How you can use social media as a Financial Planner with Celine Khor – Transcript

SUMMARY KEYWORDS

clients, pandemic, people, financial, financial advisors, business, share, approach, fact, meeting, mother tongue, work, celine, friends, year, videos, financial planning, finances, financial advice, licensed financial

SPEAKERS

Gwen Lazarito, Celine Khor

Gwen Lazarito 

Hey guys, welcome to another episode of the financial advisor South East Asian podcast. When here Today I’m with a licensed financial planner who specializes in customizing personal financial portfolios based on her client’s existing and targeted goals. Please help me welcome Celine Kaur. Hi, Celine. Welcome to the podcast. Hello, hi ones. So I’m really happy that you’re here today with me, I’m excited to chat to you about like, all of the things that you’ve when that is happening in your own business, and particularly how you started and why you started. So let’s jump right in. Yep, sure. I actually wanted to ask, like, how long have you been in the financial advice industry?

Celine Khor 

Okay. In fact, I’m holding on to professional certificates, which is, you know, constant and also licensed financial planner. So my first career was, in fact, in the accounting service industry. I worked in Yeah, I work in the corporate sector, for almost 17 years. Yeah, being in the Big Four accounting firm, and also the fortune 500 companies. I serve as a financial controller. And my greatest achievement previously was been assigned for the South East Asia region, the transformations and also restructuring corporate exercise. Whereas at the same time, I’m also involved in the financial planning for almost 10 years, where I run in parallel. So meanings that I started to get my financial planning visors are actually, in fact, in a corporate, because I wish I saw eagerly the x could exploring to understand the market situations, and also the financial literacy.

Gwen Lazarito 

Wow. And how, like, why did you decide to jump all in, in the financial advice industry as a licensed financial planner?

Celine Khor 

Well, I’m the eldest sibling in the family. I came from Northern Malaysia, where I moved to KL city where I’m working now. And I really wish and hope that I can support my family for the financial leaving. And I have missions, I should look, you know, I hope that to work hard, and also must achieve my dreams faster enough, before my parents getting older, my personal experience where one unfortunately, you know, my father, diagnostic cancel, where I lost, I told the very few pain, and I really cannot do much to support. So we have to arrange further to go for the semi common hospital for the treatments, so that it’s rare that, you know, my strong, passionate desire fillings that I really, I’m thinking that I must help as many people in a financial planning as possible.

Gwen Lazarito 

Yes, definitely. Because I remember like, because my husband as well lost both of his parents to cancer, and the same year. And she remembered that, because his parents didn’t really have insurance back then. It was very difficult for them because, like, I think two of his siblings were still in college. And there was no one else to support his sibling. So they ended up that they had to stop school and they had to work full time. And the The only good thing there was that, like people came from each direction to help so like their friends, their their family members, they all pitched in to help with the expenses. But the fact remains that it was very difficult for them to grieve because they were still worrying about their finances. And I guess most of the what I hear from most of the financial advisors is that they actually have this kind of story where just like you, they didn’t want other people to experience that. That kind of hardship that we went through in the past and I definitely agree. It’s, it’s a really good cause to help other people. And so now, fast forward, you’ve helped so many of your clients with their financial goals. But as I mentioned earlier, you are helping both personal and or No, I mean, private and business clients. So what made you decide to like Target on both of these client base instead of just picking business? Because you mentioned that you’re, you’re handling business clients as well, right? Aside from the personal ones, what’s the difference between the two in terms of how you approached the financial advice,

Celine Khor 

in fact, is, I would say, it’s really thanks for my previous past experience in my accounting. So at this moment, what I do is that I providing the added value service to my client, because for the financial, in fact, is hindering also taking care for both sides. So most of my clients, they are, in fact, they are entrepreneurs. So it’s running for their business as well. So for the business, I can advise them in terms for their financial, for their accounts, how is it whether is it healthy, whether they are facing any of the cash flow situations, because this pandemic, corporate, they really need a no sustainability business. So they need a good cash flow. And yeah, that’s for their personal, so personal, they need to plan their financial well, as well. So in fact, both of this is actually interrelated, because those are the directors that withdrawn the salary also coming from company. So for them, I can plan for their personal in terms of their goals, whereby for the education’s for the asset management, or even for their retirement planning, this is running as both sides as well

Gwen Lazarito 

as really awesome. And, and so you are handling your clients like overall financial health? So, like, do you have like a set of program for them to get into? Or is this an ongoing advice?

