Imagine this. It's the end of the year. You are one case short of achieving your first MDRT qualification. What would you do?
We shine the spotlight on Asia Advisers Network fan Tan Wei Long, Royston, Senior Executive Financial Consultant, Great Eastern Financial Advisers, who achieved his MDRT breakthrough in 2017 and is on track to repeat his qualification this year. He shared his thoughts on missing out on his first MDRT qualification in 2016 by one case, his views on the industry as a practitioner, and what he loves about AAN.
Coming to within a whisker to qualifying for MDRT in 2016 was perhaps a blessing in disguise for Royston. While some advisers may resort to asking for help or support from clients and friends for that one case to bring it over the line, Royston took it as an opportunity to reflect and hold firm to his conviction of being a professional adviser.
MDRT is a measure
“MDRT, COT or TOT, is not the goal per se. It is a measure of my practice. A benchmark that says I’ve developed my business to a certain level of proficiency and productivity,” he said.
Instead of dwelling on his near miss, he took it as a motivation to do better. “We must constantly be thinking of ways to improve and to help our clients. Even if you are far from MDRT, it doesn’t matter. The race is with yourself and it should be about doing better year-on-year.”
And he doubled down on his efforts to improve. Even though he was not a qualifying member, he decided to attend the MDRT annual meeting anyway as an aspirant. Likewise he also attended the International Dragon Award annual meeting.
Read also:
Dreaded 'C' no longer a death sentence
From attempted suicide to MDRT
“The meetings really opened my eyes to what’s possible in the industry. I met 20-30-year MDRT members. I met qualifiers who didn’t let their disabilities stop them. It dawned on me that MDRT is not unachievable, that it should be part of your career progression, and that it really is just a starting point,” he said.
With renewed motivation and vigour, he went on to achieve his first MDRT in 2017 after three years in the business. “Learning from my own experience, putting into actions what I’ve learnt, and learning from people who have done it. You have to put your clients at the centre of your business,” said Royston when asked about achieving his breakthrough. On average, he had 8-10 appointments a week.
What value do you bring?
How do you put clients at the centre of everything you do? How do you value-add as an adviser? One thing Royston sees as key is regular communication. And today, it must be an online-offline experience.
Other than engaging clients regularly, it helps in prospecting new clients “when people get exposed to you online before meeting you offline”.
He produces a monthly newsletter to share the latest news and his thoughts on wealth management and financial planning. He has also created a Facebook group for more timely updates and answers to any questions posed.
“It’s also about trial and error as I continue to fine-tune my newsletter and manage the Facebook group. I feel sometimes there is no need to overthink as long as we are doing it in our clients’ best interests,” he said.
No objections when…
This former government scholar was in the civil service for 10 years before his interest in finance and entrepreneurship saw him make the switch to become a financial consultant.
So it was natural that he focused on wealth management. It is about understanding the situation of clients and prospects, finding out their goals and helping them to manage their wealth optimally with insurance being part of the plan, he said.
And when what you are doing is helping your clients on their journey to achieve their dreams, you tend not to face objections.
An eco-system of resources
On Asia Advisers Network, he said “Asia Advisers Network is an eco-system of resources.”
Other than news update, there are also practical sharing from advisers and interviews with CEOs. He said, “It is great to get a sense of trends and insights on the industry coming from CEOs and industry veterans.”
He also highlighted a training video which AAN produced in collaboration with official training partner Jensen Siaw International - Don't be a "next year adviser"! - late last year as he was still running for his first MDRT breakthrough.
He said, “The video was a timely reminder to focus on doing the right things, on consistency and on continuing to stay motivated to achieve my goal.”
Watch training videos on the go
The regional and global coverage has also been beneficial. “It is great that it is not restricted to Singapore. With globalisation and the speed of change, it is good to know what other countries are doing and the direction that the industry is moving toward. In 5-10 years’ time, things will change even faster, so this platform will become even more important,” he concluded.
Like what we do on Asia Advisers Network? Email us at editor@asiaadvisersnetwork.com
Connect with Asia Advisers Network on Facebook, Twitter and YouTube.