launched in Hong Kong in November of 2013 and received

2,404 responses from local CFP professionals. The responses provide transparency on how these advisers run their practice, their

perception of the value of financial planning and their CFP designation, as well as other key trends on how they operate their business.

▪ The bulk of respondents are either aged between 35-44 (42.1%) or 45-54 (30.3%).

▪ Slightly more than one-fifth (23.2%) of CFP practitioners are in the 25-34 age group.

▪ Less than 5% of respondents are above 55.

EXHIBIT 1Age Profile of CFP Practitioners, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

23.2%

42.1%

30.3%

4.2%0.2%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

25-34 35-44 45-54 55-64 65 and above





▪ The majority of CFP practitioners in Hong Kong hold at least a bachelor’s degree.

▪ Close to a quarter (24.7%) of CFP practitioners have either a post-graduate or doctorate qualification.

▪ 18.3% of CFP practitioners hold a post-secondary degree or diploma.

EXHIBIT 2Education Profile of CFP Practitioners, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

4.5%

18.3%

52.0%

24.2%

0.5% 0.5%0%

10%

20%

30%

40%

50%

60%

Secondary School Post-secondaryschool/diploma

Bachelor’s degree Post-graduatedegree

Doctorate Others





▪ About two-fifths, or 39.7%, of respondents work in retail banks.

▪ CFP practitioners working in insurance companies and independent financial advisory firms occupy 32.1% and 10.0% of the total

pool of respondents, respectively.

▪ Respondents who selected “others” include practitioners in private equity firms, accounting firms, consultancy firms, government

sectors, and educational institutions.

EXHIBIT 3Firm Profile of CFP Practitioners, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

39.7%

32.1%

10.0%

6.5% 5.6%3.7% 2.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Retail bank Insurancecompany

Independentfinancial

advisory firm

Private bank Others Securities firm Assetmanagement

firm





▪ 69.5% of respondents serve at firms with more than 500 workers. Of these, 47.0% work in retail banks while 38.6% work in insurance

companies.

▪ 10.6% of CFP practitioners work in organizations with 101-500 staff members. Of these, 21.3% work at independent financial advisory

firms, 20.5% work in insurance companies, and 18.9% work at retail banks.

▪ 6.8% of respondents work in firms with 10 or fewer staff members, and a quarter, or 25.2%, of them are from independent financial

advisory firms.

EXHIBIT 4Firm Size of CFP Practitioners, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

6.8% 8.4%4.6%

10.6%

69.5%

-5%

5%

15%

25%

35%

45%

55%

65%

75%

1-10 11-50 51-100 101-500 More than 500





▪ 55.6% of surveyed CFP professionals operate as sole practitioners. Of these, 42.9% work in insurance firms.

▪ 44.4% of respondents work in a team structure. 46.8% of respondents who work in a team structure are retail bank employees.

EXHIBIT 5Practice Structure of CFP Practitioners, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

44.4%Team/ensemble

55.6%Sole Practitioner





▪ On average, survey respondents have held the CFP certification for 5.7 years.

▪ 61.2% of practitioners have been certified for at least five years.

▪ Among practitioners who have fewer than five years of experience, 43.4% are affiliated to retail banks, while 31.6% work at insurance

firms.

EXHIBIT 6Years Experience as a CFP Practitioner, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

Years as a CFP Professional %

Less than 5 38.8%

5-9 45.1%

10-14 15.7%

15 or more 0.3%

Average years of experience 5.7





▪ On average, the basic salaries of CFP practitioners made up 48.3% of their incomes in 2013. Practitioners expect the proportion of

basic salaries to drop slightly to 45.2% by 2016.

▪ Commissions contributed an average of 41.8% to respondents’ incomes in 2013 and are expected to fall by 3.0 percentage points

by 2016.

▪ Respondents expect asset-based fees and financial planning fees to contribute to a larger proportion of their overall income in 2016

compared to 2013.