Celine Khor 

Yeah, this is ongoing advice. So it depends on my client interests. So basically, you know, like, I will say, I have a different category of my client, like for those that are working group, definitely, I will say their employment, employment, yes, I can plan for the target, what is their targets, you know, usually are those are the Millennium is more easier. So because they are the people that are from scratch, they don’t have a directions, they don’t know what to do, they don’t know how to manage their financial. So this is where I started to tell them to define if your goal, what do you want to achieve? So this is where I started to help them to create the financial planning interface for the saving plan. And then, yeah, for those for entrepreneurs, enterpreneurs basically, the more concerns, they will, you know, put our say, most of their money in the company, in their company, or they were sick for their loan, you know, this and that, or maybe get some support, you know, so basically, their mindset do briefly put 100% their money in the company, so we need to tell them, what is the difference? How you need to work? Well, in terms of the company, you really need to think on what is the best approach for the business model? How is it you should be running to run for your business interest for your employer, you know, as employee, for your people, and then to provide them with the good training approach the cultures? And then and how is it well, so that you have more revenue generations? So from here, they have a better in terms of their cash flow? So at the same time, they are really, really transparents? Yeah, very good at telling me no share with me, what is their salary skill, how much they’ve been paid, and whether they receive dividends? So from here, I know their family background, and whether they are one person as a director, or even as a couple. So I know their financial, I will say they’re leaving as well, financial expenditure. So this is where that, uh, no, I plan for them customized for them, what is their directions how to achieve their goal.

Gwen Lazarito 

All right, that’s awesome. And, but I’m curious about this, because you mentioned that for intrapreneurs. They’re more transparent with how like with where their money is going or where it’s coming from, but I do notice that there are personal or private clients that don’t really like to disclose What much of their expenses like some of where the money is coming in? And how it’s going out? How do you penetrate that, like inhibition to share about how their money flows, when they’re, you know, when they’re not very keen to share at the beginning? Okay, well,

Celine Khor 

I think, really, thanks for the trust in the bill. And also, my professions, I will say, basically, because of my professions, I’ve been 17 years as an accountant and also been the financial controller. And also because of my, you know, profile, as in South Asia, regional transformations for the restructuring of the corporate exercise. And I noticed a lot of Trepanier honestly, they told me they really do know how to finish your finance. And this is where, how is it that when we speak, definitely is a one to one approach. So basically, one to one approach, it does help a lot. So I do that with a different two different manners, I will say, if I do the sharing through the seminar, then I will provide like a literacy, financial literacy knowledge I share with them how and what to do, you know, and whereas, if the one to one approach, definitely most of my clients they are willing to share? Where is their finance stance? How they spend their money, then? And then how much they How much do they have? And where do they invest their money. So this is where the Tommy your shares

Gwen Lazarito 

are. And that’s good, because I do know, like some financial advisors have had a hard time, like getting the nitty gritty detail details of their client’s financial history, because some of them are not very open with, with their financial advisors. So I guess it’s just that you really have to build that trust. And in, in your case, you’ve already built your credibility as a financial advisor. So it’s easier for your clients to trust you, and open up to you. Right. And well, another thing is that, you mentioned that you’re also most of your clients, or some of your clients are businesses and entrepreneurs. And I know that a lot of financial advisors that are out there, especially those who are starting out, but would like to branch out and have clients such as these, like the ones from businesses and entrepreneurs, how were you able to attract those kinds of clients?

Celine Khor 

Okay. First, we, as a licensed financial planner, we need to take a proactive approach. So, in fact, I’m quite active, and joy, some of the seminar, you know, I invest myself constantly in the learning, I will say, by attending different courses, and I love to gather with them, I enjoy with them. And then we involve like, No, those are the classes like, two days, three days. So we work as a team. And then and then this is rare that you know, we get to know each others. And definitely, it doesn’t mean that maybe one time or two times you get to know you again, the trust. So people like you need time, you know, so that people can understanding you, and you also understand that what they are doing, then, you know, try to assist them to help them to solve their problem to give you to give them our professional advice. So this is the LEA epic times. So this is where that, you know, we still need to view our related relationship. We build our trust. And this is where we started. Yeah.

