The fiercely competitive financial services profession relentlessly pressures advisors to build robust client bases. Yet, as the landscape is constantly reshaped by technology and evolving client needs, hard work alone is insufficient for long-term success. Two MDRT members from Malaysia offer insights on how advisors can navigate this challenge, proving that while the profession demands dedication, proactive strategies can unlock a path to productivity and client loyalty.  

Leverage the power of social media 

Social media has become an important tool for financial advisors to share information quickly, share their personal brand and network with clients or prospects, with Malaysia being home to an astounding 28.68 million social media users as of January 2024.

Five-year MDRT member, Kam Pei Minn from Selangor believes social media helped build her influence and credibility in the profession and it is the go-to contact her followers reach out to when it comes to insurance policies. “Be active on social media because people are always observing. I was personally shocked because I had a high school friend whom I’ve never contacted after graduation but she reached out to me on Instagram because she needed financial protection and she remembered me posting about the importance of financial planning on the platform. The result? We managed to get connected, set time for consultation, and close a sale on a prenatal plan. Social media really works, and it helps when financial advisors post about how their services can add value to the lives of their clients,” Kam shares.  

Conduct frequent policy reviews 

Working to get clients and prospects to close a sale on a financial plan isn’t enough. All individuals have their own financial goals, and it is imperative that financial advisors remain on top of the game to keep track of these goals to ensure the plans are continuously meeting their needs. Additionally, with Malaysia's inflation rate at 1.8% as of February 2024, economic uncertainty and reduced purchasing power highlight the necessity for proactive financial planning to navigate these challenges effectively.2  

“I break down their income versus expenses. For example, some clients want to spend RM1million but can only afford RM200,000. This kind of information can only be discovered when financial plans are being reviewed often. Inflation is our reality and financial advisors must help their clients reach their financial goal. The good thing about financial planning today is its variety of plans. Today, a cup of coffee can be more expensive than paying for a plan monthly. Financial advisors must carefully discuss with their clients on what kind of plan will best fit their budget,” says nine-year MDRT member Dianella Chiu from Kuala Lumpur. Kam also added financial advisors should constantly reevaluate the market to better understand what clients are facing and effectively develop affordable plans. 

Explore diverse market segments 

 With the high number of advisors in Malaysia as well as shifting consumer habits, securing clients from an already competitive market is challenging and financial advisors must explore diversification outside their usual target audience. Kam taps into different types of backgrounds and industries including corporate companies and individuals. “Take the first step and start asking your friends if they have a company HR manager you can contact, to share financial plans for corporate companies and even for the manager,” she adds. 

Thinking out of the box allows financial advisors to have opportunities to mitigate risk as well as collaborate with individuals from other professions. “You must be innovative and use the time given to you wisely. As a financial advisor, you can’t assume that you will get clients. Activity is the key to success, and you must think of how you can close sales. If you build partnerships with individuals from different sectors, it is likely to open doors to new clients and referrals,” echoes Chiu.  

In essence, the dynamic financial services profession requires financial advisors to be adaptable and agile to ensure they strengthen their position in the profession and establish top-of-mind recall among clients and prospects. Financial advisors must strive to make a difference in the lives of their clients and prospects each day, thereby increasing their sales and solidifying their success in the profession. 


Contact: MDRTEditorial@teamlewis.com