How to keep clients for life with Hooi Hooi Lim – Transcript

SUMMARY KEYWORDS

life, clients, money, financial advisors, financial planning, coaching, malaysia, retirement, people, called, coach, transitions, retire, important, incorporate, advisory, financial, provide, relationship, trust

SPEAKERS

Hooi Hooi Lim, Gwen Lazarito

Gwen Lazarito 

Hey guys, welcome to another episode of the financial advisor, South East Asian podcast Gwen here. And today we have a advisor from Malaysia. She’s not only like a financial advisor, she is also a young professional money and life coach, and co founder and executive director of core plus advisory Koi Lim. Hi, and thank you so much for coming into the show. Hi, hi. Hi,

Hooi Hooi Lim 

Glen. Thank you for inviting Yeah, it’s my pleasure to be here with you.

Gwen Lazarito 

Yeah. So then yes, it’s an absolute pleasure for to me we’re having here as well. Now. I’m very interested in getting to know you better and getting our advisors who are listening right now, to get to know you better, because you’ve been in the industry for almost two decades now. Am I right? Yes. Yeah, it’s my 19 years this year. Yes. 19 years of experience in the financial advice industry is such a, I’m sure that we can get a lot of great advice from you. So I just want to start because I was reading up on you and I saw this in your bio that your new retire mentality coach, I was very interested in that, like, Can you do that for me?

Hooi Hooi Lim 

Okay. That is actually what I learned from you as so called testers University in us. Our mentor is he actually wrote many books about new with MDT, and an interview with MDT we are talking about our life is not only two phases, before they retire, working all the way to gain money, and after they stop and do not do anything. Yeah. So in new retirement, it we believe that there’s a every our life transition, we have many important definitions. So, retirement is just part of the life transitions. Yeah. So, when we need to prepare for this retirement, so called maybe five or even earlier, and when we are preparing, but normal people we will say okay, we retired from from something. So in new retirement D We believe that we not only retired from something we are going to retire to something. Yeah. So the other face of retirement can be another 30 to 40 years. Yeah. So we are we are, we want our so called our clients to be very excited to go into another phase of life. Yeah. So to chasing the dream that they want to chase because before before this, so called age, when they want they go to primary school or schooling is all these phases of life is maybe pushed by such as a system that they have to go to school, they have to complete the applications. After that, then after university, they need to go for go to working, okay, don’t go to work, they have to get married. It’s a it’s a something, a system to push them moving forward. And after that they need to like fulfill the responsibility for their family for their children. And now is the best time in life when they almost go to the toilet, because now the children is grown up. Yeah, they have the least all the so called Live responsibility now is attended live for themselves. So it’s a very beautiful face for them to plan for themselves and live for themselves and to get the best life they want to have with the money they have

Gwen Lazarito 

was really cool, because it seems like you’re actually proposing to your clients to really look forward to retirement. So it’s not something to be fearful about. It’s something that you can be excited about because you’ve already planned for it.

Hooi Hooi Lim 

Yes, yeah. And we believe that there’s many so called portfolio in happiness. So in when they’re going through retirement, we want them to have a balance, so called The so called happiness in our life involves what is part of it, then their hobby, their spiritual, their friendship, relationship with their partner, and maybe leisure as a contribution to a society’s self adaptations? Are these, when we go through our coaching sessions with them, then we try to strike a balance. Yeah.

Gwen Lazarito 

Yes, that’s right. Because I think that it’s important with, with your, to make sure that your clients are happy or people to be happy in general, there needs to be a balance, right? Like, you don’t really just work all the time you, you have to have time for play. And it’s not like you’re accumulating all this money, but you’re not really spending them to make sure that you’re rewarding yourself appropriately. So yes, I think that’s really important. And so, I wanted to ask, because you are retirement. This is such about full retire mentality coach, like, how do you position that to a prospective client? Because I know that some people actually dread the idea of retirement like it. To them, it’s such a, it’s such a long way from their life, especially those who are in their 20s or mid or in their early 30s. So how do you position it so that it becomes such an exciting thing to look forward to? Okay, because in Malaysia, actually, this concept is relatively new. Yeah, yeah,