Gwen Lazarito 

All right. So you started with, like networking with your like with a prospective client, and then you build that a strong, professional relationship with them, so that they will be able to see you how you work as a financial advisor. And that’s really great. So I understand that it really takes a while and you have to be patient when building these kinds of networks, because it’s important to gain someone’s trust, especially for intrapreneurs. Right, like, I know that like most if not all of them are really want to look for a person that they can trust for their finances because That is their business. And as you mentioned earlier, like most of them, like, a lot, or like a big chunk of their finances are geared towards their, their business. So it’s very important for them to, to get to work with somebody that they completely trust, right? Yes, it’s true. But And so, in this case, like, how are you acquiring new clients? Now? Do you still do marketing? Or? I know that for some people, they just rely on referrals? So which would you prefer? Or which do you get the most of your clients now, especially the pandemic, okay, oh,

Celine Khor 

this pandemic, okay. During this time, or this period, in fact, I started to share my I will say, my expertise, my knowledge, and then I provide them with the value added service, you know, I share with them, like last year, and make a phone call with them, you know, then what, whereas this year, I think, basically, I spend most of my time in for the zoom meeting, you know, we schedule one to one meeting. And then, in fact, I’m using my assisting friends, I will say, my friends, my approach. So those are friends that we get to know. And we have been get along. So this is where I started. And this is where I start involving, and we speak to each others. So this is Yeah, I’m using this way. Whereas for the social media, so I now starting to explore, and how should I share? In fact, I started using, you know, like, tick tock service. So yeah, I shared with them. So basically, maybe for next approach could be using a Facebook marketing. So yeah, to provide them with some other financial knowledge.

Gwen Lazarito 

Others very interesting, Selena, you’re actually the first financial advisor that I’ve spoken to over this podcast who’s utilizing Tick Tock. And that’s very interesting, because, well, I know that most are there some financial advisors out there who are actually very shy to be in front of the camera and taking videos of themselves. But so you’re actually providing like your expertise? And like taking a video of yourself?

Celine Khor 

Oh, yes, you’re right. here for the first MC Oh, you know, this is why I started to learn. tic Tock So in fact, I have a record like 40 Tick tock, yeah, so to do some of the short sharing, then, just before I had this meeting with you, this morning, I just went to my friend’s office, so I, we just do some other video recording. So we do some of the approach like interactions. So a different approach or the manner and see how, you know, we can share this experience, you know, this manner with, you know, like, minorities, and, you know, 2000 a million people, you know, they are young, so they loved it, so much. So, now, we have to take a different approach, you know, adapt to the markets, so, hmm.

Gwen Lazarito 

That’s very interesting. Because, like, I actually would have would love to try and tick tock, I haven’t I don’t have an account yet. Oh, can you figure it out? I can’t figure it out. But I know that it’s it’s a booming social media, and you’re right, you like, if a financial advisor wants to, you know, get ahead and, like, be in the minds of especially millennials, it’s very important to learn about Tick Tock in particular, because it’s, I think it’s, it’s the app that everyone goes to right now for entertainment, especially during the pandemic. And so that’s very interesting. Like, how do you like what is your the the format of your, the videos that you do is it like, just because I’ve seen some of these Tick Tock videos, like, they’re just doing some actions, and there’s just captions of what they want to to relay the message. But there are also some who, I don’t know, like, dub, like, it’s not their voice, but I don’t know. I can’t figure it out. How do you approach it right now?

