Chinese-born financial services executive Sharon Wan wants to upskill thousands of Chinese insurance brokers.
Ms Wan said the experience of local providers offered lessons for China as it navigated a move from a product sales culture to a more professional wealth management service.”Every time we talk to [Chinese] regulators, they say they don’t want the traditional, product-driven, transactional type of [providers],” she said. “They want the team to move up one notch, to be able to provide services to families, so they can understand what they’re buying, and their needs can be satisfied.
Unable to reach large numbers of prospective customers due to the cancellation of trade expos and conferences under China’s strict zero-Covid strategy, many have a commercial imperative to upskill and provide more valuable services in addition to the government edict. Under a memorandum of understanding inked late last week, Ms Wan’s private company, Certified Family Financial Planning of China, will gain the rights to distribute the AIOFP’s certified financial strategist designation in China. The association represents privately owned financial advice providers, including major licensees Synchron, Interprac and Lifespan Financial Planning, as well as small businesses and sole traders.
It is illegal for Chinese citizens to invest in foreign assets or hold policies with foreign insurers under the nation’s strict currency controls. But Ms Wan said many Chinese people were eager to accumulate and protect wealth by investing in local assets.
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