GFM manages investment accounts, but does not hold any investments nor sell any products on commission. How it works is a “triangular arrangement” between you, the firm that holds the money and investments (often a big bank, brokerage firm, or custodian), and GFM (who directs the investments held at the larger firm).
This model contrasts with the traditional multi-layer model of how many investors buy mutual funds, investment-linked insurance products (known as “ILAS” in Hong Kong), and even many pension plans, where each layer charges a fee and obfuscates the underlying investments.
With a GFM-managed investment account, you directly own the stocks and other securities your account is invested in with only one level of fees.
