How to connect with clients during this pandemic through technology with Rey Christian Jaca – Transcript

SUMMARY KEYWORDS

clients, financial advisor, videos, plan, customer service, philippines, podcast, beneficiaries, educate, annual review, google sites, investment, people, talking, financial advice, software, business, chris, youtube, website

SPEAKERS

Gwen Lazarito, Rey Christian Jaca

Gwen Lazarito 

Hey guys, welcome to another episode of the financial planners South East Asian podcast. Today, I’m with Ray Christian Jaca, who is a financial advisor from the Philippines. And he’s back for another episode. Because today we will be talking about a specific topic, and that is around customer service. So thank you so much for being in the show. Again, Chris.

Rey Christian Jaca 

Hey, Gwen. It’s always a pleasure to be here in your podcast. And thank you for having me,

Gwen Lazarito 

for sure. So why don’t we just jump right into the topic. Because just for context, if you’re new to the podcast, then you will find that recursion hacker was my first guest on episode one. So if you want to get to know more about Christian, then you can check that out. Because in that podcast, we talk about his journey as a financial advisor here in the Philippines. But now, I’d like to ask you, Chris, how’s the business doing?

Rey Christian Jaca 

Basically, I’ve been doing the same thing that I shared to the previous podcast. But there has been a couple of things that I done recently, that is new to my business, this came out of desperation, because here in the Philippines, we had the Delta variant cases rise, and we were again put on lockdown. So being that the case, we are, as financial advisor, we, we have that challenge, again, how to reach out to our clients and continue to build our network. So out of that desperation, I’ve recently been thinking of new ways and how to reach out to my clients. So of course, we can only meet through virtual meetings. Now the challenge with that is, it’s been so difficult to actually book an appointment with them, you know, because I know people are busy, there’s a lot of there going on in their minds right now. So talking to their financial advisor would be the last thing on their priority list. So that’s why one of the recent things that I’ve been doing is creating videos for them, just to give them whatever update that I want to share with them at that time, it could be the annual review on how their plants are going, how their investments are going. And I also found it very important for me to remind them what is actually in their plans, their insurance plans, their other benefits, because I noticed that it’s a common thing that after I talk to my clients a year later for their first annual review, they kind of have a vague memory of what’s included in their plans. So that’s why I find it important to always have an annual review. And in that annual review, there has to be a refresher of well, you know, of our financial plan that we established. So, you know, I’ve subscribed to this software, I find it good for me. It’s called wondershare demo, demo creator. And yeah, it’s not that expensive. And it for me, it does the job to just have like a needle, a vlogger type video ready for your clients so that it would also be easy for them to watch, like a 10 minute video of you.

Gwen Lazarito 

Oh, that’s cool. So you mentioned that show wondershare demo creator is like a software that you use to make videos. One this software in particular, though, anything special about it, why you like using, well,

Rey Christian Jaca 

I’m not the most tech savvy guy out there. But I find wondershare to be quite user friendly. It’s simple. There’s a lot of self tutorial videos in YouTube. So it was so easy for me to learn. And it does the job, you know, and it’s not that it’s not the most expensive in the market. And I feel like there could be more expensive and more high end software’s out there. But I’m not looking for something. I’m not out. You know, I’m not planning to make my own movie for Hollywood. So I just got to get the job done to make money. My Videos presentable to have be able to make some visual aids for them to have a like a neat, opening and closing like a clip for me. So just to make it formal for my clients and you know pleasurable, so to speak for them to watch the whole video.

Gwen Lazarito 

So that’s a very interesting way to connect with your clients. So I do understand what you mean when you say that. Nowadays, it seems like talking to a financial advisor is the last thing in people’s minds, especially what I find here in the Philippines, because during the lockdown, or during the whole pandemic, it seems like we’re more, we’re busier, right? Like, we feel like it’s, we have so much in our plate now that we’re at home. And it’s very helpful to have a financial advisor who understands this, and just sent out the video for them to review at their leisure or at their free time. So I like to learn more about this, like, what is inside this video? What can your like clients expect inside that video?