Hooi Hooi Lim 

my service actually, for this retirement 30. A coaching. Our client mostly is 40. and above, and four can do worse than I actually have. Another program is called young professional money and life coaching. Because at this stage of life, they are they need to actually learn good financial behavior, and also be at the right habits for them to work on. So that they also will have the money to fulfill the life at the best like the one. So we always talk to our clients that money is not what they are chasing for, but the quality of life. And money is a tool for them to fulfill their dream, the best life they want. Yeah,

Gwen Lazarito 

yeah. Alright, so you actually have different like programs for different age group or wherever your clients are at their life stage. So Alright, I get I get it, because it’s really good that you position it that way. And then when, when your client is new, like on their 20s, or in their early 30s, especially with with if they don’t have that, you know, finance the right financial management mindset yet, so you, you have a program to set them to the right course. And once they’re ready, they move on to the next program, which is looking forward to their retirement. Yeah. Yeah. Okay.

Hooi Hooi Lim 

Yes, correct. So when they onboard, so normally, I will give them a big picture. Then after that, I will zoom into their stage of life to plan the strategies that is your stage of life at that moment, but they will have a bigger picture for long term, then we zoom into current needs. Yeah.

Gwen Lazarito 

Yeah, that’s, that’s because so then they get into this journey. So you have this grand picture based on your client’s needs, and then you zoom in and, and go forward to as stepping stones to their journey, their financial journey. Right. And how long does this take like? Do you have like a set of timeline for them to go through each program or is the journey dependent on the client?

Hooi Hooi Lim 

This I actually started a new package for my clients because previously we are looking into coaching. They say one month one is a yearly program. But these are neat, because I have I just graduated from a certified a result coach. Yeah, so here we also do coatings. So besides financial plannings so I believe that sometimes, a lot of people they want to achieve certain thing in life, but a lot of blockages in their mind, a lot of self esteem, uncertainty and also maybe certain people not because they are not able to do, but because of some self esteem problem or self confidence or sometimes denial. So, between this coaching period, I also incorporate not only money coaching, also life coaching for them. So, this I was avidly weekly, one at one to one and a half hours. So, it’s a 10 sessions for them to go through life, life and also life centered financial planning, kind of coaches. Yeah.

Gwen Lazarito 

Nice. You’re, you’ve, you’ve incorporated live centered financial planning, because I’ve already heard this from Kevin Neil as well. So he’s also practicing this, can you can you try to explain this further for us as well, I’m very excited to hear about this new way of doing financial advice,

Hooi Hooi Lim 

okay. So, less central financial planning is a thing I believe is a wicked buy from us and also us this one. So, Anthony, Mitch Anthony, we actually learned from him and the return on life. So, call is a platform that we have as we practice life central financial planning. So, we we go through his programs and our clients who are bought actually we will go through them to find out their their monetary tie our head of so called philosophy one because we will try to find out their past history hmm Yes, their caste history, their values, their type kind of bots, and they want to hear system after that we help them to go through the literature on life, what how they measure themselves not not only monetary, monetary, but in terms of the so called their wellness helps health and also their achievement, their sense of security about their financial futures are these we have another measurements for them. Now, after that, we will bring them for life transitions, they will actually go through so called timelines that can actually they plan now follow by every transition of life you want to prepare them not only monetarily and also emotionally and also maybe their time availability for life transitions and money we want to make sure they are ready so called monetary because in Malaysia normally when we talk about financial planning, it seems like really two things education planning, retirement planning, we do this life central financial planning, we know that each one actually they have small transitions, but it’s important for them and transition actually required money to fulfill that. So yeah, Want to make sure each transitions there is important to them, and then they are ready with money and also emotional and time to fulfill the rational decisions and that is under life central financial planning learning. But recently I picked up another coaching cost and the International coaching Federation’s for white by another Australia, Australian so called education platforms. So for that, we also do emotional coaching. in corporate in because sometimes is even though licensure coaching, right? is a goal is a philosophy, but sometimes we cannot look into the internet. So this ICF we be able to talk to them through some sort of counseling, go into the Yeah, in thinking their inner emotions, to allow them to understand themselves better.