EXHIBIT 7Sources of Income, 2013 vs. 2016 EstimatedSources: Cerulli Associates, in Partnership with Financial Planning Standards Board

48.3%

41.8%

2.0% 0.7%

7.1%

45.2%

38.8%

2.9% 1.2%

11.8%

0%

10%

20%

30%

40%

50%

Basic salary Commission Asset-based fees Financial planning fees Other

2013 2016 Estimated





▪ The benefits of providing financial planning services, based on what is learnt through the CFP certification, are apparent. More than

70% of respondents indicated that the financial planning skills acquired from their CFP certification allowed them to provide a greater

number and more in-depth services to their clients.

▪ 69.9% of respondents said that holding the CFP certification allowed them to gain recognition not only from employers, but also clients.

Other benefits cited by the majority of respondents include stronger client relationships and better management of client expectations.

EXHIBIT 8Benefits of Financial Planning, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

Benefit Not important Neutral Important

Ability to provide organized approach to client review 6.3% 26.0% 67.8%

Creation of stronger bond by providing more services 6.5% 30.8% 62.7%

Greater loyalty to the firm, based on planning support 13.3% 39.1% 47.6%

Identification of additional product opportunities 7.6% 31.4% 60.9%

Increase in assets under management 10.7% 35.1% 54.2%

Increase in number and depth of services offered to clients 5.0% 24.4% 70.5%

Increase in number of referrals and sales leads 8.9% 34.3% 56.8%

Increase in proportion of asset retention 10.4% 37.6% 52.0%

Increase in revenue generation per client 8.9% 35.0% 56.1%

Management of client expectations 4.8% 27.2% 68.0%

Recognition from employers and clients 5.3% 24.8% 69.9%

Stronger client relationships 5.8% 27.3% 66.9%





▪ Three-quarters of respondents stated that they experienced an increase in income within 12 months of receiving their CFP certification.

Most respondents, however, indicated that CFP certifications played a minor role in increments to their income.

▪ 23.3% of polled practitioners did not experience growth in their income within 12 months of becoming certified. The majority (79.5%)

in this group said that the CFP designation did not affect their income.

▪ 1.7% of respondents said that they saw a fall in income within a year of becoming certified, and most did not attribute this to the

designation.

EXHIBIT 9Personal Income Growth in the 12 Months Following CFP Certification, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

Income Change % Major Minor No Impact

1-10% 36.8% 4.9% 60.9% 34.2%

11-20% 24.8% 13.7% 75.0% 11.3%

21-30% 6.9% 29.3% 57.3% 13.4%

More than 30% 6.5% 27.1% 58.7% 14.2%

My income shrunk. 1.7% 5.0% 22.5% 72.5%

My income did not grow. 23.3% 1.3% 19.2% 79.5%

Stated Impact of the CFP Certification





▪ 70.6% of polled practitioners saw an increase in the number of clients served within 12 months of earning CFP certification. Of those

who saw an uptick in the number of clients, most saw their client base expand by 1-10%.

▪ About one-fifth, or 20.5% of respondents did not see a change in their client base in the 12 months after receiving their CFP credential.

▪ 1.1% of respondents saw their client base contract due to the fact that they worked with fewer but wealthier clients.

EXHIBIT 10Client Growth in the 12 Months Following CFP Certification, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

39.1%

22.9%

6.1%2.4%

20.5%

0.7% 1.1%

7.1%

0%

10%

20%

30%

40%

1-10% 11-20% 21-30% More than 30% My client basedid not grow.

My client baseshrunk.

My client baseshrunk by designas I worked with

fewer, wealthier clients.

I do not workwith clients.





▪ Most practitioners surveyed said that they were more satisfied with their careers after receiving the CFP certification. 54.3% revealed

that they were somewhat more satisfied, and slightly more than a tenth (11.3%) said that they were significantly more satisfied with

their jobs.

▪ 32.4% were neutral about the impact of the qualification on their jobs.

▪ 2.0% of practitioners, on the other hand, said that they were less satisfied with their careers after becoming certified.

