Ian Tan’s journey into financial planning began close to home. Growing up, he watched his parents purchase insurance policies without fully understanding what they were buying, only to discover years later that the returns did not match what they had expected. That experience inspired him to enter the industry with a desire to help people make better-informed financial decisions.
Although initially sceptical about financial planning as a career, Ian came to embrace both its challenges and the satisfaction of helping others. A two-time Million Dollar Round Table (MDRT) achiever, he believes determination, discipline, accountability and clarity have been central to his journey. In this interview, he shares his views on trust, financial freedom and the lessons he has learnt along the way.
What first attracted you to financial planning, and was this always the career you imagined yourself pursuing?
My family was the main reason. My parents were not highly educated, and whenever someone approached them about purchasing insurance, they would often buy without fully understanding it. When the policies matured, the returns sometimes did not match what they had been told to expect.
That made me want to enter the industry to share proper financial knowledge and help people understand the right steps towards financial planning, rather than simply selling them products.
I never imagined myself joining this industry. In fact, I was quite sceptical when I first started. However, I came to enjoy the challenges of the job and the satisfaction of being able to provide advice that genuinely helps people.
You’ve achieved MDRT twice. What did reaching that milestone teach you about yourself, and how was the second achievement different from the first?
When I first joined the industry, MDRT seemed extremely difficult to achieve. However, after two years, I managed to reach that milestone. It made me realise how important determination and discipline are.
Determination means remaining focused on your goal, while discipline is about creating a daily routine and consistently following it.
You can perhaps be lucky once, but not twice. Achieving MDRT for the second time proved to me that the first was not simply luck. It represented another personal breakthrough and encouraged me to set even bigger goals for myself.
Financial planning is ultimately a relationship built on trust. What do you think makes a client willing to open up to someone about something as personal as their finances?
Accountability and clarity.
Since I was young, I have always tried to show people that when I give my word, I will go the extra mile to keep that promise. I also believe clarity is one of the most important qualities in financial planning.
I do not see my role as convincing clients to buy something. Instead, I try to understand their concerns and provide them with clear information so they can make the right decisions for themselves.
What are some of the biggest misconceptions Singaporeans have about financial planning?
One of the biggest misconceptions is that financial planning is simply about buying insurance, or that it is something you want rather than something you genuinely need.
In reality, financial planning is about preparing for different stages and uncertainties in life, and making sure you have the right protection in place before you need it. Some people may avoid planning because they do not trust the industry or feel that nothing will happen to them.
It can be painful when someone initially tells me they do not need financial planning, only to return for help after something unexpected has happened. Unfortunately, by then, their options may be limited or it may already be too late to put the necessary protection in place. That is why I believe planning early is so important.
What has your work taught you about the difference between earning money, having wealth and feeling financially free?
They are very different things, and the difference becomes especially clear when you need to make a major purchase.
For example, earning $5,000 a month may provide a comfortable lifestyle in Singapore. However, without proper financial planning to help you save, invest and protect yourself, making a major purchase such as a home or car can still be challenging, particularly when it costs many times your monthly income.
Financial freedom is therefore not simply an end goal. It comes from building a strong financial process that can eventually lead you there.
If you could redo part of your life, what is the one thing you would change?
I would go back to my childhood and tell my younger self to develop the same determination and discipline that I apply to my work today.
If I had developed those habits much earlier in life, I believe I could have achieved even more by now.
What is your vision for Singapore over the next five years?
Singapore has continued to grow stronger, and I hope our economy will continue to grow and expand over the next five years.
I would like to see this growth create more opportunities for people in Singapore and ultimately improve their quality of life.
If you could have a superpower for one day, what would it be and why?
I would probably choose the ability to read minds!
I would like to understand why people think the way they do and what is really going through their minds. That would help me understand them better, provide more appropriate solutions and help them more effectively.
Connect with Ian: LinkedIn and Instagram.
