summarise the key points: "00:01:34.160 --> 00:01:38.640
And it is very, it will be very powerful if we can use it well.

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A lot of the time, we always talk about it just HSBC as a universal

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bank, and we are global franchise.

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But when we talk, when we go and talk to clients, a lot of the time,

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we face of issues like, okay, can you give me a better pricing, higher

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deposit rate, and all the same, this does not represent our

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competitiveness.

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It does not pay to our advantage.

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In fact, what really pays to our advantage is how do we position

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ourselves to be a global bank and universal bank so that we can

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capture the highest share of wallet from our clients.

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Okay, if you want to understand how we can capture a highest share of

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wallet from our clients, the first thing we really need to understand

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is what are our clients’ needs?

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Okay, our clients’ needs is definitely not negotiating with you for a

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lower commission.

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That is not their need.

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I just have a, like someone just brought to me a case, Amy brought to

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me a case whereby a client, a very big client came to us and said that

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UBS offered them an institution share class for BREITS, and they

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have nothing else to offer.

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So my response is, of course, I want to defend, but at the same time,

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how do I defend it?

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It is the kind of things that we want to think about, and of course,

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that is already a pretty kind of technical issues because what we are

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good at is we do have a very good credit platform that we have engaged

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with them for a long time, and how do we take the conversation to the

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overall relationship level, and how do we make sure that the clients

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knows we do command a premium, that we don’t need to give up all the

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100% of the profit margin, but UBS is trying to kill us through our

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loss leader, and how do we respond to these kind of questions?

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And that’s one of the things that we can respond to, but of course,

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the Strategic Wealth Advisory Toolkit is higher than that.

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What I really meant is, when we talk about clients’ needs, we usually

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would think about their investment needs, in fact, that’s not the

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case.

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After a client’s got rich, especially to the extent that after they

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got rich to financial freedom, not just $5, $10 million, maybe not for

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30 or $100 million, or for some of our China wealth clients, they are

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like $500 million plus.

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What do they really need is something that is regarding to their life.

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How do I find meaning?

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How do I find meaning to the wealth after I got rich?

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