Gwen Lazarito 

Yes, definitely. So we incorporate everything together. That’s really great. Because I think that the reason why money is very valuable to us. Humans in general is because of the emotions that it evokes from us, right? Like it can provide us with the happiness because we’re able to like support our families, even get them on trips. You know, the pride that we experience when our we’ve helped our kids finished school, so things like that, and that’s why it’s a money is very emotional. And I do agree that I think in order to provide a really like comprehensive advice to our clients is we have to make sure That there, that we’ve also accounted their emotions with regards to how they’re spending their money or their habits with money. So I’m very glad that you’re really incorporating that and continuously, you know, taking courses and learning more, so that it can provide a lot of these, like, a better advice for your your clients, but in this case, Hoi. Why did you decide to continuously get into courses? Because I know that you’re already a director for your company, right? But, like, What drives you to learn more and to seek more teachers, mentors for you in order to provide better service? Like, I know that it’s for like to provide a better service for your clients? But how is that like? What’s your driving force for that?

Hooi Hooi Lim 

Um, because I always believe that learning is a life, lifelong type of support journey. And especially in Malaysia, it’s talking about financial planning. Those days, maybe now, because of the it development, the gap will be closed up very fast. But actually current stage by our Malaysia, so called financial planning is what, maybe in us, we compare us. Africa, I believe, also is very fast, compared with Malaysia’s so we are almost maybe 10 to 15 years behind thank very speakings. That’s why here, because of the opportunity that we can catch up online, and nowadays, we are looking forward that Malaysians have also had the opportunity to get the best practice out there. Yeah, so I learned all these, then hope we can actually, my clients will trust me for past 10 to 20 years ever to get the best from this industry. And not only financial planning industry, maybe in different stages of life, they need someone to talk to and they trust me. So I hope that I had the capability to be a trusted advisor that not only costs money, let me in the stages of life that needs someone to talk to, I can be there for them at a window for them to reach out to. And also I have a team of financial planners, who is young and energetic, and different stages of life in order to help them to grow better. I think coaching skill is very important as well. Yeah, for me myself to learn different so called financial planning lab, central financial planning is very popular or was out there to bring it to Malaysia, especially to the planners in my firm, to let them know that it is what the world out there is doing. If your interest none, then you’ll go ahead and find out more, but at least there’s an interest to read to them.

Gwen Lazarito 

Yes, definitely. Because, you know, it’s true that what you said that there are other countries out there who do have a more progressive outlook with regards to financial advice and how they practice in their countries. I think, yes, South Africa is definitely doing very well, the US Australia, but I think that definitely the you know, in Malaysia, you are you guys are really starting to aggressively develop that. And, for example, with you, you’re really tapping into resources like coaches from other countries in order to bring what they offer to Malaysian people as well. I think that’s very innovative, that you’re introducing that kind that because there are actually a growing number of different styles of financial planning, right? It’s not only with regards to money, you now look at lifestyle, you now look at their emotions with regards to how they spend in their behaviors. But I’m also curious because you mentioned that coaching is important and financial advice and I think that this is something that I’ve greatly agree but I haven’t discussed this with other financial advisors in this show yet. So I’d like to ask you, like, why do you think coaching is is important is like a very important skill. As a Financial Advisor

Hooi Hooi Lim 

because I I, to my experience, I think that if I say I do a plan for someone and I charge a fee without so called crews for the hour coachings sometimes people just look at it as a plan and people tend not to really so call kista and implement it unless someone is with them. So, I believe that besides a plan B before come up, and I also want to understand that more and also understand that more motivate them because a lot of times if they they have a plan, but if let’s say they of course they are different stages of life, especially now I’m hearing quite a bit a lot of young professionals yeah then they start their work some of them they are in the middle of both transitions of family. So call they are building up their family and because COVID some of them they start their business but they face a lot of so called challenges are they a new job because of COVID they lost a job. So, but about financial planning, they need money to to manage right. So, so I I do go through coatings, we are able to help them to understand themselves to make them determine in their even though in their career development what they want to achieve in their career in life then after that we incorporate very important financial so called advisory in it and I go through with them not only when they have money matter they go to me I understand them from A to set their history their ones their need their shadow even though their shadow values sometimes they can tell everyone okay my value I want to do this and do that but actually they have some shadow value that they feel shy to tell people or go through our program we actually happen to find out the shadow value and sometimes this shadow value is the shadow value that push them to do certain things. So not only push them to for their career and also push them to do this seriously look into their finance whether in their heavily in debt they need to be structure or they are just that or they have too much money they actually no need to be too stingy they need to love them shall more spend more so yeah, we need to understand that only we can be a better so called financial advisor to them.

