As a financial advisor in Singapore, one has to be prepared to communicate, interact and serve clients that come from different backgrounds and demographics. In order to provide excellent service to her clients, four-year MDRT member from Singapore, Jennifer Teo, ensures that she makes the conscientious effort to meet their many needs.

Before every client meeting, Teo ensures she takes the time to go through their existing policies to prepare an overview of their financial portfolio. “I get in touch with them at least once a year for a review or to catch up on their lives, family and work. Before I meet them, I ensure that I have sufficient information relating to their [existing] policies and areas of concerns that I need to highlight to them,” she shares.

Providing exemplary service in the face of rejection

As a financial advisor with years of experience in the field, Teo has met a wide variety of clients and faced some difficult situations. In the face of an obstacle, Teo believes “the best strategy is not to be affected by [the client’s] complaints” and instead, “guide them to focus on the issues they are facing”. She says, “I listen to their complaints and let them vent their frustrations before gently bringing them back to the issue on hand.” With patience and commitment, she slowly won clients over.

Teo recalls a situation where she was assigned to take over an orphan policy 17 years ago and received no response from the client despite countless chasers to his registered address. With much effort searching on social media, Teo finally found this client on Facebook. Upon contacting the client, he did not respond favourably as he had a high outstanding amount on premiums due to non-payment over the years. However, Teo remained calm and firm in handling the client’s complaints and managed to help him salvage the remaining cash value of the policy after termination.

Meeting the diverse needs of clients in Singapore

Oftentimes, clients bring up their needs during a meeting, but do not know what alternative plan are available to them if their needs cannot be met. In this situation, “I will guide them to crystalise their needs and details and consider different possibilities before taking the discussion further,” Teo explains.

During one such occurrence, Teo remembers a client’s intention to withdraw money from his Central Provident Fund, a public pension system in Singapore, to invest in a foreign property and have the rental income provide for him during retirement. Upon hearing her client’s plan, Teo suggested for him to keep his investments locally instead as his rental income from a foreign property would be affected by foreign exchange rates. It might also be difficult for her client to retrieve his funds when he needs it due to the rules and regulations of property purchase in another country.

After the discussion, the client took Teo’s suggestion to take up an investment plan in Singapore that will provide for him during retirement, and is more accessible and convenient for him.

Going above and beyond for clients

Teo also shared her experience with another client, who was born with cerebral palsy and is not covered fully by MediShield, a basic health insurance scheme that provides Singapore Citizens and Permanent Residents with universal and lifelong protection against large healthcare bills. Upon meeting this client, Teo found out that she did not have critical illness coverage as financial advisors she had met with told her that she would not be able to get insured due to her existing condition despite never attempting to apply for a policy on her behalf. Instead of following in the footsteps of the client’s previous advisors, Teo went ahead to help her apply for a medical policy and Whole Life policy with critical illness coverage. The application for the medical policy was initially declined, but through Teo’s numerous appeals and follow-up meetings with her client over the years, Teo managed to secure a medical policy on top of two Whole Life policies with critical illness coverage eventually.

The client unfortunately passed on due to cancer in 2012, but Teo was glad the extra effort we put in together relieved her family from heavy medical expenses. “Until today, I am still in close contact with her family,” she shares.

Client servicing is an integral part of a financial advisor’s job, and Teo believes as long as she continues to “put clients interest before [hers]” and “meet clients with the mindset of adding value to their planning, trust can be built and sales will come”.

Contact: MDRTeditorial@teamlewis.com

Search

Search

Building trust with clients through exemplary client servicing