The first time I met a Financial Consultant (FC) was at Pasir Ris Bus Interchange back in my army recruit days. My experience with that FC wasn’t a very positive one. I remember she asked me to sign up for a plan without fully understanding what I was buying and how it would help me in the future.
In hindsight, my first experience with an FC didn’t allow me to see the importance of how managing my money now would impact my future—be it to start setting aside a portion of my monthly salary as savings or to invest in them. AllI remembered from that experience was that there were always so many forms to sign!
However, my interest in being a Financial Consultant was sparked when I entered University.
How did it all start?
As clichéd as it sounds, I wanted to know how to get rich quickly and that curiosity the better of me as I dove into the world of personal finance. I asked people around me who had knowledge on this subject matter for advice and I chanced upon an army senior of mine who was already a Financial Consultant.
From this senior, I was able to get ahold of more information on how to grow my personal wealth. He also taught me that being an FC includes educating people on how to grow their wealth with the help of different financial instruments.
That was my first meaningful interaction with an FC. My interest in financial planning and wealth management slowly grew as I was exposed to more information via lessons that were conducted by other Financial Consultants
I’ve always heard my friends and loved ones joke about how Financial Consultants would ask you for five minutes of your time or for a coffee only for the meetup to turn into an attempt to sell their products.
However, the heavy stigma surrounding this profession did not stop me from pursuing a career as one, because I realised that a job in sales would develop important skills in me.
In the course of our lives, we all inevitably do a bit of selling. For example, when applying for a job, sending your résumé to a recruiter is like attempting to “sell” your skills to convince the recruiter to employ you over the rest of the potential candidates.
Another more direct example of selling could be sharing a business solution that you have created for companies, and convincing your potential prospects that their businesses will do better with your help.
Therefore, rather than trying to avoid it, I used my career as an FC to hone my skills, that will allow me to positively impact the people around me. My motto in life has always been: First, treat others how you would like others to treat you. Second, believe in something before you recommend it to others. I believe wholeheartedly that what I sell will allow me to impact the people around me positively.
My motto in life has always been: First, treat others how you would like others to treat you. Second, believe in something before you recommend it to others.
All jobs have their cons and being a FC is no exception. The only difference is that some jobs have a more visible “ugly side” than others and that’s the case for Financial Consultants! Being aware of all the negative impressions surrounding Financial Consultants, as I approach people to share Financial Advice, I am all the more mindful of the picture I am creating (or recreating) for my clients.
What motivates you to be a Financial Consultant?
The nature of this job is what convinced me to join and is the reason I stay. To sell someone anything, I firmly believe it must come from the heart. It has to be something that meets the client’s needs and not mine.
After a prospect becomes my client, I begin to view them more as a friend. If they ever need anything, even if it’s not related to Finance, I will try my very best to be there for them. One time I even advised a client on the customs practiced at traditional Chinese weddings and the planning required.
Being able to affirm an individual's finances is an important role and responsibility given to Financial Consultants. As I journey with my clients in their financial journey, I share in their happiness as they achieve their goals and I share in their worries as they go through the different challenges that life throws at them. You could say that being an FC gives me the opportunity to journey with each client through their different seasons in life.
What is it really like to work as a financial consultant?
The flexibility a FC enjoys is very much like that of a mini entrepreneur. You are in charge of your work schedule and have the freedom of choosing what to do with your time.
One time, this flexibility allowed me to be there for my mom who needed to be sent to the Hospital when she was feeling unwell. It would have been tough for me to attend to it immediately if I was working an office job for the full day. However, the other side of the coin is that most of the time, I would need to work overtime.
The learning curve of an FC is steep and it takes a lot of work to ensure you are positioned and capable enough to help your clients achieve their financial goals.
Sometimes I feel like a Doctor, prescribing specific solutions and financial plans to solve financial issues or grow wealth healthily.
There is no one size fits all solution, but you can ensure that you can be a one stop solution.
It is important to recognise that every person is unique in terms of their financial status, occupation, etc. There is no one size fits all solution, but you can ensure that you can be a one stop solution for any kind of patient as long as you are willing to put in the hard work, trust the process and there will be the light at the end of the tunnel.
Lastly, you can expect to face plenty of rejections in this line of work. You may be surprised when your closest friends reject you, while strangers give you a chance.
No one likes to face rejection but the more we experience it, the better we are at getting back up. Chris Bosh, a former NBA player once said about the late all-time greatest basketball player Kobe Bryant, “Legends Aren't Defined By Their Successes, They're Defined By How They Bounce Back From Their Failures”.
Legends Aren't Defined By Their Successes, They're Defined By How They Bounce Back From Their Failures
There is Chinese idiom “一种米养百种人 (One type of rice can feed many types of people)“, referring to how no one person is the same although we all live in the same society. Differences in beliefs, education, upbringing, and many more result in a plethora of personalities and attitudes towards work and others. It is the same in the world of Financial Consultants where there are many different types of advisors out there, but only one job title.
For example, one may be pursuing a career in financial planning for the lifestyle it affords them, while another could simply be looking for a mid-career switch that allows them to have the freedom of being their own boss.
At the end of the day, what matters is that we do right by our clients, be it helping them to have peace of mind when it comes to reaching their financial goals or simply knowing that if anything were to happen to them, their loved ones would be cared for.
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