Ms Brandy Tsang, Director of Marketing and Communications

By definition altruism is showing “unselfish concern for the welfare of others”.

In a society where people are more concerned about getting monetary reward and not about needs of individuals, Altruist Financial Group Limited literally does what its name stands for by providing independent and ethical financial advice because the company cares.

Over 21 years ago, founder Albert Lam pioneered in selling an innovative investment-linked life insurance product that superseded tradition. “We pioneered again in 2001 by transforming from a pure life insurance agency to an independent financial adviser,” said Brandy Tsang, marketing and communications director for Altruist. “We found that a single product alone couldn’t keep our competitive edge,” Tsang added. Very soon Altruist progressed to becoming a company that provides a multitude of products ranging from insurance to funds, legal care services, MPF and employee benefits plans.

To meet the company’s new mission, the company went one step ahead to incorporate health products. “We understand the importance of financial health, but we also care about clients’ physical health. You need health to enjoy your wealth. We hope to package a very unique ‘Wealth, Health, Wisdom’ concept – this is our current position,” remarked Tsang. In addition to health products, Altruist also adopted a more edifying approach in the form of health seminars in the hope of educating clients in the process. Killing two birds with one stone, clients can enjoy both value-added service from Altruist as well as health tips.

Unlike the dark ages, people now are much more knowledgeable and have some understanding of the industry. Altruist puts it down to the calibre of the people, equipping with ample knowledge to be able to meet the needs of clients. “Clients are getting more smart. While there are so many products in the market, the key is the quality of people,” mentioned Tsang.

The financial tsunami and the over-reaction of people to different financial institutions do indicate the importance of “Quality Selling”. “Some industry practitioners are merely product sellers. They are not equipped with thorough knowledge on every single product they sell,” Tsang pointed out. Product oriented sales tactics don't take into account the client’s situation. “If we look at the current crisis, their sales tactics are purely from the product selling angle, hence the solutions are not tailor- made to the clients’ needs.”

Altruist’s financial planning strategy aims to resolve two of life’s uncertainties – “dying too soon and living too long”. “We have more than 40 business partners to provide a one-stop shop financial planning services,” remarked Tsang. “While other independent financial institutions focus only on fund investment, we always talk about life insurance in the first place.” As quoted from its founder, “life insurance is the root of financial planning,” which most people always overlook.

Though not quite like the stock market, people’s financial situations don’t stay the same through life. At Altruist, harnessing a close relationship with clients ensures products are kept up to date with the client’s ever changing financial status. “Regular review of financial plans is very important in order to meet client’s needs in different stages of life. This relies heavily on a close mutual relationship,” said Tsang.

The “I” in Altruist stands for integrity – a crucial element that advisers need to gain: the confidence and trust of the clients. “The quality we highlight the most is integrity, something which has been handed down from our founder,” added Tsang. Not everyone has what it takes to be an adviser. Altruist implements a stringent process so that individuals with the right qualities are chosen. “Product knowledge and selling skills could be taught but integrity is somewhat inborn attributes. Only people with good character and determination can survive in the industry,” said Tsang.

Rather than just staying in Hong Kong, the company recently opened an office in Ningbo (its second in China after its Shenzhen office) with a vision of bringing its expertise and integrity culture into China’s vast economic ocean. “Quality business is the rule of thumb for success. The top priority for us is to select and nurture a group of quality financial consultants,” commented Tsang.

Getting older is often accompanied with a mass of supplements and medication you take every day, regular trips to the doctor and the occasional hospitalisation. The people at Altruist put their thinking caps on and plan to come up with a package that incorporates a multi-product platform that does just that. “Our founder has an idea for a product which incorporates medical insurance, hospitalisation plan, pharmaceutical funds options and a second opinion visit to provide the most comprehensive medical coverage for 50+ clients group. It is still in an early planning stage; however, we believe only company like us with a multiple product platform can do it,” emphasised Tsang.

With “T” representing ‘thoughtful’ and “R” representing ‘responsible’ in Altruist, the company puts those two words into action by participating in charitable activities such as selling rice for Oxfam and sponsoring various organisations.
- Anna Tong

PHILOSOPHY
Life insurance is the root of financial planning. Altruist sees the importance of life insurance particularly in the current financial crisis where people relied heavily on stocks as their future. The company strives to educate the public about the correct mindset for long term investment which differs from short term speculation.

FAST FACTS

2008
• High Flyer, Most Valuable Company
• New office opens in Ningbo
• Awarded caring company logo since 2003
• Maintain >90 percent persistency (measured in 24 months)
• Member of The Hong Kong Confederation of Insurance Brokers (CIB)
• Founding Member of Independent Financial Advisors Association Limited (IFAA)
• Founding Member of The Institute of Financial Planners of Hong Kong Limited (IFPHK)
• Member of LIMRA International (LIMRA)
• Member of The Life Underwriters Association of Hong Kong (LUA)
• Member of General Agents & Managers Association of Hong Kong (GAMA)