Guiding clients through life changes

Besides being a seven-year MDRT member, Arlene Genove from Sariaya, Quezon in the Philippines, serves as a municipal councilor, allowing her to meet constituents from all social classes undergoing significant life changes.  

While she is someone who prioritizes mission over commission in her work as a financial advisor, Genove's capacity to listen and empathize with people despite their diverse backgrounds, the perspective she brings in helping them define their goals and priorities, and her genuine desire to help them overcome any personal and financial obstacles, all of which she has cultivated and honed as a public servant, have converted many of them into clients.   

"Elected officials are trained to understand the perspectives and experiences of the people surrounding them. They must put themselves in their constituents' shoes, acknowledge their concerns, and appropriately respond to their needs, similar to the financial advisor’s work, who must understand their clients' unique circumstances and perspectives. Empathy allows us to connect on a deeper level, recognize our clients' concerns about their finances, whether they are struggling to adjust to a new life situation or facing financial hurdles such as debts and limited income, and provide tailored solutions that align with their goals," she says.  

Genove's public service background helped, especially during the pandemic, which saw many of her clients lose their jobs. While their difficulties in being able to pay their policies were a paramount concern, she recognized she might need to be more holistic and address underlying difficulties first, such as her clients' ability to earn. "I consulted them, similar to what I do as a councilor, on the best course to take to protect themselves, such as lowering the premiums, modifying payment terms from annual to monthly, or helping them find another income source." 

She went beyond what she usually does, exploring home-based jobs or sharing websites where they can seek employment. "My work as a councilor parallels my being a financial advisor in that I must help improve my constituents' and clients' overall well-being," she shares.  

The pandemic saw several clients come to terms with their mortality, re-evaluate their financial goals, and become more interested in estate planning. However, Genove was initially not confident about her knowledge and skills. She stepped out of her comfort zone and studied estate planning by attending webinars, taking free courses, and reading articles on the MDRT website. She believes learning continues after graduation for financial advisors. "It is a never-ending process that requires a deep understanding of our clients--their life and financial situation and their challenges and goals."  

According to Genove, life challenges create opportunities for financial advisors to strengthen client relationships. However, financial advisors must be brave. "When our clients go through life changes, they're not alone. We, as financial advisors, go through the fire with them.” 

Genove shares her processes for helping clients when they're going through life changes.  

• Understanding the implications of life changes, such as marriage, annulment, childbirth, and retirement, and their impact on a client's financial situation. Identifying these changes helps financial advisors understand the new circumstances and adapt their strategies accordingly. Financial advisors must check their clients' social media accounts to see updates.  

• Have open communication with clients. Once they’re ready, clients will converse honestly with their financial advisor to express their concerns, goals, and aspirations.  
• Set up regular meetups for financial reviews. These sessions ensure the client's financial plan remains relevant and aligned with their evolving needs. Setting up a monthly or bi-monthly meeting helps financial advisors learn about their clients’ life changes and assess the implications, diagnose areas for improvement financially, and increase the chances of achieving financial success and well-being.  

Besides empathy, the zeal for lifelong learning, and the courage to face change, Genove maintains that financial advising and public service must also have the highest ethics and integrity. Maintaining trust is essential, especially when clients undergo life changes, often with many sensitivities and complexities. She makes it a point to observe certain boundaries between her two worlds by ensuring that her socials as a financial advisor are free from politics so that clients know she can work with them no matter their affiliations and loyalties.  

Genove affirms, "Clients come to me as a financial advisor because I'm good at what I do, not because of the office I hold, and I will help them achieve their financial goals despite the different life changes."   

 

Contact: MDRTeditorial@teamlewis.com