Take a look at the survey raised by STEP to its Asian members. Members were asked to choose to a degree how much agreed or disagreed (or neutral) to the statements below - typical five-level Likert item. The results will supposedly be turned into a report so people who make big decisions can make well, big decisions.
So let's rig the results, shall we? After all, we all want to keep our jobs and ensure the money faucet doesn't turn off right?
1. Which branch of STEP are you currently a member of?
2. Hong Kong and Singapore will continue to take divergent paths in wealth planning
3. Regulatory initiatives to increase tax compliance in Asia will increase
4. The regulatory regimes of Hong Kong and Singapore will converge
5. China is several decades away from making an impact on the wealth planning industry
6. Tax is not the major driver of demand for trust structures in Asia
7. Clients' awareness of the need for tax compliance is growing
8. Asian clients will remain unique in seeking very strong control over their assets
9. Asian clients will remain very sensitive to fees
10. Banks will continue to have major competitive advantages in Asian wealth planning
11. The lack of fiduciary and legal talent is a major constraint on the future growth of the industry
12. The perception of Asia as a low cost financial centre is inaccurate
13. New wealth planning business in Asia will continue to be private banker driven
14. Banks will continue to be the primary providers of investment services
15. Independent asset management boutiques will increase their share of the investment services market
16. Both Hong Kong and Singapore will remain primarily offshore focussed in wealth planning
17. Singapore will be the dominant centre for Private Client Trust Services in Asia
18. Private wealth management in Hong Kong will remain focussed on corporate structures
19. Trusts in Asia will continue to be used primarily for asset protection purposes
20. The widespread use of private trust companies is consistent with a health wealth planning industry
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