Rey Christian Jaca 

The videos that I’m working on is mostly right now is about the features and their plans such as, What does their health insurance cover? What are the details of their life insurance, and the investments, what funds are they being invested in, and how they’re how it’s going. So it’s like a walkthrough of everything in their, their plan as much as possible, just to make sure that they’re, they remember what our goal was at the onset. And the way that I’m making this videos is that it’s I’m cut it out into short clips as maybe five to 10 minutes for their health insurance, five to 10 minutes for their investments. And then they kind of just can pick whichever they’re most interested in their most convenient time. And, you know, with, I’m uploading them in YouTube, and they can view it. So if there’s the feature in YouTube that if you pause it, and then you can just come back to where you stop anytime later on. So I made it five to 10 minutes, because it’s kind of what I learned from other vloggers, which is five to 10 minutes is like the limit of most people to exactly, so I want to keep it crisp and neat. And that’s why it’s important also to have visual aids in your videos such as, especially for investment, it’s quite common that you show graphs there, right? And also for your health insurance, if you can just picture like a line graph that, you know, just shows what what age they got the health insurance, until what age? They’re covered with it, and what are the possibilities that can happen in between them when you know when their critical illness insurance can be claimed? And what are the features? So it would be better if we could show this in video. So but in podcasts, maybe I hope I just helped you picture out what I’ve tried to say here, but that’s the idea.

Gwen Lazarito 

Yeah, yeah, I think that’s so cool. So basically, you have created a series of videos for your clients, where these videos are uploaded in YouTube. And they’re about five to 10 minutes long each. So it’s more like a master class, if you will, is that right?

Rey Christian Jaca 

Yeah, actually, yes. And my challenge now is how to organize these videos because as of the moment and just setting it in messenger and just asking them to view it their most convenient time, right? And what I haven’t started yet, but I’ve thought about it is to make a you know, we got to leverage technology during this pandemic, because we can’t go out there and talk to our clients. So we can only use the internet, right? So what I’m planning next is to maybe make a website for them. So I’m not looking for any extravagant websites or maybe something as simple as Google Sites, it’s free. And I’ve watched a couple of tutorials on how to use it and it seems to do the job. And that way you know, it’s you don’t just dump these videos in messenger and this you know, kind of leave it to your clients to scroll up and down, went to if where they want to review any of those clips that you got them. So that’s what I’m one of the things that I’m planning right now and hopefully I can Get that started soon.

Gwen Lazarito 

So that’s really great because then if those videos are set in a particular or a specific website, then it’s more organized. And that way, like I, because I feel like if you send something in messenger, sometimes it gets in the back burner, or like people can get distracted with other messages. Right. So I think that’s a, that’s a really great idea to put it in a separate place, and in a way that it can get organized so that you have control on what your client would watch first, or was consumed first. But I’m curious, like, Where did you get this idea? Did you get an idea on your own? Or did you have an inspiration from like another financial advisor,

Rey Christian Jaca 

but I do watch a couple of financial advisors in YouTube, I’m following some of them. But I didn’t exactly get this idea. Because what they’re doing is they’re making videos for the general public, right. And what I’m doing is quite different, because I’m not making these videos for anyone out there. It’s exclusive to my clients. In fact, I set them as unlisted in YouTube, so that only my clients has access to them. So maybe I can make, you know, just to boost my social media presence to make up so general videos, General advices, like what our money coaches does. But for the meantime, I’m quite satisfied with focusing on my clients in order to build my network. In fact, what I found quite important for me to do as well now is not just reaching out to my clients, but as much as I can get to know their beneficiaries as well. Because I found the need that we also have to get to know each other. And they are, it’s also important for them to be educated on what their financial plan of their, you know, the breadwinner is

Gwen Lazarito 

Yeah, yeah. So we talked about this offline right outside of the podcast, that you found like there is a need for you to educate not just the clients, but their beneficiaries, as well, in terms of their the insurance coverage. So can you tell us why you thought about that?

