TTF Hong Kong Ambassadors
Rick is the Managing Director and Responsible Officer of Private Capital Limited (PCL), a Hong Kong based fiduciary Wealth Management and Financial Planning firm.
Incorporated in 1998 Private Capital is licensed by the Securities and Futures Commission (SFC) to provide Type 4 (Advising on Securities) and Type 9 (Asset Management) regulated activities in Hong Kong.
Rick was Chief Executive from 1998 to April 2019 of the Group Medical Insurance and Protection Planning arm of Private Capital, regulated by the Hong Kong Confederation of Insurance Brokers. Rick is a member of the Hong Kong Securities Institute (HKSI) and was a board member appointed by the Securities and Futures Commission (SFC).
In the UK, Rick is member of both the Chartered Insurance Institute (CII) and the Chartered Institute of Securities and Investment (CISI) and holds the CISI Financial Planning and Advice Diploma (QCF Level 4).
Director of Wealth Management,
Simon Parfitt is the Director of Wealth Management with Pyrmont Wealth Management, a fee-based financial planning firm based in Hong Kong.
Pyrmont are dual licensed by the Hong Kong Confederation of Insurance Brokers and the HK Securities and Futures Commission with whom they hold Type 4 (Advising on Securities) and Type 9 (Asset Management) licenses.
Simon has over 10 years of experience helping Private Clients with Life Centred Financial Planning and he is an advocate of fee-based financial planning, behavioural finance and evidence based investment management.
Simon is a regular media contributor and panellist on Financial Planning matters in Hong Kong.
Janet Li, CFA,
Asia Wealth Business leader,
Janet Li, CFA, is the Asia Wealth Business Leader at Mercer. She oversees and is responsible for Mercer’s Wealth (Investment and Retirement) Business in Asia. In her role, she leads and drives business strategy as well as managing the team across Asia.
Janet has vast experience working with institutional clients (sovereigns, pension, insurance, corporate and wealth management). Her experience also spans across a wide range of investment services (asset liability review and strategy, portfolio construction, manager review, selection and monitoring, investment governance and transformation, discretionary management, member communication and education and related tools’ developments) and a diverse range of asset classes (public equities and fixed income, private equities, illiquid credit, real estate and infrastructure).
Before joining Mercer, Janet was the Director of Investments, Greater China at Willis Towers Watson where she was also a core member of the Asia leadership team.
Janet is the Chairman of the Executive Committee, a Member of the Members Communication Sub-committee and a Member of the Business Strategy Sub-committee of the Hong Kong Retirement Schemes Association (“HKRSA”). She has been a delegate and a supporter to the annual Cross Straits Pension Forum (this year is the 11th anniversary), which the HKRSA has been one of the key organizers, for the past 9 years. Janet is also a Management Committee Member and a member of the Research and Development Sub-committee of the Taiwan Pension Fund Association. In addition to these, she is serving as Advisory Committee Member of the FTSE Taiwan Index Committee, Mentor of the HKU Mentorship Programme, Manager on a School Board and Member of the Hong Kong Academy of Finance (AoF).
Janet graduated with Bachelor Degree of Economics and Finance from The University of Hong Kong and is a Chartered Financial Analyst.
The Great Divide
You can read the speech by Andrew G. Haldane, FAcSS (the Bank of England's Chief Economist and Executive Director of Monetary Analysis and Statistics) that he gave on 18th May 2016 at the New City Agenda Annual dinner.
The speech is entitled The Great Divide and it is a first class explanation of why the trust deficit really matters and why it makes sense to try to do something about it.
Please click on the green button to access it; if you're not convinced of its relevance to our initiative, here's part of it:
..."The most important and compelling message the Bank received at the Open Forum came in the first session. The Bank had conducted some polling of perceptions of the financial sector – for example, by asking people what one word best described the future of financial markets. Among the Bank’s usual contacts, including those in the financial sector, the most used word was “regulated”. Many of us will have heard that message from financial insiders concerned about the perils of over-zealous regulators.
For me, the more revealing responses came from the general public, from the customers, rather than the producers, of financial services. The word most used by them when describing financial markets was a rather different one: it was “corrupt”. Not far behind were words like “manipulated”, “self-serving”, “destructive” and “greedy”. I am sure many of you have heard those messages too. They are certainly ones I have encountered frequently on my visits around the country."...
Please click the green button below to access the full speech. If you need to read another piece first, here it is:
..."At least until recently many economists like me, when faced with this evidence, might have shrugged our shoulders. Social capital had no real role in our models of economic growth, unlike physical capital and human capital. Trust did not butter our parsnips and nor did it enter our production functions.
Recently, however, that orthodoxy has changed and the importance of trust has become clearer.
Evidence has emerged, both micro and macro, to suggest trust may play a crucial role in value creation. At the micro level, there is now ample evidence the degree of trust or social capital within a company contributes positively to its value creation capacity.
At the macro level, there is now a strong body of evidence, looking across a large range of countries and over long periods of time, that high levels of trust and co-operation are associated with higher economic growth.
Put differently, a lack of trust jeopardises one of finance’s key societal functions – higher growth.
Those social capital effects appear to be particularly potent when it comes to financial decisions. Evidence suggests that a lack of trust leads people to retreat from the stock market and banks and to move towards cash holdings and informal sources of credit, such as payday lenders and loan sharks. That jeopardises the second key benefit of finance to society – improved risk-sharing by households and companies.
So a lack of trust in finance potentially hobbles both economic growth and financial stability.
That lack of trust is the mirror-image of the perception gap between the financial sector and wider society, the Great Divide.
The Great Divide matters because it signals a pronounced and protracted erosion of social capital. It puts finance on notice for losing its social licence. And, unaddressed, that jeopardises future wealth and well-being."...
Please click on the green button to access the full speech. If you're not yet convinced you should, here's a final snippet:
..." As a survey in 2013 of financial professionals found, rather remarkably, that over half believed their competitors engaged in illegal or unethical behaviour. A smaller, but still high, fraction of 24% believed their own company engaged in such practices. Similar percentages believed their industry did not fulfil its fiduciary function of putting clients’ interests first.
The significance of these findings is not the precise percentages, as striking as these are.
More fundamentally, it is because of what they reveal about finance’s perception of itself, the mirror it holds to the social identity of finance."...
Click onto the button below to access the full speech; you'll be glad you did, it's profoundly thought-provoking for anybody interested in the future of the financial services industry:
If you are not already on the right page and want to read about our major international project to help rebuild trustworthiness and confidence in financial services, click on the orange button below: