ING Financial Planning, a unit of investment bank ING Group revealed last week that it has launched an International Wealth Management Practice in Hong Kong.
The practice is designed to offer wealth management and investment advice to professionals from Australia, New Zealand, the United Kingdom, France, and Canada, with an annual household income of HK$600,000 or more, who cannot afford traditional private banking services.
Speaking to the Hong Kong Standard, ING Financial Planning managing director, Phil Neilson explained that in addition:
"Even Hong Kong citizens holding passports of any of these countries can go for this service."
At a time when traditional private banks are finding that attracting new high net worth individuals has become somewhat problematic, ING's decision to target middle income professionals represents a pragmatic choice, and one which is likely to be emulated by other financial services firms.
According to Mr Neilson, the firm has also joined forces with an international network of accountants and solicitors in order to assist its clients in dealing with their tax affairs.
"As an international financial hub, Hong Kong is home to a significant number of individuals with complex financial situations that require highly specialised services," he told the Standard.
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