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Mastering the digital frontier of financial advisory for clients above 50 [David Ooi]
Mastering the digital frontier of financial advisory for clients above 50 [David Ooi]

Mar 22 2024

Mastering the digital frontier of financial advisory for clients above 50

Learn how digital outreach has grown to be the preferred method for David Ooi You Wai’s client and prospects above the age of 50 and how he maximizes its potential.

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In today's fast-evolving digital landscape, financial advisors in Malaysia face a unique challenge: how to effectively serve clients aged 50 and above in an increasingly tech-driven world. With the rapid advancement of technology, mastering the digital frontier has become imperative for financial advisors seeking to provide comprehensive and tailored services to this demographic.  

As individuals reach the age of 50 and beyond, their financial needs and priorities undergo significant shifts. Retirement planning, wealth preservation, and estate management become paramount concerns. Moreover, this demographic often possesses varying degrees of familiarity with technology, presenting both opportunities and challenges for advisors. 

David Ooi You Wai, an 11-year MDRT member with four Court of the Table qualifications, from Penang, Malaysia, exemplifies how leveraging technology can revolutionize the way we can effectively manage clients from this demographic. 

Providing remote and accessible services virtually 

One of the key benefits of embracing the digital frontier is that advisors can engage with clients regardless of geographical barriers. Virtual communication tools like Zoom have become a staple for many of Ooi’s elderly prospects and clients, and shares that a significant portion of them have grown to prefer virtual meetings via Zoom due to its convenience and easy-to-use interface. “This flexibility is especially valuable for older adults who may face mobility or transportation constraints,” he says.  

Ooi often invites his elderly clients’ children or other family members to these virtual meetings as he noticed they were referring to friends and family for further advice. Sharing an experience with an existing client, Ooi says, “There was one prospect who continuously had questions from her children. Instead of constant back and forth, I invited her two children to join the call and was able to directly share the information with everyone while addressing their concerns at one go. This was a much better method to avoid any misinformation and enhance transparency.. Her and her family’s satisfaction with this aspect was a key factor in her becoming a long-term client 

This approach has not only fostered a sense of family involvement in financial decisions for Ooi’s clients but has also “helped in addressing broader concerns, a common occurrence amongst seniors with families concerned about their wellbeing.” 

Harnessing the power of social media ads to reach senior citizens 

Ooi also realized an advantage of social media by using ads on the platform. Social media ads have the ability to precisely target specific demographics based on various criteria, including age, location, interest and online behavior. “I found that most senior prospects and clients utilize Facebook and WhatsApp more than any other social media platforms. Seniors on the younger end of the age group are well versed about Facebook and those who are older, tend to have their accounts set up by their children or even grandchildren.”   

With this insight, Ooi utilizes targeted Facebook ads to broaden his reach when looking for prospects. From crafting ads himself based on Facebook's suggestions a decade ago, he scaled his approach by hiring an agency to develop data-driven strategies, maximizing effectiveness. The agency further refined the approach by creating diverse content pillars and leveraging geo and demographic targeting. Some showcased successful client stories, while others delved into the key benefits of financial planning.  

Ooi shares how a client that was targeted with a Facebook ad and reached out several months later after seeing his ad again. “The ads served as reminders for him to safeguard his and his family’s future by emphasizing the need for financial plans that are in place to protect the livelihood of families before unfortunate situations arise,” Ooi shares.  

"After he reached out to me, I tailored a plan that perfectly fits his requirements," Ooi explains. This personalized approach not only secured a loyal client, but also yielded valuable referrals. Once on board, the client shared my Facebook profile directly to his friends, connecting me with potential new clients. This initial, convenient reach allows me to not only secure prospects, but also expands my network through valuable referrals. 

The integration of technology into financial advisory practices has ushered in a new era of efficiency and connectivity. Ooi’s journey as a financial advisor reflects not only the adaptability required in the face of technological advancements, but also his strategic use of these tools to better serve clients and prospects over the age of 50. As the financial services landscape continues to evolve in Malaysia, embracing technology becomes not just a choice but a necessity for those aiming to thrive in this dynamic industry. 


Contact: MDRTeditorial@teamlewis.com