Gwen Lazarito 

Oh yes. That’s really great. And it’s very interesting that you mentioned with regards to like some of the things that they don’t say to other people because that’s really true especially here I think it goes with most of us Asians that were there are some aspects especially with money that we don’t talk about I don’t know about the air in Malaysia but here in the Philippines it’s still a taboo to talk about finances to like talk about your your salary or like even development with regard with your like co workers for fear of you know being judged or being or offending someone else. Yeah. And also it also the same in Malaysia then

Hooi Hooi Lim 

yes, it’s the same and not only money sometimes about other areas of life that they feel shine to top but it’s the push factor in their life so when we learn like yeah because the payment relationship with the app because of the retirement we actually have one coaching sessions is the husband and wife sit down together to to plan what is that dream so called lifestyle retirement even though maybe it’s five years before the husband’s sometime I say that oh after after retired because in between in between three of us, I will ask maybe when during the check thing that he was say that okay, after this, I want to sell everything I want to go back to my hometown. I know that you want to do that. Go to area maybe I am a city dad and we know a thinking of retirement life is totally different. But the husband had a and the wife actually have been that after go through the sessions. Then of course I cannot interfere. But at least they know each other’s thinking from the sessions coaching session, and they can discuss about it.

Gwen Lazarito 

All. Yes, yes. And I am glad that you brought that up. Because I think there’s a lot of couples that are out there who are actually not talking about their, with their, like far future plans with their, with their spouses, right. So I can definitely relate to what you said, because I also had a friend who they never actually I realized that they never really talked about their retirement. Because when I asked them, so what are you guys planning when you retire? Like when you’re 60, or 70? And they had totally different answers. And they didn’t know that the other person was thinking about that, like, like you said, like, was it wanting to go back to the province, maybe take up on a hobby, and then the other one would never want to live in, in the province, they’d like to stay in the city, in the city, maybe still continue to work in like a passion project or something like that. So they different, they have different goals. And it’s important as financial advisors to help those couples bridge that gap, right? Because I think it would be not only easier for their finances, but for the relationship as well. So yeah, as a financial advisor, you’re really crossing a lot of territory, not not just a financial coach or money coach, but a relationship coach as well, to an extent.

Hooi Hooi Lim 

I feel that it’s very meaningful for my clients, because most of my clients, my longtime clients, many truly further as well. Yeah, so they have trust on me. So I, I feel that I as much as possible, I want to actually be a trusted with so called advisor or friends that have the company. Yeah, then the inner life journey.

Gwen Lazarito 

Yes, that’s right. And you’re like 19 years in the industry. So. And that’s actually something that’s very curious, because you’ve been in the industry for quite some time. So how do you keep the relationship going with your fight with your clients to make sure that you’re always part of their journey throughout their life?

Hooi Hooi Lim 

Well, myself, I love this career. So in my mind, I do not treat this as a job. And I do not really treat them as a client, I treat them as friend. And that’s why when when I talk to them, I have so called tea session, coffee session or meal with them. Beside besides presenting the report, I think 90 to 80% we are talking we are talking about life, then after that, then financial reporters very quick. Okay, I trust you, then you just take care of it. Okay, then if we wanted to chat about life, yeah. Trust that relationship. And whenever they have money, they are in their everyday life situations, then they will sometimes call me for opinions. And also now, I’m taking care of second generations, already. Some of them of course, I have limited time. So sometimes the second two relations come in, I still the case, who they refer their friend or whoever. So I have our line of personal, very trusted financial planner to take care of those differ as well. One question I have before ourselves.

Gwen Lazarito 

That’s but that’s really wonderful that you’re really in it. And then you consider your clients as your friends because it’s really nice to you know, have a meal with your client and as you say, spend just maybe about 20 or 10% of the time and talking about their fight and yes, their money and the rest of their life because it’s it’s where you really get to know your clients, and you know, their habits and what they’re thinking about in the future, and all that stuff. And you can provide like a better advice to them in the future as well because of the things that you are able to get from them during these conversations. All right. And yes, and I think that they’ll because they’re able to talk to you so casually about that as well as that they have more confidence in you that as their financial advisor, right. So you really develop these relationships through your your your chit chats your regular to chat.