EXHIBIT 11Satisfaction with Career Following CFP Certification, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

11.3%

54.3%

32.4%

1.5% 0.5%0%

10%

20%

30%

40%

50%

60%

Significantly moresatisfied

Somewhat moresatisfied

Neither more satisfiedor dissatisfied

Somewhat moredissatisfied

Significantly moredissatisfied





▪ The CFP designation provided various career incentives for 51.6% of surveyed practitioners. 21.5% were able to earn a promotion,

17.2% were able to start their own practice, and 12.9% secured a new job.

▪ 20.2% of practitioners were unable to leverage on the CFP certification to move up the ranks or seek new employment.

▪ About a quarter (25.3%) of practitioners did not seek new career opportunities following their certification.

EXHIBIT 12Career Progression as a result of the CFP Designation, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

25.3%

21.5%20.2%

17.2%

12.9%

2.9%

0%

5%

10%

15%

20%

25%

30%

I have not sought achange in role since

certification.

The designation helpedme get promoted.

I have not been ableto leverage the CFPcertification to secure a promotion or new job

I was able to start myown practice as a result

of the designation

The designation helpedme get a new job

Others





▪ In 2013, CFP practitioners working at insurance companies and retail banks served the highest number of clients, at an average of

238 and 235, respectively.

▪ Practitioners at independent financial advisory firms served half as many clients as those working at insurance companies.

▪ Polled practitioners working at securities firms and private banks served the smallest number of clients, at an average of 72 and 62,

respectively.

EXHIBIT 13Average Number of Clients per Practitioner by Firm Type, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

238 235

119109 108

7262

0

50

100

150

200

250

InsuranceCompany

Retail Bank IndependentFinancial

Advisory Firm

AssetManagement Firm

Others Securities Firm Private Bank





▪ 76.4% of clients served by CFP practitioners in Hong Kong are below 60 years of age. Most are aged between 40 and 49.

▪ On average, clients below 40 years of age make up a quarter (25.7%) of each practitioner’s client base.

▪ Clients above 80 years make up about a tenth (10.4%) of clients served by CFP practitioners.

EXHIBIT 14Client Demographics by Age Group, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

25.7%

28.2%

22.5%

10.2%

3.0%

10.4%

0%

5%

10%

15%

20%

25%

30%

Below 40 40-49 50-59 60-69 70-79 80 and above





▪ Half (52.4%) of surveyed practitioners are responsible for the acquisition of new clients.

▪ About a quarter (24.7%) share responsibility with other advisors, while 16.3% rely on other advisors to help acquire new clients.

EXHIBIT 15Client Acquisition Responsibilities, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

52.4%

24.7%

16.3%

6.6%

0%

10%

20%

30%

40%

50%

60%

I have primary responsibilities foracquiring new clients for my practice.

I share responsibility for clientacquisition with other advisers.

Other advisers are primarilyresponsible for client acquisition andI assist them with financial planning.

Other





▪ Surveyed practitioners tend to spend the bulk of their time on client-related engagements. Meetings with current clients (18.7%),

helping clients solve their problems (15.6%), and developing financial plans for them (11.3%) occupy close to half of the time spent

at work.

▪ While heavy emphasis is placed on serving existing clients, practitioners also apportioned about a tenth (11.1%) of their time to

acquiring new clients.

▪ Meanwhile, research and due diligence on products and investments, as well as trading and asset management were allocated the

least amount of time by practitioners, at just 4.9% and 5.9%, respectively.

EXHIBIT 16Time Allocation of Practitioners, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

11.1%New client acquisition

10.5%Office administration

and management

9.4%Compliance with

regulatory requirements

7.0%Training / professional

development

5.9%Trading and asset

management

4.9%Research/due diligence

18.7%Meeting current clients

15.6%Client service problems

on products and investments

5.7%Other

11.3%Developing financial

plans for clients





▪ Polled practitioners revealed that they provided no financial planning services to 29.9% of their clients in 2013, and predict that this

client segment would increase by 1 percentage point to 30.9% by 2016.

