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Enhancing a Financial Advisory Practice With Estate Planning

Precepts Academy’s Associate Director, Eliss Chen, recently caught up with Delia Wong, who was a key speaker in the MDRT Day Singapore 2024. She is a 13-year MDRT Qualifying & Life Member with 1 COT qualification. To bolster her success in her financial and insurance advisory business, she decided to add Estate and Succession Planning to her repertoire. We asked her why she did that and how her journey has been so far:

Since the time you completed your courses, what has changed in your appointments with your clients?
Delia Wong: Since 2018, I have been encouraging my clients to have their Wills and LPAs sorted. However, over the years, many have not taken this crucial step. One of the key reasons is that they simply did not know how to begin this process.

After I became an Estate and Succession Practitioner, with the support of a strong legal and trust team from Precepts, I revisited my clients to help them with their estate planning. Thanks to the trust that I have established with them over the years, they chose to engage me in the estate planning process.

Does it require a lot of effort to add on Estate Planning services for your clients?
It certainly does. I believe that if we follow every step diligently, our efforts will be rewarded eventually. However, advisors need to be patient, because Estate Planning requires clients to thoroughly consider how they want their assets to be distributed. The challenges I encountered include more meetings, calls, and follow-up emails to clarify clients’ wishes. Patience is key; without it, we may not be able to successfully guide clients through the estate planning journey.

How does it help your insurance advisory business?
Through multiple follow-ups, my clients have seen a lot of value in my service. As their wishes are properly structured in Wills and Trusts, they have been more willing to commit to their financial goals. This has strengthened my position as their trusted advisor and significantly reduced competition.

What do you share with your clients?
I explain that the Estate Planning landscape has evolved. In the past, Wills were typically perceived by many as something for wealthy individuals and families, and were typically done at law firms. I let them know the differences without downplaying other providers. I share how we can also help them ringfence their assets and highlight to them that Precepts Trustee is a MAS licensed Trust company, which can act as either the substitute Executor and trustee, or the primary Executor and Trustee. Additionally, since I see them on an annual basis, I have a more intimate understanding of their challenges, grievances, and milestones, which can affect their estate distribution plans.

What else do you think is important to share with clients?
I share with them my determination to be one of the best Estate and Succession Practitioners around, because my priority is to serve many families and impact more lives. As such, I have chosen to accelerate my journey since I joined in August 2023, by appointing a mentor. Mentoring is also part of the Precepts system. Currently, I liken myself to a junior surgeon guided by a senior surgeon, all to ensure that every “operation” will be a successful one. This senior “surgeon” is my mentor Darren Tan. I am extremely grateful for his generous guidance as he has walked me through the cases I have been working on with my clients. His passion in building a community of competent Estate and Succession Practitioners has inspired me tremendously in this journey.

How have Precepts courses helped you in this journey?
How effective were the classes?

The courses have raised my technical competency because they are very comprehensive. Admittedly, I am a slower learner and I require more time to absorb new learnings which is why I attend refresher courses when I feel that my knowledge is lacking. My mentor has also recommended me to keep on attending other Precepts’ courses.

I recently attended Precepts’ Wealth Transfer of Real Estate for Financial Services Professionals course. Since many clients own real estate, succession planning is always one of their key concerns during the estate planning process. As financial advisors, helping clients with their real estate distribution plans allows us to plan their asset portfolios holistically, creating more liquidity to achieve better distribution. Overall, I am really excited, though I am a little overwhelmed now with all the estate planning appointments with my clients.

Delia at “Wealth Transfer of Real Estate for Financial Services Professionals” course in May 2024 (She was clad in green outfit, with a Purple water bottle in front of her.)

Please click here for more information on the courses.

This article was first published in our newsletter, The Custodian Issue 30. Click here to access our latest newsletter

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