Alan Tsang Hing-lun, AMTD Financial Planning's director and chief executive, said: 'It is vital for the financial planner to understand the needs of the individual customers and their expectations. Different age groups have different objectives and the level of risk they take can also differ.'Fresh graduates, affluent young to middle aged people, families and retirees are the four major customer groups that financial planning service providers usually target.

But according to some financial planners, most investors do not know what specific products would best meet their needs, only that they want a high return within a given period of time.

Paul Cho King-pak, Altruist Financial Group's vice-president, said: 'Based on our studies, we have gathered that fresh graduates and affluent young to middle aged people, who have shown interest in financial planning services, are primarily looking for some kind of lifestyle to which they aspire and would like to realise their dreams through investment.'

'Retirees and families are geared more towards family protection (in case there are major illnesses), establishing an education fund for their children and for saving purposes. But when they were asked about any specific products they favoured, most of them could not answer.'

There is often conflict between financial planners and their clients when the clients are asked to divulge their financial background to enable a plan to be settled on which would best meet their needs.

'People are still quite resistant when it comes to exposing their financial situation with someone they do not know well, though the financial planner is believed to be a trustworthy professional backed by certificates recognised in the industry,' Mr Cho said.

It takes time to build trust and it is understood that most investors would initially go for a smaller plan until they felt comfortable enough to disclose further personal information to their planners.

Furthermore, relevant and solid training in finance management together with good communication skills are must-have qualifications for financial planners to work effectively in this business.

Mr Tsang said: 'Once the financial planner has obtained the required industry licenses such as Chartered Financial Analyst, Registered Financial Consultant or the like, the next qualification would be their personal attributes. Good listening skills, patience and always trying to place yourself in the customer's position are very important for the role.'

Unlike their counterparts in North America and Europe, where financial planning services are already well received by the public, Hong Kong financial planning service providers are still struggling to gain acceptance.

'We say North America and Europe are a buyer's market and Hong Kong is a seller's market,' Mr Tsang said. 'Being a buyer's market financial planners do not have to work incredibly hard to find customers because they will be called for advice when needed, whereas in Hong Kong, as financial planning is still relatively new, financial planners, in most cases, have to find their own customers through various channels,' he said.

Ways to solicit new business can work through cold calls, networking and where banks have a comprehensive database, allowing financial planners to access the portfolios of their customers. Another growing trend of finding potential customers is through free seminars introducing financial services and products, offered by banks and financial institutions.

Mr Fung said: 'In recent years it has become a trend for banks and financial institutions to offer free seminars with renowned guest speakers who share their investment experiences with those attending. It is a value-added service banks offer to their valuable customers.'