▪ Practitioners also foresee that the proportion of clients receiving comprehensive written financial plans will increase from 26.5% to

27.3% between 2013 and 2016.

▪ On the other hand, CFP practitioners expect the proportion of clients receiving issue-focused financial planning without formal

documentation is expected to fall by a margin of 3.0 percentage points between 2013 and 2016. Conversely, they expect clients

with formally documented issue-focused financial planning to increase during the same time period.

EXHIBIT 17Level of Financial Planning Service Received by Clients, 2013 vs. 2016 EstimatedSources: Cerulli Associates, in Partnership with Financial Planning Standards Board

29.9%

26.5%23.6%

20.0%

30.9%

27.3%

20.6% 21.2%

0%

10%

20%

30%

40%

No financial planning services Comprehensive writtenfinancial plans

Issue-focused financial planswithout formal documentation

Issue-focused financial planswith formal documentation

2013 2016 Estimated





▪ Given that 32.1% (see Exhibit 3) of participants serve at insurance firms, it is hardly surprisingly to see that CFP practitioners provide

40.5% of their clients with insurance services.

▪ CFP practitioners revealed that they provide 31.8% and 31.7% of their clients with portfolio management and private banking services,

respectively.

▪ Estate planning, tax planning and charitable giving are services are offered to less than a fifth of the clients served by surveyed

participants. This is likely due to a lack of demand of such services in Hong Kong.

EXHIBIT 18Type of Financial Planning Service Received by Clients, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

10.7%

13.5%

14.1%

25.6%

26.1%

27.5%

31.7%

31.8%

40.5%

0% 10% 20% 30% 40% 50%

Charitable giving

Tax planning

Estate planning

Retirement planning

Cash management/budgeting

Integrated financial planning

Private banking

Portfolio management

Insurance





▪ According to survey participants, insurance products and mutual funds form the bulk of the average client portfolio. Insurance products

contribute an average of 30.6% to each managed portfolio while mutual funds make up about 20.7%.

▪ Individual securities make up 13.6% of the average client portfolio, while money market products, deposit accounts, and cash investments

add 12.0%.

▪ Clients apportioned less than a tenth of their portfolios to property-related investments, and exchange-traded funds made up just

3.7% of the average investor’s pool of investments.

EXHIBIT 19Average Client Portfolio by Product Type, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

20.7%Mutual funds

12.0%Money market

products, deposit accounts, cash, etc.

13.6%Individual securities

11.7%Others

3.7%Exchange-traded funds7.5%

Property (excluding self-occupied property)

30.6%Insurance products





▪ According to 46.5% of CFP practitioners, regulatory impediments pose a key challenge in growing financial planning services.

▪ A lack of receptiveness of clients towards financial planning is also cited by 44.7% of practitioners as a barrier to growing financial

planning services in Hong Kong.

EXHIBIT 20Impediments to Growing Financial Planning Services, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

Challenges Not a Challenge Neutral Major Challenge

Clients are not receptive to financial planning 11.9% 43.3% 44.7%

Clients are not receptive to investing 17.1% 47.7% 35.2%

Clients do not trust the business model 14.8% 50.4% 34.8%

Clients not receptive to working with a financial planner 15.3% 48.8% 35.9%

Marketplace is crowded with too many financial planners 18.4% 45.9% 35.7%

Personal saving assets of clients are not significant 17.7% 50.9% 31.4%

Product offering is limited 17.5% 47.6% 35.0%

Regulatory impediments 9.7% 43.8% 46.5%




Noel MayeChief Executive [email protected]+1 720-407-1909▪ Generally, practitioners are optimistic about the outlook for financial planning. They believe that consumers are demanding more

comprehensive financial planning, and most CFP practitioners express a willingness to provide financial planning to foster stronger

and longer bonds with their clients.

