iPac Wealth Management has promoted its head of sales and operations Rainbow Pan to chief executive officer in Hong Kong.

Pan will replace Derek Young and report to Gary Harvey, CEO of iPac Wealth Management. She will be spearheading the Hong Kong office to raise local financial planning awareness and increase market share, while strengthening iPac's current market share among expatriates.

Pan joined iPac in 2005 as a senior vice-president and was awarded 'Hong Kong's Best Financial Planner' in 2006. She was promoted to head of sales and operations in 2007. Pan has over 16 years of experience in the financial services industry, and previously held senior roles at HSBC and Westpac in Australia.

A spokeswoman for iPac Hong Kong notes that its short-term goals are to establish its brand in the local financial planning market and further promote the need for quality financial advice.

Despite the damage done to the reputation of banks as distributors of investment products, iPac does not intend to compete with them head-on. It sees an opening, however, to win market share as an independent financial advisory firm. (It calls itself independent but is owned by Axa Asia-Pacific.)

"Our main selling point is to advise and help an individual plan his financial roadmap in order to achieve his lifestyle goals," says Pan. "Investment is only part of the plan."