In the bustling financial landscape of Singapore, where competition is fierce and trust is paramount, establishing a strong personal brand as a financial advisor has become increasingly crucial. Today, individuals seeking financial advice are looking beyond the firm's reputation; they are seeking advisors who can connect with them on a personal level, inspire confidence and demonstrate expertise. This is where the power of personal branding comes into play.

A personal brand encompasses the reputation, credibility and distinct voice that an advisor cultivates over time. It represents their unique value proposition, expertise and ability to address the specific needs of their clients. In a dynamic and ever-evolving industry like finance, building a personal brand becomes an indispensable tool for success as a financial advisor.

Allowing clients to relate to you

One of the primary reasons personal branding is crucial for financial advisors in Singapore is the level of trust it fosters. Clients are increasingly seeking advisors they can relate to, whose values align with their own, and who can provide tailored solutions that address their financial goals and aspirations. Royston Tan, a six-year MDRT member with two Court of the Table qualifications from Singapore, shared that when he began his career, he found that he could relate best to professionals and executives and that “gradually became the core and focus of [his] personal brand” as a financial advisor.

To Tan, his personal brand conveys his values and how he can value add to his clients and their financial portfolios. He “tends to take a professional approach for advisory work” and this is reflected in the accreditations he takes up and his communication with his clients, which includes keeping his clients updated on their financial portfolios and changes in the financial industry on via a broadcast list. He believes his clients appreciate the drive for self-improvement and competency development hence, he ensures that he always keeps himself relevant through upgrading his skills. “I consistently upgrade myself in terms of knowledge and skillset to be abreast with the latest updates in the finance industry”, he shares.

Tan believes this allows potential clients to recognise him as the “right advisor” for them, and be more willing to have a conversation with him to find out more about the services he offers. On top of this, he also chooses to take a holistic approach towards helping clients with wealth management. “Some advisors tend to focus on certain products or one area of planning such as wealth protection. However, I am in favour of achieving the optimal outcome for wealth protection, accumulation and distribution, which generally involves a deeper discussion and understanding of their portfolio, lifestyles and aspirations,” he says.

He also shares an instance when he successfully closed a client after deep discussion about his client’s financial priorities. The client shared with Tan that his previous financial advisors were only focused on making a sale, but Tan was the first advisor to take the time to help him sort through his complex financial situation.

Leveraging social media for your personal brand

Social media is an integral part of Tan’s practice in terms of branding and communication. He uses his platform to share his ideas consistently and reach a wider pool of prospects who he otherwise might not have been able to speak to. Tan recommends posting “once or twice a week across various platforms to ensure top-of-mind recall”, on topics such as budgeting. For instance, he once wrote an article about the “4-3-2-1” of saving, where 40% of your income should be allocated for general expenses, 30% for housing, 20% for savings and 10% to insurance.

Through his many sharings online, Tan has had prospects reach out to him to initiate a conversation about planning their financials. He recalled sharing an article on tax planning once and had an old friend contact him to have a discussion as his own taxes has increased significantly over the years. Tan shared that they “have not been in touch for years or decades, so social media became an effective platform for [them] to reconnect and build a relationship”.

The importance of having a personal brand

The significance of personal branding for financial advisors in Singapore cannot be overstated. By developing an authentic, trustworthy and compelling personal brand, advisors can differentiate themselves, forge meaningful connections with clients and establish a strong online presence. Tan advises fellow financial advisors to “write down your own target audience and value proposition on a piece of paper or on your phone”, as this allows you to focus and communicate with clarity to your community how you may value add to them and eventually build an enduring client relationship. However, Tan also shared that his focus is not to stand out as an advisor in Singapore. He says, “It is less about standing out as an advisor, but [rather], more about resonating and being aligned with your target audience.”

Contact: MDRTeditorial@teamlewis.com

Building a personal brand as a financial advisor in Singapore