Meet Carole, whose journey in the financial advisory industry is one of resilience, passion, and purpose. With no prior experience in finance, she entered the field determined to succeed despite facing numerous rejections along the way. Instead of giving up, Carole worked even harder to carve out her place in the industry.
Her unwavering dedication was further shaped by personal tragedy – the loss of her beloved father, a fighter who battled illness with courage. Inspired by his words to “keep trying and be sincere,” Carole channels that same fighting spirit into her career. Now, with 11 years of experience, she is driven by a mission to make a difference, especially for those in need, spreading love and sincerity in everything she does.
What inspired you to pursue a career as an independent financial advisor, and how has the journey been so far?
My dad. After his passing in 2014, and with my mum stricken with early-stage critical illness, it made me realise the importance of insurance and proper financial planning.
My journey of 11 years in the industry has been good. It gave me a sense of satisfaction when my clients expressed their thanks after I helped review their policies and cut costs. Over the years, I became good friends with them and was often invited to their homes for dinner.
What led you to start learning about investment, and how has that enhanced your role as a financial advisor?
When I first started, I focused only on protection plans and guaranteed annuity plans because I was not well-versed in investments and funds. In addition, as I was new, I felt it was “safer” to sell protection and annuity plans to avoid clients’ scoldings if their investment returns dropped.
I started learning about investment during a joint fieldwork with my manager, where we met a 57-year-old man planning his retirement. Through the session, I realised that even elderly clients can invest, despite having a shorter time frame for growth. This made me realise that selling annuity plans alone might not help clients achieve their retirement goals due to the long-term nature and lack of flexibility for partial withdrawals.
From there, I began my investment journey. Investments not only help with retirement planning but also serve as legacy planning for children, education planning, and keyman insurance. With my husband in the property sector, I also help his clients secure good mortgage insurance through investments.
What are some of the key challenges you’ve faced as an independent financial advisor, and how have you overcome them?
The key challenge I faced was representing too many insurers. When I first started, I stayed up late every night reading product summaries to understand them better. Representing different insurers meant I had to provide unbiased proposals and know my products thoroughly, especially when meeting savvy prospects.
Being well-prepared and knowledgeable builds client trust. Before any appointment, I prepared by role-playing with my manager to refine my presentation and pitches.
I believe there’s never a perfect time to start investing. The earlier you start, the more you accumulate through compounding interest.
How do you approach building trust and credibility with your clients in the competitive financial advisory industry?
I believe it’s through my sincerity. I take the effort to read through all my clients’ policies and even call different insurers like AIA, Prudential, or GE to verify details. I draft comparison proposals to show how I can increase their coverage while lowering costs.
I rarely encourage clients to cancel existing plans unless I can provide a better solution. I also go the extra mile by assisting with hospital admissions, specialist referrals, and submitting personal accident claims even if I am not the advisor. I always answer their calls and give personalised gifts on their birthdays or anniversaries to thank them for their trust and support.
Over the years, my clients have become good friends. They call me last minute before boarding planes to buy travel insurance or ask for food recommendations and travel itineraries. I feel like I’ve become part of their lives.
How do you tailor your financial advice to cater to clients with varying financial goals and risk appetites?
I start with an initial meeting to understand the client’s wants, needs, lifestyle, and future goals – whether short-term, mid-term, or long-term.
After gathering this information, I review their current policies, summarise them in an Excel sheet, and go over each plan’s pros and cons. I then provide my advice and create a budgeting chart based on their goals, budget, and risk appetite.
What are your thoughts on the current trends in personal finance and investment, and how do you stay updated?
I believe there’s never a perfect time to start investing. The earlier you start, the more you accumulate through compounding interest. I stay updated by reading and attending weekly investment training sessions.
What advice would you give to someone just starting their journey in financial advisory or personal investment?
As a new advisor, it’s not easy. It takes determination and faith to succeed and stay in the industry. Don’t fear rejection – every rejection is a lesson to help you improve.
Don’t fear investing either. Keep reading, stay informed about market trends, and don’t blindly follow others. Everyone has a different risk appetite, and it’s never too late to start.
Where do you see yourself and what’s your vision for Singapore in the next five years?
I see myself as a manager or director in the future. I envision Singapore becoming one of Asia’s top global cities, driven by the continuous growth of our services sector and technological advancements.
Connect with Carole: carole.ong@sg-alliance.com and Instagram.