Rey Christian Jaca 

It actually came with the experience of processing my first claims, I, unfortunately, I’ve already experienced the first my one of my first clients to pass away, and that was actually due to COVID. And then, you know, they’re the beneficiaries. And the family reached out to me and what had helped to process the claims. And we’re at the stage now that it’s at the last minute that I have to educate them on what’s in the plan, what’s the process, so it’s quite stressful for them. And I just feel so sorry. And I said to myself, that if only I could have talked to them, and not just related to my claim, because of course, before I always educated my clients that don’t keep your plans a secret, because they are your beneficiaries, sooner or later, they will need to know these, their benefits. So now, that’s why I’m proactively reaching out to my existing clients, to tell them the importance of me getting to know them, and educating their family about their financial plans. And it’s one of my ways, as well to make a sense of urgency, so that my clients can prioritize meeting up with me. So it’s also one of the ways for me to make sure that I keep in touch with them.

Gwen Lazarito 

Yeah, yeah. Because what I do notice with other financial advisors that I have talked to, in the past is they meet up with a client, especially here in the Philippines, they meet up with a client, and they never speak to them again, not because they don’t want to, but because their client has already moved on to their next priority, right? So it’s like their clients had a checklist to like First, get insurance, get an investment, and then once that’s ticked off, they just move on and they won’t have the time or the Yeah, they won’t have the time for their financial advisor anymore because they’ve already ticked that box that they had to just initially meet with them.

Rey Christian Jaca 

Exactly. So that’s what I’m trying to avoid on becoming a financial advisor like that, because From the word advisor, in other words we can use for that we’re educators, right. And that’s why they’re our main purpose is to educate people on their points on financial planning. So that’s, if we go back to the opening theme of this episode, we talked about customer service. So these are the two new activities that I’ve recently been developing in my business, creating videos for them, and proactively reaching out to their family, their beneficiaries in order to make sure that they’re on the loop with the plan. And in this way, I’m actually doing what I’m supposed to do. So it is some might say that, you know, I’m, I might be wasting my time as a financial adviser, I’m not making any new sales, because I’m just talking to existing clients. But I don’t think like that, because at least I’m doing what I’m supposed to do, and I’m satisfied with it. And also, through customer service, it actually goes back to you, the more you share, the more blessings that goes back to you. Right, I believe in that saying, and if you know, if you we impress our clients with these types of customer service activities, I don’t find it hard to believe that it’s easier for them to refer you to their friends, even maybe their family, their beneficiaries will see the value of it and get new plans for you. So it’s like a win win situation for everybody.

Gwen Lazarito 

Yeah, I really do believe in that. And most of the financial advisors and financial planners that I have had the pleasure of talking to in this podcast as well, most, if not all of them, really had that in mind as well to provide the best customer service because that way, their clients will feel like they really do care for them, or they have the best interest at heart. And it’s easier for them to talk about you positively to other people to their loved ones. And so referrals are easier to come by, because of that. But and, and I guess that’s one of the reasons why you started, you know, honing and providing better customer service. But aside from that, like are Is there anything else that you’d like as an outcome with regards to you know, educating your clients and providing them with all of these information and an extra legwork.

Rey Christian Jaca 

My main goal with these new activities is making sure the plan goes smoothly as much as possible. So I feel that I’m already achieving that, of course, it’s always gonna be, there’s always going to be room for improvement, and I’ll continue to innovate. But aside from making sure my clients are educated, I feel like this will also help other financial advisors see the importance of customer service, because based on market research, it’s snake oil salesman methods is the last thing you want to do. Because my company x actually provided us market research that it seems to be our new clients and new sales always comes from the existing clients. So that’s why we have to change the whole perception of getting a new getting one client and moving on to the next. And then if we further improve the customer service of financial advising here in the Philippines, I believe we can make the statistics better or improve from one out of 10 families having a proper financial plan to at least maybe five in the next five to 10 years.

