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June 16, 2017

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Investment advice much needed: survey

MORE Chinese will need investment advice from professionals to help them manage their “unrealistic” financial goals, said a survey released yesterday.

People with an annual income between 125,000 yuan (US$18,360) and 1 million yuan, or defined as China’s emerging affluent population, are making unwise decisions in setting investment timelines or portfolios for their financial assets, the survey by Shanghai Jiao Tong University’s Shanghai Advanced Institute of Finance and Charles Schwab & Co Inc revealed.

“People need to balance the allocation of their assets, and make good plans,” said Lisa Hunt, executive vice president of International Services and Special Business Development at Charles Schwab & Co Inc, which provides wealth management services. “Chinese people have higher expectations for the outcome of their investment, but they seem lack of awareness for risks.”

Half of the respondents consider financial advisory services helpful, but many think their investment assets are not big enough for them to seek advice, or the asset threshold for advice is too high at the moment, the survey found.

Just 8 percent of the emerging affluent were found to have comprehensive financial plans that consider goals, timelines, risk and financial investment products.

The survey, covering 2,600 members of the emerging affluent class in nine cities including Beijing and Shanghai, found people have only 11 years to plan their retirement.


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