Celine Khor 

I can totally understand how this petition how you’re feeling. That’s where I’m at. As well, you know, this true thickness is for those of people you do know how and what to do, you must pass, you must first that involve yourself in, you know, you have to try and error. So, in fact, like, you know, I’ve been to that, you know, for 40 videos, short video clips already. So this is where, you know, I do that video clip is was like talking, you know, sharing, I just speaking in France, you know, and at the stop, you know, so this is where it’s like, talking to myself, you know, but I don’t know whether people like it or not. So we can really see the response. But in fact, I can share honestly, financial is not the people first choice or events that you could be pick, but you know, my passions, you know, I did many, many things like for sharing, you know, this is a tick tock ID for, for sharing it just like knowledge sharing. So now, I try, I’m trying the another approach by acting, you know, but you My friends, there’s like, I went to my friend office, you know, we work together the video clip, you know, like the interactions, you know, like, you’re not like an actor or an actress, you know, what phasing is the problem that you’re facing? How can I help you? You know, they can’t think so this is well, now I tried to transition to using that different manner of this approach. So this is the tic toc that where I’m evolving. So last year, I also involved I also do a YouTube sharing what you do I do a different approach YouTube is that I visit my friends, you know, office meetings that I interviewed corporate are into view, my, my friends, and those they’re entrepreneurs, that can be there doing the business that can be there in the charity, they can be in the view, beauticians line, you know, different industry. So I interviewed them, what are you doing, you know, what is the financial, we can help you as well. So this is a different approach.

Gwen Lazarito 

All right. And that’s, that’s awesome. And I hope that the people who are listening to this right now would be able to take your lead on this and try to share what they know in tik tok as well, because I know that it’s going to be very helpful, especially for the young adults who really love to watch tic toc at least there’s some content in the tic toc interwebs out there that are very helpful. Yeah, yeah, I should, I should check out your videos. And I have to, like create my very own tic Tock account first. So this is very interesting, because yeah,

Celine Khor 

yeah, first thing is that we have to choose our language, which one is the most perfectly and which directions you want to go? And which language is your most comfort language? You know, for myself, I, I chosen the, my mother language, you know why I chose that because currently, those entrepreneur that I’m involved in the people that I’m meeting, the model works like I will say, the key generations or 90 generations, so those are people that are saying our mother, mother tongue or language. So, I will say mentoring, you know, so this is where that you know, I using this language to have my first approach close to them. But dependency so I do have my friends, because they are in the business sector. They are targeted audience. They are looking for mulay you know, vs Malaysia, we have for measure DD Emily, so they’re speaking in relay as well. So it depends which one you prefer?

Gwen Lazarito 

Oh, yeah. Because you guys are also multilingual, because of the different cultures. Awesome. Yeah. And I think that’s very, that’s a really good strategy as well to niche into like a particular language, because I remember, there was like, I actually started a YouTube channel. I think last year, it was last year, and I was wondering if I should start it in English, or if I should start it in my mother tongue, because I’m actually not very good at speaking in my mother tongue, unfortunately. But there so I tried like making a video in English and I also tried making a video in my mother tongue. And so there was one comment in actually there was a few of those a few who commented on my mother tongue videos that they mentioned that it’s really helpful that they get to see more youtubers providing financial advice, or at least general financial advice. In their mother tongue because it’s easier for some people to understand the concepts. Yeah, when it’s in their mother tongue. So that actually really encouraged me. And so that’s a really good strategy strategy, because you know that the people who you actually want to help and maybe want to be your client in the future, are actually looking at in listening or watching your videos, because it’s very digestible. Right. But I wonder now, so now that it’s the new normal, right? So there’s still like, we don’t see any change in how things are going anytime soon? How are you adjusting to the work from home process? Because, like, I know that there are a news that this is going to be what’s the setup for years and years to come? Like, it’s going to be a hybrid of working from the office and working from home. So I’m wondering, Celine, if you’ve aced that part of the new normal, being able to work from home quite efficiently? Oh,