▪ Most practitioners also indicate that they have a long-term outlook when it comes to growing their business. In fact, 58.9% said that

they plan to increase the proportion of their clients who receive financial planning in order to achieve long-term growth.

▪ Close to half (47.3%) of the surveyed practitioners also said that their major value proposition is providing superior investment returns

for clients.

EXHIBIT 21Practitioner Perception of the Value of Financial Planning, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

Agree Neutral Disagree

Consumers are demanding more comprehensive financial planning. 51.6% 39.9% 8.4%

I am willing to view financial plan delivery as a value adding tool in order to strengthen client relationships.

61.0% 35.1% 3.9%

I expect longer client relationships with financial planning clients. 66.7% 30.2% 3.1%

I view increasing the percentage of clients receiving financial planning advice as critical to long-term growth.

58.9% 36.6% 4.5%

My major value proposition to clients is providing superior investment performance. 50.5% 42.3% 7.2%

My practice seeks to make financial planning a profitable business segment (independent of investment management revenues).

41.1% 47.3% 11.5%





▪ Mass retail clients, defined as clients with investable assets of US$10,000 to US$100,000, made up 36.8% of CFP practitioners’ client

pool in 2013. Emerging affluent clients, defined as clients with investable assets of US$100,000 to US$1 million, occupied a third of

practitioners’ client base.

▪ CFP practitioners predict that the proportion of mass retail customers and emerging affluent customers in their client base will dip by

1.0 percentage point and 3.0 percentage points, respectively, between 2013 and 2016.

▪ The proportion of high net worth and ultra high net worth individuals--defined as clients with investable assets of at least US$1 million

and at least US$30 million, respectively--are predicted to increase by 2.3 percentage points and 1.7 percentage points between 2013

and 2016.

EXHIBIT 22Client Demographics by Income Group, 2013 vs. 2016 EstimatedSources: Cerulli Associates, in Partnership with Financial Planning Standards Board

36.8%

33.3%

21.4%

8.5%

35.7%

30.3%

23.7%

10.2%

0%

10%

20%

30%

40%

Mass retail Emerging affluent High net worth individuals Ultra high net worth individuals

2013 2016 Estimated





▪ When quizzed on the asset allocation of their practice’s assets, polled participants said that clients invest most heavily in products in

the equity and fixed income classes, at an average of 27.3% and 20.3% of their portfolios, respectively.

▪ CFP practitioners also revealed that investments in the property class make up 19.1% of the average portfolio, while cash-related

investments contribute to 15.3% to the portfolio.

EXHIBIT 23Average Client Portfolio by Asset Class, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

27.3%Equities

15.3%Cash

18.1%Others

19.1%Property

20.3%Fixed Income




Noel MayeChief Executive [email protected]+1 720-407-1909▪ Based on interaction with clients in 2013, 53.7% of CFP practitioners said that their clients expressed interest in insurance products.

▪ 42.2% of practitioners agreed that their clients expressed interest in equity mutual funds in developed markets in 2013, while only

20.8% of them said that their clients were keen in mutual funds investing in Japanese equities.

▪ Close to half of polled practitioners agreed that physical commodities held no interest to their clients in 2013.

EXHIBIT 24Clients' Interest by Financial Product Type, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

Financial Products Interest Neutral No Interest

Insurance 53.7% 30.7% 15.6%

Investment-linked assurance schemes (ILAS products) 29.8% 33.7% 36.5%

Developed markets equities mutual funds 42.2% 34.9% 22.9%

Japan equities mutual funds 20.8% 31.6% 47.6%

Multi-asset mutual funds 38.9% 34.4% 26.8%

Structured products 28.6% 32.1% 39.3%

Passive products (ETFs, index funds) 25.1% 35.4% 39.5%

Other securities (direct bonds, equities, options) 43.4% 32.7% 23.9%

Physical commodities (e.g. Gold) 18.9% 31.4% 49.8%





▪ CFP practitioners are generally upbeat about the growth of team assets from 2013 to 2014. Practitioners in each firm type expect

managed assets to expand over the one-year period.

