In the world of financial advising in Singapore, high-net-worth (HNW) clients are individuals with substantial investable assets, typically over S$1 million. They often have diverse portfolios, complex financial goals, and unique concerns, such as wealth preservation, tax efficiency, and legacy planning. For financial advisors, HNW clients are crucial, as they bring not only higher revenue but also the potential for long-term, multifaceted relationships that can elevate an advisor's practice.
With Singapore being a global business hub with plenty of networking opportunities such as business conferences, seminars, and social events like Grand Prix, golf events, supercar clubs and even gala dinners, financial advisors can have direct contact with HNW individuals across many settings.
These settings provide MDRT members with valuable opportunities to build connections and cultivate relationships with prospects.
Which events should you attend?
HNW clients are a group of prospects with diverse interests – one cannot aim to reach every type of HNW individual. Instead, Augustine Seah, a 10-year MDRT member from Singapore, suggests MDRT members first venture into “segments” where you already have a vested interest. For example, as an individual who is passionate about cars and watches, Seah regularly attends car launch events or exclusive luxury watch exhibitions to meet like-minded people who he can easily strike up a conversation with about their shared interest.
Upon meeting a HNW individual at such events, he then gets to know them better over a meal – this is to build a relationship before approaching the topic of insurance or finance. “I particularly like [meeting people through] diving into my own interests like car and watches as such events are a natural interest for myself and those who enjoy the same,” he shared. Once a common ground and a trusting relationship is established, he will then broach the topic of their existing coverage and investments.
HNW clients prioritize trust and credibility when selecting a financial advisor. Networking allows you to establish a personal connection, demonstrating your expertise and reliability. Through regular interactions, you build a reputation as a trusted advisor who understands their specific needs.
Joining a private club
Other than attending events, joining a luxury private members’ club in Singapore is also a great way to meet HNW individuals. Such clubs offer specially curated services and facilities like private swimming pools, golf courses, wellness spas and more. Most importantly, having a membership and being able to spend time within club premises gives financial advisors the opportunity to rub shoulders with many HNW individuals. As someone who is passionate about living a healthy lifestyle, five-year MDRT member Wesley Ee regularly interacts with HNW individuals at gyms. After building rapport and exchanging contact details, he invites them to go on runs together and shares exercise and nutrition tips with them on occasion, as a form of value-added service that differentiates him from other advisors. “Running and hitting the gym are two activities I use to keep in touch with my HNW clients,” he shared.
Popular members-only social clubs in Singapore include Mandala Club, Tanglin Club, 1880 Singapore and more. Seah endorses the joining of private clubs in Singapore as a way to network and meet HNW clients. He is a member of the Mandala Club and shared that “such social clubs are meant for networking and with that established as a fact, it breaks down walls for us [when speaking to prospects].”
Networking is undeniably a powerful tool for financial advisors seeking to reach high-net-worth clients in Singapore. In Ee’s words: “Your network is your net worth. Networking allows us to reach out to prospects and clients beyond our natural market.” By building trust, leveraging referrals, and participating in exclusive circles, MDRT members can be well on their way to cultivate a thriving network of HNW clients in the long-term.
Contact: MDRTeditorial@teamlewis.com