Celine Khor 

yes. In fact, I believe that, you know, yeah, last year, it was our first pandemic for the MC Oh, one. So that time is quite difficult to adapt, because we used to go out frequently a meaningful lion. And, you know, we spent a lot time you know, in the office, and also in the cafe as well. So, sudden change for my first week, I couldn’t really adapt to it, then yeah, then slowly, I believe that’s a no, for even this wrong, Malaysian law is the MC oh four. So, now, basically, my time fully occupied, you know, for like this one month, and I what I do is that schedule meeting my friends, you know, that we also have a lot of planning to do, I will say the planning is, in fact, in the social media planning, how we should do next, you know, like, face marketing, you know, if we need to do that, we need to think a lot of the preparations to plan, you know, what is the good, you know, waiting, you know, to advertise, what is the catchy words, you know, what to share with people, all this, we need time to prepare our script as well. So, and, and in betweens, how I occupied My time is that we have a different group of people, some of them we have quite a frequent, you know, meeting, you know, we are trying to know, what happened, you know, what’s going on, if your current this situation, would that be impacting your business, you know, how we can be helping each others, then already having a, you know, given a chance, then they’ll share their thoughts, you know, and then, you know, we also can give them some of the advice, what you can do. So, I think this is a quite a good approach, you know, usually, during this pandemic, we, in fact, should be helping each others, you know, my approach, you know, being so many years, in fact, I really focus on the value added service to my client, where I provide, you know, them some of the, my advice, you know, in the accounting sector, or even in the financial sectors, those of sharing that how I can help you, what you can do, how you can plan your corporates, as well as for your financial interests for your personal goal as well. So, you know, like this pandemic, I believe that a lot of our friends, you know, that they can really see that they’re facing like a caspo positions, the last year encounter, the loss of career, they have a pay cut in the salary, they got a retrenchment, then some of them they say that their business sustainability for their cash flow probably can last for like three or six months. Previously, I remember last year when I share in the seminar, I told them that in a normal circumstances, you should have like six months for your cash flow for a healthy position for a company. But last year when I was on the stage, I tell them, guys, you know, you need to have at least nine months nine months health institution for last year to overcome your, your situation for last year for the full year of the financial until year end. So it seems that now is more than nine years. So what I’m sharing my friends can release that. Now look, you need to start to think about for your passive income, you need to think and generate for your Active Passive Income when you’re retired. Let go Say today is a pandemic time they come in, and I know you’re at the age of 55 or 60, you know, you’re thinking that had been tearing for running my business, you know, you have been, you know, what you should do next? Probably you are under employment, do you think that now is a good time for you to retire? You can say, Yes, I would like to retire, I want to start to return for my, my, you know, my investments that I’ve been putting in, you know, that I would like to activate my passive income, I want to withdraw every month, you know, how much would I be getting, and I want to do something different, I want to do something more meaningful, you know, to spend off the rest of my time, you know, so this is how I educate my clients.

Gwen Lazarito 

Yeah, that’s wonderful. Because, yes, I agree that there are a lot of people now who are actually struggling. So as you mentioned, like some of them had a pay cut, some even lost their jobs. But I’m wondering, do you also have clients who have, or who are actually thriving now, because of the pandemic?

Celine Khor 

Yes, in fact, I do some see some, my friends, during this pandemic, in fact, their business was running very good, running around, and this is where they do have the income had their source of the cash coming in. So some of them, they already in fact, you know, I mean, you know, to start, you know, to have this so called this passive income. So, I do know how, because they are my friends, they also my client, so how they can make it differently, because they change their business model. they adapt, omaka cetaceans, you know, detectors, you know, what we say pandemic effect is an opportunities. So, we, you know, as a financial planner, you know, we do give a courage to our friends as well. So, we have persistent telling that we have had a positive thinking, we have to work on something differently, you know, and then pandemic, you know, it’s not as something that’s, you know, you you think, and you wait, you know, do nothing, in fact, we should strategize, you know, we have to do, what we should struck, restructure what we should transform for a better, so, people will think different approach, you know, so we take the lead, you know, while people are waiting, then we should do something different, we should go beyond. So, when the market is good, when the market is coming up picking up, this is where we are today.

Gwen Lazarito 

Yeah, so that’s very, that’s really nice that some of them are able to pivot or like, change their direction, or like their business model and Think fast, in order to go with the times. And I guess it’s something that you can share as well, to your clients, right, who who are struggling, like there is a chance for changing the the course of your finances. If only we can, you know, restructure how we manage your finances this, and I am asking about, like, you know, some good news, because we always want to hear success stories as well. Yeah, so. And also, like, I wanted to ask, do you regularly meet with your clients throughout the year

Celine Khor 

row, physically? Before that, for the finale, we need some of the following out, you know, then probably need a different or maybe a few times, share with them within with them, then once they become our client. I’ll give them updates in betweens, and then I’ll meet them at least twice a year.