▪ In 2013, practitioners serving at private banks managed the largest amount of assets within their teams, at an average of US$804.4

million in 2013. These professionals predict that their assets will climb by 35.5% by end-2014.

▪ Among polled practitioners, those working at independent financial advisory firms expect the highest percentage growth in the amount

of team assets. They foresee team assets to double from an average of US$27.5 million in 2013 to US$54.6 million in 2014.

EXHIBIT 25Average Team Assets Under Management (AUM) of Practioners by Firm Type, 2013(USD Millions)Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

804.4

372.1 328.4

62.5 27.5 23.0 16.5

1,090.1

501.9393.9

71.9 54.6 30.3 29.40

200

400

600

800

1000

1200

Private Bank Retail Bank Asset ManagementFirm

Others Independent FinancialAdvisory Firm

Securities Firm Insurance Company

2013 2014





▪ CFP practitioners felt that the customer’s risk profile (73.0%), the level of understanding of funds (63.1%) and customer requests

(56.8%) are three factors that have a heavy influence on the fund recommendations that they make.

▪ When quizzed on the influence of commissions, majority of respondents were neutral (39.3%), or pinned little importance on commissions

(34.6%).

▪ Respondents were also divided on the importance of the house view of the firms where they work, and the brand name of an asset

manager. Most either felt that it was applicable, or were neutral on its influence.

EXHIBIT 26Factors Influencing Fund Recommendations to Clients, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

Factors Applicable Neutral Not Applicable

Customer’s risk profile 73.0% 24.1% 2.9%

Customer’s explicit request for a particular fund/fund type 56.8% 37.1% 6.1%

Level of commissions/ fees 26.1% 39.3% 34.6%

My level of understanding of the fund product 61.3% 33.5% 5.2%

Our firm’s house view 43.3% 44.1% 12.6%

Brand name of asset manager 44.2% 43.9% 11.9%





▪ More than half of polled CFP practitioners agreed that KYC requirements have increased the amount of time and effort required to

close a mutual fund sale. Respondents either agreed or were neutral on whether it has made them more conservative in their

recommendations.

▪ 35.9% of respondents said that clients’ demand for specific products continued to drive sales, while 48.9% of practitioners remained

neutral about the statement.

▪ The majority (50.2%) of practitioners were neutral on whether clients were comparing their risk ratings from different firms, while

34.9% agreed that clients were doing so due to vague guidelines.

EXHIBIT 27Effects of Know Your Clients (KYC) Requirements on Mutual Fund Sales Process, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

Agree Neutral Disagree

Takes longer time and more effort to close a sale 54.7% 35.5% 9.8%

More conservative in my recommendations (e.g. customer risk profile rating: 3, I will recommend funds with risk rating 1 or 2)

41.5% 46.6% 11.9%

Clients’ demand for specific products continues to drive sales despite KYC requirements. 35.9% 48.9% 15.2%

Clients compare their risk rating from different firms as guidelines are too vague and open for interpretation.

34.9% 50.2% 14.9%





▪ CFP practitioners said that the highest volume of funds they sold in 2013 was from First State Investments (HK).

▪ Other fund houses in the top-five most cited managers are Franklin Templeton Investments, J.P. Morgan Asset Management, Alliance-

Bernstein, and Allianz Global Investors.

EXHIBIT 28Top 10 Mutual Fund Managers by Volume of Sales, 2013Sources: Cerulli Associates, in Partnership with Financial Planning Standards Board

1 First State Investments (HK)

2 Franklin Templeton Investments (Asia)

3 J.P. Morgan Asset Management

4 AllianceBernstein (HK)

5 Allianz Global Investors (HK)

6 Value Partners

7 Aberdeen International Fund Managers

8 BlackRock (HK)

9 FIL Investment Management (HK)

10 Schroder Investment Management (HK)

Top 10 Most Popular Manager by Fund Sales in 2013

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