When it comes to financial advising, consitency when it comes to client service cannot be overstated. Beyond initial consultations, maintaining ongoing relationships with clients is key to fostering trust, loyalty, and long-term success.  

Continuous client care involves personalized attention, regular communication, and a deep understanding of each client's evolving needs and goals. This proactive approach not only enhances client satisfaction but also positions financial advisors as indispensable partners in their clients' financial journey. With continuous client care, financial advisors can demonstrate the value they bring to clients in the long term as well.  

Four-year MDRT member from Singapore, Karyl Phua, shared, “Providing continuous value is crucial as it demonstrates our role and commitment to our clients’ long-term financial well-being, ensuring that our clients see us as a trusted advisor rather than just a transactional service provider.” 

Here are three ways Phua continuously provides value for over 300 clients, ranging from young adults to retirees. 

1. Staying in touch  

Phua prioritizes speaking to her clients regularly. In fact, she has made it a non-negotiable to stay connected with her clients through consistent outreach. On the first day of every month, she sends out financial newsletters on WhatsApp to all clients to read in their free time. This newsletter outlines key topics or recent financial news in Singapore that might affect clients – this includes topics like public housing loans or changes in bank interest rates. 

On top of that, she also checks in on her clients to see how they are doing and sends well wishes or gifts when clients reach a life milestone. Such milestones include graduating from university, marriage, having a newborn or purchasing their first home. “I make it a point to keep in touch with all my clients and not only on festive occasions like their birthday or Christmas. Doing this allows my clients to feel that I am with them every step of the way in their lives and understand them.” She also adds through maintaining regular touchpoints with her clients, she is able to anticipate any changes in their financial needs. This level of engagement with her clients also has a residual effect on her productivity. Phua has built a great impression upon her clients and managed to grow her practice gradually through referrals from existing clients.  

Phua encourages financial advisors to keep in touch with clients with gestures as small as replying to their social media posts online with simple encouraging messages like “Get well soon” when they fall sick, or “Good job!” when they share photos of themselves exercising at the gym. She says these small gesturesmake clients feel that she can be reached easily with just a message away, and can help to build a closer or stronger relationship in the long run.  

2. Conducting financial reviews when necessary  

Phua believes financial reviews are not restricted to a yearly frequency. She explains, “It should also be whenever there’s a change in a client’s financial goals or situations.”. During financial reviews, Phua reminds clients of their own policies and ensures all policies are still relevant and effective to the clients’ current financial situation. “Such financial review sessions allow us to reinforce the value of what we as financial advisors do,” she says.  

Phua recalls when one of her clients was consistently missing his monthly premiums and upon further questioning after she reminded him to pay the premiums, she found out the client was feeling financially stretched due to unforeseen circumstances and had resigned to letting his policies lapse over the next months. By checking in on this client about his missed premium, Phua managed to advise him to take a premium holiday instead of cancelling his policies, which would have been the least ideal option in the long term.   

3. Reach out to clients based on their comfort level 

Communication is a two-way street, Phua ensures that she is responsive to her clients before expecting them to be responsive to her. “From our initial meeting, I will emphasise the importance of regular check-ins with my clients,” she shared. During this meeting, she also tries to understand if there are any obstacles her clients face when it comes to responding to her. “Sometimes, clients need some time to process information and reply. We should trust that they don’t intentionally ignore us,” Phua shares.  

However, Phua has also met clients who don’t feel comfortable having a close relationship with their financial advisor. When managing the relationship with such clients, Phua ensures she does not overstep their boundaries, and gives them a heads up on the monthly newsletters and premium reminders, but is happy to exclude them from the list if they prefer. She shared that offering flexible meeting options such as meeting virtually or physically is helpful to keep these clients comfortable as well. 

“Communication is key when it comes to such things, and I find that learning my clients’ expectations of the level of my involvement in their life from the start of our working relationship is also helpful for me as their financial advisor,” Phua shared.  

From skeptical client to friend 

Focusing on a personalized and relationship-driven service, along with knowledge and technical expertise, has helped her reach MDRT status and overcome challenges along the way. 

Through Phua’s journey of maintaining regular communication with clients, she has gotten to know some of her clients well and became friends with some. She recalled meeting a prospect who was skeptical about purchasing insurance due to a previous negative experience with another financial advisor. Undeterred by this, Phua took the time to understand the prospect’s financial situation and life goals through multiple lengthy conversations. Through these conversations, she educated the prospect about different insurance policies and the benefits of having an all-rounded portfolio, slowly building a trusting relationship. Over time, the prospect became a client and a dear friend who Phua regularly celebrates important life milestones with.  

“My friendship with this client is proof that trust and continuous value-adding is essential to build strong client relationships,” Phua shares.  

Contact: MDRTeditorial@teamlewis.com