summarise the key point: "67
00:04:09.680 --> 00:04:12.400
And there’s nothing else to do apart from buying a yacht, and shopping

68
00:04:12.400 --> 00:04:13.740
around, and eating good food.

69
00:04:14.120 --> 00:04:17.180
So that is something that I think we should focus on in our

70
00:04:17.180 --> 00:04:20.950
discussions with clients, because it will usually bring up the wealth

71
00:04:20.950 --> 00:04:25.160
planning questions, the risk management questions, and of course,

72
00:04:25.300 --> 00:04:29.320
wealth planning, meaning insurance, and that really lead to a lot of

73
00:04:29.320 --> 00:04:31.940
conversation, or even buying or selling of their own companies.

74
00:04:32.680 --> 00:04:35.980
And those are the strategic questions that we want to know.

75
00:04:36.640 --> 00:04:41.700
Now, I want to go to this deck is organized in this way.

76
00:04:42.260 --> 00:04:46.640
Wealth goals and investment objectives is kind of like a technique to

77
00:04:46.640 --> 00:04:52.820
probe clients on how to let them talk and tell you about what they

78
00:04:52.820 --> 00:04:57.040
really want to do when they are facing us at HSBC, which is the

79
00:04:57.040 --> 00:05:00.740
broadest platform, basically, in the private banking world.

80
00:05:00.740 --> 00:05:05.400
Now, and then we can then take the input and go into asset allocation,

81
00:05:05.960 --> 00:05:08.520
portfolio construction with them, monitor and rebalance.

82
00:05:08.900 --> 00:05:12.700
And by the way, before we go to portfolio construction and

83
00:05:12.700 --> 00:05:15.860
implementation, there’s no need to talk about anything about products.

84
00:05:17.580 --> 00:05:18.660
It is what it is.

85
00:05:19.080 --> 00:05:22.640
Whether or not we get a mandate or not, whether or not it’s GA asset

86
00:05:22.640 --> 00:05:23.600
does not matter.

87
00:05:24.020 --> 00:05:27.260
Whether or not it’s a prism versus CMS does not matter.

88
00:05:27.740 --> 00:05:29.820
It matters from a client’s perspective.

89
00:05:29.980 --> 00:05:33.980
How do you help them implement that investment objective investment

90
00:05:33.980 --> 00:05:34.300
goals?

91
00:05:35.400 --> 00:05:39.460
And we should be product agnostic for the whole conversation.

92
00:05:40.720 --> 00:05:43.800
And whether or not they implement it when we are the other, it is

93
00:05:43.800 --> 00:05:44.600
HSBC’s business.

94
00:05:44.740 --> 00:05:46.280
It’s our business afterwards.

95
00:05:47.080 --> 00:05:51.360
And we take the client’s input, we take the discussion outcome, and

96
00:05:51.360 --> 00:05:56.540
try to deliver and implement and fulfill the needs through our platform.

97
00:05:56.740 --> 00:06:00.880
And that is what it’s really meant when you talk about a strategic

98
00:06:00.880 --> 00:06:02.360
product agnostic company.

99
00:06:03.560 --> 00:06:09.460
Now, page number four is something that I would like to point, is it

100
00:06:09.460 --> 00:06:10.280
page number five?

101
00:06:11.060 --> 00:06:12.680
Okay, the page number change.

102
00:06:13.500 --> 00:06:15.680
Anyways, this page, okay.

103
00:06:15.980 --> 00:06:21.000
Page number seven is what I want to point to everyone here.

104
00:06:21.700 --> 00:06:27.100
Now, when you have a time to look at this deck, focus on the right

105
00:06:27.100 --> 00:06:30.840
hand side of the questions that are usually facing our clients right

106
00:06:30.840 --> 00:06:31.100
now.

107
00:06:31.180 --> 00:06:34.880
For example, the lifestyle, how much cash flow they need to sustain

108
00:06:34.880 --> 00:06:39.340
their travel, to sustain the whole family of three to four, or even

109
00:06:39.340 --> 00:06:44.140
two generations of families if they have a trust and that is for a

110
00:06:44.140 --> 00:06:45.000
distribution to families.

111
00:06:45.400 --> 00:06:46.080
What about the business?

112
00:06:46.420 --> 00:06:49.480
Do they want to continue to expand their business and make themselves

113
00:06:49.480 --> 00:06:52.920
very busy until the age of 70, that they don’t have time to enjoy life

114
00:06:52.920 --> 00:06:56.960
and by the time they step down, it’s already, I’m sorry, their health

115
00:06:56.960 --> 00:07:00.200
is already, it’s already not supporting what they really want in terms

116
00:07:00.200 --> 00:07:00.580
of lifestyle.

117
00:07:00.680 --> 00:07:01.700
Those are the important questions.

118
00:07:02.200 --> 00:07:05.620
People, clients, agonize over these kind of important questions,

119
00:07:06.200 --> 00:07:06.400
right?

120
00:07:07.500 --> 00:07:10.980
They feel like they know that they are rich, but they don’t like they

121
00:07:10.980 --> 00:07:11.780
are living better.

122
00:07:12.980 --> 00:07:17.560
And as a result, how do we make sure that the clients are happier and

123
00:07:17.560 --> 00:07:21.140
living their life more in a more meaningful way is our job, actually.

124
00:07:21.140 --> 00:07:25.780
I see that as our job and it’s our best way to reach to the bottom of

125
00:07:25.780 --> 00:07:28.520
the heart of what they really want to do with their wealth.

126
00:07:29.180 --> 00:07:31.700
Now, succession planning invariably will come up.

127
00:07:31.820 --> 00:07:33.920
If you touch them, okay, what do you really want to do?

128
00:07:34.340 --> 00:07:36.520
I don’t care how rich you are, I’m happier than you.

129
00:07:37.400 --> 00:07:40.640
As a private banker, I always tell clients, I’m happier than them

130
00:07:40.640 --> 00:07:42.040
because I have all the freedom.

131
00:07:42.340 --> 00:07:46.300
"