- The Hong Kong Society of Financial Analysts Ltd.

Luncheon Presentation
“Are You Ready for The Robo Advisors?”
HKSFA is pleased to have invited Dr. Stephen Horan, PhD, CFA, CIPM,
Managing Director and Co-Lead, Education, of CFA Institute to present at our
continuing education luncheon entitled “Are You Ready for The Robo
Warren Buffett often borrows the wisdom of Canadian hockey great, Wayne
Gretsky, who says, “I skate to where the puck is going to be, not to where it has
been”. The wealth management industry has experienced significant shifts in the
competitive landscape. Demographics and technology will fundamentally
change the wealth management and private banking landscape and will be the
driving forces that will shape the clients with whom we work and how we work
with them.
A growing number of investors are in transition from the accumulation phase to
the decumulation or wealth preservation phase of the investing cycle.
Increasingly, this wealth is being controlled by women who have decidedly
unique aspirations and expectations. Meanwhile, a generation of millennials
(those born after 1980) acquire wealth and become more active investors. As
women and millenials control more wealth, the client base of the future looks
very different from the archetypical “experienced” male financial adviser.
In addition, the rate of growth of so-called robo-advisors (online money
management platforms that use computer algorithms and user-friendly
interfaces to allocate money into low-cost index ETFs) is phenomenal, increasing
by half over just a three-month period, although the level of assets is still
modest. Advisers now fear being replaced by a computer. Those who embrace
the automated and commoditised components of the investment process and
build competencies around other parts of the value chain will thrive in the brave
new world. Those who fail to adapt will be left behind.
The presentation shall answer the myth and reality of private equity investing in
HKSFA is recognized by The Securities and Futures Commission (SFC) as an institution for providing
Continuous Professional Training (CPT) Program. This seminar is qualified for 1 CPT hour.
As the recognized institution approved under SFC’s CPT Program, the 1 CPT hour of this seminar are
to receive due recognition from the Mandatory Provident Fund Scheme Authority (MPFA) as noncore CPD hour.
This event is also qualified for 1 Continuing Professional Development (CPD) Hour for Registered
Business Valuers (RBV) of Business Valuation Forum (BVF).
As a participant in the CFA Institute Approved-Provider of
Continuing Education Program, the Hong Kong Society has
determined that the above even t qualifies for credit for th e CFA
Institute Continuing Education Progra m. Eligible for 1 CE credit
10th March, 2015 (Tuesday)
CUHK Business School,
MBA Town Centre, Unit B,
1/F, Bank of America Tower,
12 Harcourt Road, Hong Kong
Registration – 12:15pm
Presentation – 12:30pm – 1:30 pm
HKSFA Member @$150
CFA Candidate (2015) @$230
Non-member @$300
1 CPT / CPD / CE Hours
Luncheon Rating* – General
*Luncheon Ratings
1. General - Material presented will
be basic and of interest to a
general audience having no
background in the area.
2. Intermediate - Material presented
will have technical elements
requiring a working knowledge of
the subject to make full use of the
3. Advanced - Highly focused
technical presentations of interest
to participants with a high level of
technical knowledge in the subject
4. Unrated - HKSFA has yet to
receive sufficient information to
grade the content of this seminar.
Are You Ready for The Robo Advisors?
About the Speaker
Dr. Stephen Horan, PhD, CFA, CIPM
Managing Director & Co-Lead, Education
CFA Institute
Professional Experience
Dr. Stephen Horan is a managing director and co-leads educational activities at CFA Institute. Prior to joining the
organization in 2007, he was a principal of Alesco Advisors LLC, a financial analyst and forensic economist in private
practice providing expert witness testimony and preparing economic impact studies, and a professor of finance at St.
Bonaventure University. Dr. Horan also served as a buy-side account manager with Manning & Napier Advisors, Inc.
and as a sell-side stockbroker with Quick and Reilly, Inc.
The author or co-author of several books, including Strategic Value Investing: Practical Techniques of Leading Value
Investors, The New Wealth Management: A Financial Advisers Guide to Managing and Investing Client Assets, and
the Forbes/CFA Institute Investment Course, Dr. Horan has also edited the volume Private Wealth: Wealth
Management in Practice. He’s authored dozens of articles in peer-reviewed journals, such as the Financial Analysts
Journal, Harvard Business Review Latin America, Journal of Financial Research, Journal of Wealth Management, and
Financial Services Review; and has published monographs commissioned by the Research Foundation of CFA
Institute. He has received numerous research grants and awards, including the 2012 Graham and Dodd Readers’
Choice Award.
His award-winning research has been profiled in leading practitioner publications, including CFA Digest and
Barron’s, as well as the popular press, including the Chicago Tribune and Baltimore Sun. He is a frequent columnist
in the Financial Times and is frequently cited in the media, including publications such as The Wall Street Journal, The
New York Times, CNBC, Investment News, and Money Magazine.
Professional Activities
Dr. Horan currently serves on the editorial board of the Journal of Wealth Management and the Financial Services
Review. Before joining CFA Institute, Dr. Horan was active both locally and nationally with CFA Institute, drafting
Research Foundation monographs, serving as a consultant to the Financial Accounting Policy Committee, and serving
as Education chair for the CFA Society of Buffalo. He has been a frequent invited speaker at professional, academic,
and CFA Institute events.
Are You Ready for The Robo Advisors?
Interested parties are requested to register online at http://www.hksfa.org.
Registration is only confirmed upon receipt of payment.
For cheque payment, cheques should be crossed and made payable to “HKSFA” and posted to Room 1802, 18th
Floor, 1 Duddell Street, Central, Hong Kong.
A place will be reserved for registrant upon successful online registration with email notification of
registration details.
After completing the online registration and payment process, registrants will receive email notifications with
registration details. A reminder will also be sent before the event begins. If you have not received the email
notification and reminder from HKSFA, it is the delegate’s responsibility to contact HKSFA to confirm their
Policy for Substitutions, Cancellations and No Show:
Registrations should be paid in full before the commencement of the event. Immediate payment is required
upon email confirmation. Should the registration fee remains outstanding, HKSFA reserves the right to disallow
entrance to the event.
Full amount will still be charged for no show or enrolment made after Tuesday, 3rd March 2015, this would
include those whose payment mode is “by cheque” but have not sent in the cheque to complete the payment
3. An administration fee HK$50 will be charged for any cancellation of confirmed enrollment made on or before
Tuesday, 3rd March 2015. All cancellation requests must be made in writing and be confirmed by email from
Refund of the event fee (less an administration fee of HK$50 per person) will be given for cancellation received
on/before Tuesday, 3 rd March 2015.
For payment made by credit card, refund will be handled through the bank, please allow 4 to 6 weeks for
processing. The amount will be refunded to the paid credit card account.
For registrants whose payment mode is “by cheque”, even if the cheque has not been sent to HKSFA in full
amount, the HK$50 administration fee is also applicable and must be settled by registrants.
For payment made by cash, HKSFA will arrange the refund cheque sending to registrants by mail, the
amount will be the event fee less the administration fee HK$50.
No refund will be given for cancellation received after Tuesday, 3rd March 2015. For registrant whose payment
mode is “by cheque” but have not sent in the cheque to complete the payment process, will still have to settle the
event fee in full amount.
Substitutions are allowed. Please notify us prior to the event. Non-member rate applies if the substitute is not an
HKSFA member.
The Society reserves the right to change the venue, date or speaker of the event due to unforeseen circumstances.
To be awarded CPT/CPD/CE credit hours, full attendance of all parts of the event is required. No pro-rata
credit hours will be awarded.