Financial planning for clients with a YOLO mindset

In the heart of Singapore’s workforce, there is an emerging group of ambitious and highly educated individuals who are determined to chart their own course in life. These are the young professionals who embrace a “YOLO” (You Only Live Once) mindset, often choosing paths that diverge from traditional expectations of marriage and children. For MDRT member Han Chi Teng, serving this unique segment has become both a challenge and a calling. 

Han currently advises over 400 clients who fit this profile. “They’re mostly degree holders — IT professionals, lawyers, doctors, entrepreneurs, and middle managers — all based in Singapore and successful in their careers,” he explains. What sets them apart isn’t just their professional success, but their willingness to question norms and take risks, including when it comes to their finances. 

 

A different set of concerns 

 Unlike their peers who are married or raising children, these clients are laser-focused on financial independence and early retirement. “Many are eager to increase their wealth in the shortest possible time,” says Han. “Their investment risk profile is high, they’re willing to put significant portions of their income into cryptocurrency and online trading platforms. Others channel their resources into property investments.” 

The desire to retire early is a recurring theme among them, according to him. “They want to retire by 50 and are confident they can keep expenses low and find fulfillment in their work,” he notes. Medical costs are also a concern, but few worry about supporting aging parents, believing their parents are self-sufficient in old age. 

Han categorizes his clients into three types: those with kids, those with a spouse and without kids, and those with neither spouse or kids. Each group has distinct goals and challenges. For example, clients with children often face time and cash constraints, focusing on education funding and delayed retirement planning. Those with a spouse but no kids enjoy more disposable income and invest more aggressively, while the last group aim for the earliest possible retirement and seek meaningful work in their career path, even in their youth. 

 

Understanding through engagement 

To address these diverse needs, Han emphasizes on education for his clients and his advice centers on protection, long-term savings, and retirement planning. “I give them news articles to read and focus on equipping them with relevant knowledge,” he says.  

The chosen articles these clients receive are mainly focused on current affairs, equity markets, and investment reports by fund houses. “It’s important to understand what matters to each client, so you can customize what you send to them. Some of these clients would like to know more about investing their money, so I send them investment articles. Others are more concerned about retiring early; for this group of clients, I send articles related to the different ways to approach retirement planning.”  

While these resources often trigger clients to initiate a follow-up discussion which helps them with better financial planning decisions, Han emphasizes it does not necessarily need to lead to a sale. “I am genuinely interested in helping my clients,” he affirms. Additionally, as it is impossible to build a comprehensive plan in one day, he follows up every year to review and adjust according to their evolving life situations. 

Servicing such clients also sometimes requires time to gain their confidence and trust. Han recalls a particularly memorable client: a high-powered executive, confident in her financial acumen, who insisted she needed only a medical plan. “I told her she needed to ensure her income streams were guaranteed, because one day her active income would stop, prematurely or otherwise.” Through persistence, he helped her build multiple streams of passive income and, eventually, got her to see the importance of broader protection. 

 

Navigating the influence of social media 

Han also observes another unique trait of those who are embracing a lifestyle that differs from traditional societal expectations, especially those who are from the younger generation — their openness to investment risk is amplified by social media. “They’re likely to take advice from social media and friends,” he comments. As building trust with this group takes time, he believes in seeing things from their perspective while being willing and patient enough to address their misconceptions. “It’s okay to disagree with the person sitting opposite you, but you must do so gently and firmly.” 

One of his strategies is to confront the YOLO mindset head-on. “I’ll ask, ‘Do you have any idea how long you will be living?’ Then I hand them a calculator and let them work it out. Most people don’t think about living to 90. When they see the numbers, they fall silent and ask, ‘What are my options?’ That’s where the real planning begins.” 

For Han, constant engagement with this demographic is key. “Prospecting this group is a form of research. Their responses reveal their mindset and priorities.” With empathy, education, and adaptability, he embodies how financial advisors can help clients turn their YOLO dreams into sustainable and secure futures. 

 

Contact: MDRTeditorial@teamlewis.com