As country's wealth segment expands, thirty-two more Chinese financial
advisors embrace best practices in wealth management
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TORONTO, April 4 /CNW/ - Thirty-two managers from Guangfa Securities,
one of the major securities firms in China, will be awarded the
Chartered Strategic Wealth Professional (CSWP) on April 4. This second
group of China's financial advisors will join twenty-five of their
colleagues from the same firm, who graduated with the CSWP credential
in December 2010.
The second graduation ceremony, hosted by Guangfa Securities, will take
place in Guangzhou, Guangdong, China. The Chartered Strategic Wealth
Professional (CSWP) credential is provided by CSI Global Education
(CSI), a Toronto-based premier global provider of financial education
and compliance solutions.
"As China's financial markets, fuelled by an exponential growth in the
wealth segment, develop at a remarkably fast pace, there is also a
growing demand for wealth management training and credentialing," says
Dr. Roberta Wilton, President and CEO, CSI Global Education. "Add to
this the increasing sophistication of financial products, coupled with
their inherent risks, and it's clear why the Chartered Strategic Wealth
Professional program is both relevant and timely in China."
One of world's largest wealth management markets - soon to overtake
The total value of Chinese households' wealth is 16,500 billion U.S.
dollars, according to the Credit Suisse's Global Wealth Report, based on its mid-2010 data - next only to the United States and Japan,
says a Guangfa Securities executive. He predicts that, in 2015, China
will overtake Japan as the second largest wealth management market in
According to China Daily, at the end of 2009, China had 670,000 households with more than $1
million in wealth, up 60 per cent from 2008. The country's composite wealth grew by some 28 per cent - to $5.4
trillion - from the end of 2008 to the end of 2009.
China's personal wealth market is characterized by extensive
concentration, according to Guangfa. The country's entrepreneurs,
executives, professionals, professional investors and independent
wealth groups control most high-net wealth, especially after the
establishment of the medium and small enterprise market, with 70 per
cent of the country's personal wealth being owned by 0.4 per cent of
Different? Or similar?
Traditionally, the Chinese are not used to delegating their financial
decisions to others, and many of them may still feel uncomfortable
sharing their financial needs with an advisor. Yet, more and more
high-net-worth individuals in China are beginning to accept and enjoy
the benefits of integrated wealth management solutions.
Developing this comfort level requires a long time, says a Guangfa
executive, along with solid client service and persistent cultivation
of the wealth management concept among wealthy and middle-class
Over the last five years, Guangfa has emerged as China's first
securities trader to establish and promote a wealth management centre,
practicing wealth management concepts and best practices. The centre,
enhancing the company's knowledge base, operates through a professional
team of experts representing different areas of expertise. To maintain
its first-mover advantage, Guangfa needs to fully adapt its wealth
management practices to the needs of the Chinese investors and make
sure its wealth management centre is driving continuous innovation and
While there are significant differences between China and Canada in
terms of their wealth structure, financial awareness, regulatory
systems and professional teams, the overall trend, according to a
Guangfa executive, is increasing convergence.
Financial education without borders
As China's financial services landscape is changing rapidly, a strategic
approach to education and credentialing becomes an important
competitive advantage for China's securities firms and financial
"Similar to their North American counterparts, China's increasingly
savvy wealthy investors are looking for a full solution package," says
Dr. Wilton. "That includes convenience, a close investor-advisor
relationship, and a full product and service offer from organizations
that are perceived as credible and understand the needs of these
CSI's Chinese partners, such as Guangfa Securities, benefit from the
lessons Canada, with its strong reputation for a robust and stable
financial services model, has learned through decades of both successes
and mistakes. In Canada, proficiency standards for retail investment
advisors have been in place for more than 50 years.
The Chartered Strategic Wealth Professional designation for the Chinese
The "made in Canada" Chartered Strategic Wealth Professional (CSWP)
designation, conferred on fifty-seven Guangfa professionals over the
last four months, is customized specifically for the Chinese market.
Designed to create and retain life-long relationships with
high-net-worth individuals, the program is modified so that core theory
is covered at a generic level and all important scenarios and case
studies are tailored to the realities of the Chinese market.
CSI's Chartered Strategic Wealth Professional (CSWP) designation trains
financial professionals to provide these integrated wealth management
solutions, preparing them to:
Create and implement an optimal life-long wealth management plan
Build and manage client relationships resulting in a successful
Coordinate and monitor expert teams to provide fully integrated,
well-rounded wealth management services
"The rapid growth of China's economy is generating more monetary
wealth," says one of Guangfa's CSWP graduates. "The application of
professional wealth management techniques learned through this program
may help people build monetary wealth in a sustainable long-term manner
and also help them achieve peace of mind when they possess wealth."
The introduction of the CSWP designation in China was part of CSI's
10-year partnership with a number of Chinese colleagues from a
cross-section of financial services organizations.
The professionalization of the advisor role
"The transfer of successful financial education models and best
practices across international borders is critical to developing a
global framework of professional standards, to achieve a consistently
high quality of financial services across country markets," says Emilio
Sánchez, Senior Vice President, International & Corporate Development,
CSI. "Designations like CSWP ensure that investors are served by
well-informed advisors, committed to providing relevant, ethical client
counsel. The professionalization of the advisor role fosters the
integrity of the capital markets - in China, in Canada and elsewhere."
CSI offers over 170 courses and credentials ranging from the well-known
Canadian Securities Course (CSC)® to the Personal Financial Planner
(PFP)® and Chartered Strategic Wealth Professional (CSWP)™
designations. Valued for its expertise in Canada, CSI also partners
with organizations worldwide to provide financial services consulting
and training. In November 2010, CSI Global Education was acquired by
Moody's Corporation and operates under the CSI Global Education name as
a business unit within the Moody's Analytics division. For more
information, please visit www.csi.ca.
/NOTE TO EDITORS: Media Assets accompanying this story are available as
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SOURCE CSI Global Education Inc.
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