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Macau reports growing adviser demand

The Macau Institute of Financial Services has embarked on an education joint venture with a local university to cater to growing demand for financial planning services.

In an interview with Macau Business Daily, Antonio Felix Pontes, chairman of Macau’s financial services institute, said the Chinese special administrative region is experiencing a burgeoning financial advice sector.

“Rapid economic development in the past decade in Macau has led to higher income and growth in savings, and therefore there is a rising demand for financial planning,” Mr Pontes said.

In order to meet the growing demand, the Macau Institute of Financial Services has penned a three-year co-operation deal with the City University of Macau to see greater numbers of students qualified as registered financial consultants.

Macau financial consultant Samuel Yung said the culture of financial advice is an important counterpoint to the city’s gambling scene.

“It is the total opposite to just trying one’s luck at the casinos,” he said.