Hooi Hooi Lim 

Yeah. And because this chit chat, I feel that they trust me a lot. And then when they want to see maybe better coaching, but I look up the skill and that pushed me to learn more I can I can help them not to say, then I can I have a better conversations.

Gwen Lazarito 

Yes, yeah. So that’s really good. I’m glad you also brought that up because I think that it’s not a shame for you like you shouldn’t be ashamed if like your client asks you something and you can’t answer that right away. But what is shameful is that you don’t know. And either you pretend to know or that you don’t know, and you don’t do anything about it. Right. So that’s like a real clear sign that you are, that you have the growth mentality, if you are always seeking to find answers to the questions, especially when your your clients are asking for it.

Hooi Hooi Lim 

Yeah, sometimes some areas. I’m not very familiar. And some I also have been very good. Yeah. So some that I’ve covered and other colleagues as well, because a lot of us we have different strengths. Yeah. In our career, we cannot be mustered in all so sometimes I am not sure, I will check with other financial planner as well.

Gwen Lazarito 

Yes, definitely, I think that there’s really value in getting, I think we call it professional growth, there’s real value in in the the growth that you experience, if you grow with your peers. So and you’re right, like, you don’t really have the answers to everything. And it’s really good that you, you have all of these people around you that you can ask for help. Or you can ask for guidance in case, you’re unsure of anything. And that’s I think that’s the gym, in being in the industry for a long time, is that you get to know the people or the fellow financial advisors that you can trust. And that you know, can provide really like solid answers to these questions. Yes, yes. And I can see. Right. Now, I also want to, to to men to ask you about this for you, because you mentioned that you have a team of financial advisors. So in the core plus advisory, how many are are the financial advisors in your team?

Hooi Hooi Lim 

We have around 15, licensed financial planner in, in my firm, and I believe I’m not sure about Australia, about South Africa, but in Australia, a lot of them are under employment. Yes. Yeah. But in Malaysia, our property is their individual licensed financial planner, and they hold their individual license, but in order to practice they need to practice hold their license under financial planning license financial planning firm.

Gwen Lazarito 

In Australia, that’s a licensee.

Hooi Hooi Lim 

Yeah, yes. So, so we have about 15 of them. Yeah.

Gwen Lazarito 

Oh, that’s wonderful. And then, but these financial advisors are, as you mentioned, from all life stages, so there are new financial advisors, and the one that are also season but how like, do you mentor the the new ones in your team, like the new financial advisors that come into core plus advisory?

Hooi Hooi Lim  

Yes, we we have three partner actually have have our own strengths, more product knowledge for most some of a more system medica of training. As for advisory, or this is done by my another partner, Joey, for myself, I will do more on coatings on so called understanding more about that go. A presentation skill. Yeah. And also advisory skill. Yes.

Gwen Lazarito 

That’s wonderful. Right. And like so we’re almost at the at the end of our podcast, and I don’t want to keep you too long. But I wanted to ask that question because it segues perfectly to my next question, which is like, what is the advice that you usually provide to your the new financial advisors in your team In order in order for them to, like succeed in providing the best advice that they can provide to their clients,

Hooi Hooi Lim 

I normally one then to treat this career, if they want to succeed, they must treat this career as a long term, so called Business Daily, one two venture. And they need to have a vision of what they want to achieve in in here. So because because I believe that when they treat this as a long term, things that they want to achieve, then the time they put into understand about the skill, the knowledge and the way they treat their clients will be much different. So when they’re able to sacado help people to get what other people want to achieve that final financial freedom. They’re so called fulfilled their clients, so called financial dream, then automatically, they will achieve what they want in life.

Gwen Lazarito 

Yeah. So I definitely agree. And thank you so much for you for providing all of those golden wisdom that you’ve imparted us today in this show. I’m really happy to have you here in the show and you know, getting to know you more. I think it’s really wonderful what you’re doing and I particularly like how you you’re facing each and every type of like, your strength as a as a coach for your financial advisor. So hopefully, our listeners are able to get a lot of those wisdom in in in this short talk as well. Thank you so much for being on your screen was Gwen. Yeah. Nice for you. Alright. Have a good one.