As a financial advisor, you want to become experienced in your field to effectively guide your clients so they are confident in the choices they are making. When clients trust you as someone who is always aware of the latest news and trends, they will also tend to keep referring to you when they need to make important decisions. Jeffrey Soon, a 14-year MDRT member from Malaysia, tells us how always being in the know has allowed him to better understand the mind of his clients and address their needs. 

Offers a global perspective  

Being a part of the financial industry isn’t only about numbers and figures. As a matter of fact, Soon shares that a financial advisor needs to constantly broaden their horizons by knowing what’s being discussed in the news as well as the latest practices in countries around the world, as the financial industry isn’t restricted to one specific market. The industry is one that is global and understanding it globally will put financial advisors in forefront to provide advice and insight that can help clients with their respective situations.  

“Even though I’m Malaysian, I know what is happening in the United States, Canada and India. By learning their practices and keeping up with news in those countries, we’ll be able to adapt some of their useful practices here in Malaysia,” Soon explained. “I always tell my clients I need to know the practices in countries like Singapore because whatever Singapore practices, Malaysia tends to adopt soon after.”  

By always being aware of what’s being talked about and practiced around him, it has prepared Soon for new practices in the Malaysian market as well.  

Increases your exposure to more clients 

When clients are pleased with the level of hard work and dedication financial advisors put into their financial plans, they tend to want to share how the financial planner has improved their lives to the people around them too. Soon added that not only has expanding his knowledge propelled him achieve his MDRT membership, it also helped him increase his client base.  

He added that clients will seek your advice because of your broad experience in the financial industry, and it shows that they trust your expertise. This impacted his career positively as he was able to gain more referrals. “I know my practices are working because I have been getting 30% to 40% of referral cases every year. What makes this great is that from my big percentage of referrals, my methods have helped me retain 90% of my clients,” Soon said. 

Recognizing his drive to be a financial advisor that stands out, his clients grew more confident in sharing their personal life goals and needs with him, allowing him to develop better financial plans for them to be financially protected.  

Giving personalised advice for financial and life concerns 

With so many financial advisors around, the ability to provide quality personalized advice is bound to put you ahead of the rest and give clients and prospects confidence in you as their financial advisor.  

Soon mentioned that his awareness of the latest news and trends has allowed him to strengthen his relationships with his clients as they can get the best of both worlds by asking him about financial advice as well as life concerns. “If they call you for everything, that means your practices are working. Your clients believe your opinions are important,” Soon elaborated.  

To help you better under the priorities of clients, it’s important to keep igniting that connection by analyzing the concerns they come to you with. Coupled with genuine sincerity, your personalized care towards them rooted in your knowledge of the latest news and practices will help to retain your clients.  

Soon concluded by expressing, “Although I may not necessarily be a leader in the industry, I’ve come to realize that the initiatives I have been practicing have allowed me to constantly deliver to my group of clients.” 

Contact: MDRTeditorial@teamlewis.com