My dad was someone who did not believe in the importance of insurance and having proper financial planning and my family was left in a difficult situation and that was when I actually understood the weight of financial planning, or rather the lack of it.

<Video title: Finding purpose as a financial advisor>

Q: What does “purpose” mean for you as a financial advisor?

To me, purpose is about serving others in a way that truly matters. Not just selling a product, but making a real difference in someone's life when it counts the most.

So I found my purpose in this career the hard way when my dad actually passed away due to a sudden heart attack. So my dad was someone who didn't believe in the importance of insurance and also having proper financial planning. He was actually supposed to go for like a heart operation but he chose not to because he didn't have any health or critical illness insurance.

He also did not write up a will before he left, so there was no clear direction, no instructions, and nothing to guide us. And in the middle of grieving him, right, we actually had to navigate legal complications, financial stress, and also friction in the family.

So my family was actually left in a difficult situation. And it was then I actually understood the weight of financial planning, or rather the lack of it. And that experience actually taught me that financial planning is just not about numbers or policies. It's actually about protecting the people that we love when we are no longer around.

And it actually planted a very deep conviction in me in this career that no one should actually have to go through what my family did. And after my dad's passing, I actually made it my purpose to convey and educate the importance of having proper financial planning to the people that I meet. And this is actually what keeps me going in this profession.

Q: How has your purpose impacted the way you communicate or serve clients?

Oh, it has changed everything, especially the way I approach conversations with my clients because my experience has really stuck with me. So now when I sit down with a client, I don't just talk about their policies or numbers. I should go deeper to ask like the uncomfortable questions that a lot of people avoid.

For example, if let's say something were to happen to you today, will your family actually know what to do and how would they actually be taken care of? And when I actually shared my experience with them, all of them actually agreed that they needed to look into planning for the estate, especially those who have actually formed a family nucleus. It's not always an easy combination to have, but I think that's what makes it more important. And I don't want anyone else to go through what my family did.

So when I shared my story with my client, he actually realized that there may be a potential issue that could arise in his family if let's say, his parents estate was not carefully planned for. And my clients’ parents were actually concerned about his sibling, who actually has a history of poor money management and wanted to ensure that their estate will be preserved and used wisely.

And that was when he decided to reach out to his parents to actually discuss about doing out their wills and prevent any potential issues that may occur. I then managed to meet his parents and guide them step by step to do up their estate planning and we actually structured the distribution in a way whereby it protects their assets and also aligns with their wishes for long term security for their family.

Q: How do you ensure that your purpose continues to fuel your practice?

Staying connected to my purpose has been key to how I show up in this profession, not just for my clients but also for myself. But to keep that purpose alive, over time, I've actually learnt that I need to take care of all aspects of where I am. And that's where the MDRT Whole Person concept reminds me that I'm not just a financial advisor, but I'm also a daughter, a mother, a friend and someone who is constantly evolving and improving.

And the more I grow personally, the more I'm able to serve professionally. And whether it’s nurturing my relationships, investing in my well-being or finding time to give back, each part of my life actually fuels the other. And the balance actually helps me to stay grounded, intentional and also purpose-driven in the work that I do.

And I would say that it's very crucial for financial advisors to be able to connect back to their why. We all have a reason why we are in this profession, and that reason can be your biggest strength. So you must let it shape the way that you show up for your clients. And when your work becomes personal, people can actually feel it. And when they feel that you truly care, that's where you actually build real trust.

Finding purpose as a financial advisor

Transcript

Author(s):

Quah Wan Ying