Gwen Lazarito 

So how like, so you guys have a set of plan in place? And then what you do on succeeding, like meetings or meet ups is just to follow up with them if how they’re doing with the plan? Yes. All right. That’s wonderful. So but do they like do some of your clients actually asked for more appointments with you throughout the year? Oh, sure. Definitely.

Celine Khor 

In fact, I don’t fix like maybe we need to meet like one time or two times, you know, I’m quite I will say flexible. Because my client they are coming from a different regions or different states. I need to you know, accommodate for their time as well. So we respect each other’s we give each others a priority. So if I travel to the area Other cities? For sure. Oh kitana advanced duties that are be there, you know, are you keen? Or are you free to meet up? Or else if they come in Oh, come over, definitely. We are Feel free to meet up as well. Or even like, during this some pandemic, what we do is that we are having a meeting. This is what we do.

Gwen Lazarito 

Yeah, that’s wonderful. And I guess now, because of the pandemic, like zoom is such a big thing. So, for people, for your clients, especially who are from another state or for are far away from me can just go ahead and catch up with them using zoom now. Because Yeah, like before, right? Correct me if I’m wrong, but you’ve never really used zoom on client meetings.

Celine Khor 

Before that No, only started. Last year. Last year, we started to have this June meeting with my clients. And also this last year, because of pandemic, we started to have zoom meeting to have sure our two strategies approach. Financial approach.

Gwen Lazarito 

Yeah, right. And which one do you prefer? Do you prefer meeting with your clients face to face? Or do you like the zoom setup for client meetings?

Celine Khor 

For me, now, both are so good for me, both also, quite good for me, because I see that, you know, in a zoom meeting, you know, sometimes I can do, like, couple of siblings, we do that. So now, if they have any other questions, also easier for me also can share the files is more, I will say more effective, more effective. Yeah. So one stands ready, then our next meeting that we have scheduled that, you know, okay, let’s just say that when our MCs live up there, we already quickly schedule a meeting for meeting out and already get the documents signed. Now, trust really created the trust and also really created the support, you know, we have created the, you know, those of the, our say, the bonding, and also the understanding of the contents, you know, what we have been sharing?

Gwen Lazarito 

Yeah, yeah, I agree, because, and you’re right. So zoom is actually beneficial for meeting with clients, if you have files that like you want to set them through. But it’s also important that you keep a physical meeting with them, so that you can actually catch up. And I guess there’s something about meeting face to face, that it’s actually easier to explain things to your clients, right. Then in in zoom meetings, and you also get to feel how your clients are feeling. Because you’re able to see them. Yeah, right.

Celine Khor 

You also can see their reactions, you know, yeah,

Gwen Lazarito 

yeah. Yeah. So how they are, and it builds that relationship further with your clients. So yes, I think I agree now, because before I thought, like, hey, zoom is really working well. And, like, I know, some of the financial advisors that I’ve talked to actually prefer doing zoom calls, because it saves them time on the commute. But now that I’m talking to you, I realize that it is, I think it’s more beneficial to do like a hybrid type of meetings, like, do zoom meetings for say, meeting number one, and then do like an in person meetings for like, or at least for like, catch up meetings, right, like, checking how the clients are doing and more on the chit chatty type. But when it comes down to like a business be doing, like zoom would be good. So you can actually share files and do a presentation, right? So yes, something that we get to realize and conversation. So thank you so much for that one. Celine. So we’re almost to a close with our podcast today. But before we ended, I’d like to ask if there’s an advice that you received in the past that you think would be very beneficial for upcoming financial advisors.

Celine Khor 

My thought is the advice that I’m going to give is that belief in yourself, deliver vif values creation service to the customer. We have to be patience, you know, together we as a licensed financial planner, throughout this South Asia platform, I sincerely hope that we can really make it happen to change the world become have more people awareness, and also realizing their dreams in their financial planning.

Gwen Lazarito 

Right. Yes, definitely. And I hope that more and more financial advisors are keen to get that purpose for, or the mission in life as financial advisor. So thank you so much Celine for coming onto the show. I really loved chatting with you today.

Celine Khor 

And we’ll smoke up it’s my honor and really so thankful you know for your invitations. I’m so happy.

Gwen Lazarito 

Wonderful. Thanks so much. Have a good one. Celine. Have a good day. Thank you.