Gwen Lazarito 

Yeah, that’s awesome. So that is truly the goal. And well, that’s really nice and good. And but I would like to hear from you. What are the other things that are ways that we can do to create that or to pursue that goal. So I’ve heard you use technology. We’ve mentioned your video software, using YouTube using like Google Sites. Are there any other technology that you use in order for you to create like a great customer service package. If You will to your clients mode.

Rey Christian Jaca 

Those are the two things that I’ve recently added to, or at least I’ve started with my business. Another thing that I want to that I plan I’ve been planning on doing is along with Google Sites as Google Forms, so I’m actually going with three software’s right now because of course, we have to check if the return of investment is actually worth it to invest in more, you know, yeah. Exactly. So what I want is to create my own financial needs analysis. So it’s a bunch of questions to get information from clients and potential clients in order to identify what is the best solution for them.

Gwen Lazarito 

Right, right. And I know that Australians already have this in place in their client journey. But I guess, did you think about getting that because there is a lack of that type of technology here in the Philippines. With regards to the financial advice industry?

Rey Christian Jaca 

Well, there is already an established trading in my company AXA. But of course, as as a financial advisor, I continue to make, do my own studies have come up with my own solutions, or techniques on how to help my clients get their assurance that they have a solid plan with them. So that’s why I can at this stage, I want to intense, my needs analysis methods,

Gwen Lazarito 

right. So you really want to dive into like the root cause. Because I get it. Sometimes clients don’t actually know or like they think they know what they want. But because you already know how the fight, how finances work, and how financial management work, you already have an idea as well on what they actually need. And the more you probe with the right asking the right questions, the more that you can actually get to, where are the things that what your clients actually need?

Rey Christian Jaca 

Exactly. So that’s why innovation is always important. I have a lot of things to my current employer right now as well. Virtual business partners, because from the from our clients here, and from virtual business partners, as well, I’ve learned the value of taking the time to think about how to innovate your business. And one of the major things to do in order for you to do that is through technology.

Gwen Lazarito 

Yes, I love that word innovation. So I feel like the best way that we can lift up this industry is through constant innovation and to really finding or asking the questions, if there is anything else that can make things better. And so I’m glad that you brought it out. So innovating in order to provide a solid customer service for your clients in order for them to lead better lives through helping their financial, their financial health. And so yeah, thank you so much for that one. Chris, I guess in I guess before we end this podcast, I’d like to just ask like, what are your future plans with regards to the where you want your business to, to go in terms of customer service?

Rey Christian Jaca 

Definitely my own website. It’s one of the if you listen to market marketing gurus, or, you know, tutorial videos, you will always hear how important having your own website is. So I start with Google Sites. I’d start with, you know, Google Forms in order to have an engaging website. But then we’ll see how it goes. And then maybe I can afford to make better or go with better software’s.

Gwen Lazarito 

Alright, so yes, definitely a website is a great place to go. I was actually rooting for you to say that you are planning to write a book about financial management. But a website is really cool as well.

Rey Christian Jaca 

Oh, yeah. A book. You know, I’m an avid reader, but maybe I’ll think about that too.

Gwen Lazarito 

Awesome. Awesome. So again, thank you so much for being in the podcast for the second time, Chris, and I sharing your ideas and what you’ve been doing to your business in order to really maximize helping your clients customer service. Thank you so much for being in the show. And before we end so before we end the show, Chris, if anyone wants to speak with you or reach out to you, where can they find you?

Rey Christian Jaca 

Yep. For now, the best way to reach out to me is through my Facebook page. It’s self new page breakers and haka, just shoot me a private message anytime. Then, of course, you can always text me. Is that okay? Or email me at hacker Chris two@gmail.com.

Gwen Lazarito 

Right, wonderful. I’ll put that in the description box or in the show notes for this podcast. Again, thank you so much for being in the show, Chris. Have a good one.

Rey Christian Jaca 

Thank you. Good bye.