Erlszam Christian “Zammy” Borromeo, a one-year MDRT member from the Philippines, shares how he is helping his clients recover from financial setbacks, especially during this pandemic.  

The first year of the pandemic in the Philippines took its toll on the employment of Filipinos because of the frequent lockdowns. It recorded a 15-year-high of 4.5 million unemployed and 6.4 million underemployed. While in 2021, the country logged the highest number of COVID-19 deaths as more industries reopened.  

“I have prospects and clients who were affected by COVID-19. Some got laid off, lost money, and got sick,” Borromeo says.  

Borromeo says that his clients went on a panic-buying spree spurred by the news that supplies were running out. They were already struggling at work and anxious that they wouldn’t have the funds required for treatment if they got sick. They didn’t notice that their money was running out.  

A client of his got sick with COVID-19. She called Borromeo and discovered that she could claim her hospitalization benefits after he checked her policy. Borromeo regularly keeps in touch with his clients, reminds them to be mindful of expenses, and to give him a call if something happens.  

“As financial advisors, we need to help them balance their needs and wants. I always advise my clients to set aside some funds for their necessities. For their leisure, they should spend what is within their budget. Another thing that financial advisors must do is act fast. We want them to have peace of mind and confidence that we can facilitate their claims so their policies can cover their expenses.”   

Borromeo mentioned that as long as you’re being honest and showing empathy towards their situation and goals in mind, they will be able to share more things about them, which helped him discover that some of his clients are underinsured. “Next thing that I do is to check if they are eligible to get another policy to augment what’s missing from their existing policies. We need to remember that it is our responsibility to point out what they need and give them our recommendations,” he shares.     

Another client of Borromeo’s got sick during the pandemic. During an annual physical exam, a doctor noticed something unusual in his results and required additional tests. “He was lucky that he had two policies as combining them gave him a total of one million pesos (US$16,984) to help with his unexpected medical expenses as he was found to have brain cancer. It already costs half a million pesos (almost USD8,500) to diagnose the type and stage of cancer. We were able to process the claims as soon as we received the news.”  

Borromeo points out that the role of financial advisors is to be supportive of their clients and not just on the days when clients need help. “The clients’ darkest days are the cases we want to prevent, but we cannot foresee unexpected circumstances. But we can help them prepare for any eventuality. Servicing their policies, we become part of our clients’ lives. From birthdays, baptisms, graduations, and weddings to hospitalizations and deaths. When done right, being a financial advisor is a lifetime commitment to our clients.” 

Contact: MDRTeditorial@teamlewis.com