Advice at Every Stage of the Journey

The study, titled Advice at Every Stage of the Journey, looks at 2,000 Hongkongers and Singaporeans, categorised across five different levels of wealth1 – Financial Stability (ST), Financial Security (SE), Financial Flexibility (FL), Financial Freedom (FR) and Financial Abundance (AB) – and their perceptions around financial advice amid economic headwinds and the emergence of wealthtech solutions and robo-advisory platforms.

The study reveals that those at higher levels of wealth are more likely to attribute their success to financial advice and speak from personal experience. It also explores what Hongkongers and Singaporeans prioritise in a financial adviser and barriers to accessing advice. Personal connection and familiarity play a significant role in accessing financial advice.

About the study

The findings in this survey were analysed and established through a total of 2,000 interviews conducted online in February and March 2023 in Hong Kong (1,000) and Singapore (1,000).

Only respondents between the ages of 27-69 and who held personal investments in stocks, property, shares, funds, etc., were interviewed. All respondents were from households with a minimum annual income of HK$400,000 (S$70,000) to over HK$1,500,000 (S$250,000).

Respondents are also categorised by five different levels of wealth based on the following definitions:

1. Financial Stability: You have sufficient money after your monthly expenses are paid to ‘save’ a portion of your income.
2. Financial Security: You have sufficient money after your monthly expenses are paid to ‘save’ a portion of your income and also invest’ money if you choose to.
3. Financial Flexibility: You have sufficient financial investments and/or assets to cover your living costs for up to one year if you needed to.
4. Financial Freedom: You have sufficient financial investments and/or assets to generate enough passive income to live on if you needed to on an ongoing basis.
5. Financial Abundance: You are financially stable and have more than enough income than you are ever likely to require in your lifetime and need to consider how to transfer this wealth.

A financial adviser is defined broadly for the purposes of this study as an individual whose daily work involves providing financial advice to clients based on their current financial situation, including but not limited to advice on insurance, investments, tax, property, estate management and retirement planning.

¹ Definitions of different wealth levels can be found under research methodology.