Financial Planners as coaches and cheerleaders to clients with Vivian Chin Hoi Shin – Transcript

SUMMARY KEYWORDS

clients, financial planner, people, malaysia, cfp, financial planning, financial, wonderful, post, habits, vivian, malaysian, podcast, financial advisors, started, business, agent, certify, retirement, industry

SPEAKERS

Gwen Lazarito, Vivian Chin

Gwen Lazarito 

Welcome to the financial planners Southeast Asia podcast, a show dedicated to driving the positive evolution of financial advice specifically within South East Asia to join a global community of financial advisors sharing and learning with one another to drive the positive evolution of financial advice, head to x, y advisor.com. Hey there, once again, this is Glen from the x y advisor team and welcome to the financial advisors Southeast Asian podcast. Today I’m with a financial advisor from Malaysia, who is very passionate about financial planning. She’s been in the industry for quite some time now and has learned a lot from the industry and wants to continue learning. Please give it up for Vivian chin. Hi, Vivian. Hi, again,

Vivian Chin 

this is Vivian here. I’m from Malaysia. Good afternoon, everyone from Malaysia.

Gwen Lazarito 

Good afternoon. And thank you so much for being here with me and the podcast. I’m very excited. So we actually did chat a bit before we started this recording. And we tackled in a little bit, just a little bit of like some important topics that I’m actually keen to talk about before. First, I want to start this podcast by getting to know you more, and for our listeners to get to know me more as well. So how long have you been in the financial industry? Exactly? Oh, okay.

Vivian Chin 

I’ll before I become a financial planner, I was injured. I was in non unit trust industry. I was with one of the company in Malaysia and it’s about like, about three years. And after three years I get, you can say that I found I found a way for me to help my clients, which is the gap my CFP causes, which is in Malaysia. So, yeah, I’m, I took up my my CFA in 2018. And I am a certified in in 2000. I think Yeah. 2000. Sorry, sorry, I took out my CFP in 2016. Yeah. And I finish off his 2018 Yeah, it’s been three years in a row being like four years. Yeah.

Gwen Lazarito 

Time flies. Yes, totally. Right. So you’ve been in the industry for four years now. And you you mentioned that you’re still learning, and you want to continue learning too, and, you know, offer the best advice and financial management system for for your clients. Now. Why exactly did you get into financial advice? I know, I know, you mentioned that. You wanted to, you know, offer something more for your clients. But like, what brought about that, like that realization?

Vivian Chin 

Yeah, it’s a good question that grant because once I met with my one of my clients, she’s my favorite. By the way. I know she’s, when we talk about retirement. She’s in tears know when we talk about with clients, because she know that she can retire at all with her current salary and saving that she have at a time I can really help her. So it kind of made me want to help her more and then I can see her. No, it’s like me myself in after 20 years time. Yeah. So from then I made a decision that I need to do something. So one of my friend introduced me about CFP, they talk to me about CFP, what is up there are five Whoa, is really interesting. And then from there, I learned that I know the way how to advise my clients. And now no solutions that I can provide to them. No. All this started from my a friend of my no because of my clients here. That’s the reason why I’m no I continue with this journey. I would like to help more Malaysian so that they can know have a better future alive that they desire for a long time they can live on a peace of mind. Yeah,

Gwen Lazarito 

yeah. So that’s great because you started in the industry wanting to answer a problem. So wanting to find a solution to a problem which is very, very common. So not just in Malaysia here in the Philippines as well, a lot of people don’t actually think about their retirement, right. They they work and they save, but the those savings don’t really go to retirement, it goes to, you know, future house or if not a future house, then maybe education for the kids are all of those, you know, lifestyle changes, not thinking about the far future, which would eventually come. So a lot of us actually fall into that category where we’re still working at the age of like, 6070. Or if we’re not working, it’s our kids who help us. Yeah, so they come this sandwich generations? I don’t know. I don’t know if you’re familiar with that with with us. Yeah, yeah. So, right. And, um, and, you know, in our country, we just want that to subside, if not stop, because it’s one of the causes for us to never get out of, like the rat race have always, you know, living paycheck to paycheck. So I’m glad that you were, you’ve joined the cause to help educate people and help them manage their finances. Because also, I feel like some people think that financial, having a financial planner is only for the rich.

Vivian Chin 

Yes, I totally agree with some of my clients that we think that is only the regional financial plan and only manage their money because they have so much money. totally disagree with them, because everyone needs a financial planning to help them out to guide them. So they know when to make a rational and objective on the decision making in the along the way. This is how I see. In my what you mentioned, like especially the sandwich generation, I am in the sandwich generation. Yeah. Yeah. Because my mom, previous tie was like my dad, because he had a stroke. So I have to knock out some of my saving, are you in my retirement fund for him to to pay all the expenses associated medical bills? Yeah, so this is what we know, we’re facing now in Malaysia as well, because a lot of parents, our parents do not have insurance or those insurance plan, they do not have that because the old folks they will believe at all on their action plan. So they know when they retire or even they can not come to, they can continue to work anymore. It depends on there. They are there. I mean, the children, and then then after that they only find difficult, and then the children have so much of stress or just to cover everything. So yeah, it’s time for us to help. I mean, this group of people yeah, to let them know to give them a mean known solution or even a guideline for them what to do, you know, so they won’t stick into the, in this situation. This is what I see in Malaysia now. Yeah,

Gwen Lazarito 

yes, that’s true. And it’s very similar here in the Philippines as well. A lot of people or at least from my generation are in the sandwich generation and they’re sick of it and that’s why like I think we’ve mentioned this earlier when we had our chat that we’re slowly or this generation is slowly getting into like other realization of how important personnel financial management can be and why financial planners aren’t just for the rich

Vivian Chin 

yeah totally agree view Yeah, so yeah, it’s not only for our for for service generations and I mean for those that youngster because most of the Malaysian know especially the youngest one they in the stage of building out your career, your It’s time for them to safe out for the future, you know, maybe start a family so some of them don’t even think about that. They just enjoying what it what does youngster coin yolo yolo coin just live your life live your life. Yeah, so they never think about it safe. You know, do you know that 75% of Malaysian can afford to Got 1000? I mean, really, for any emergency? This is bad. Yes. Really bad is 75 of Malaysian they can afford don’t even can take out from their savings account. Yeah, this is really bad.

Gwen Lazarito 

Yeah, that’s true. So even here as well, like, the moment their sickness in the family, the whole family gets into debt. So it’s not good. Like, I think there was a census that only one out of 10 of the Filipinos have some kind of insurance policies. So imagine those nine, those nine people, whenever there’s a sickness in the family, so they get into dead. And yes, it’s very problematic. And that’s why I’m very happy that we have this people now who are not only thinking about YOLO, but they’re thinking about Jago as well. So I think YOLO means you only live once. And there’s there’s this new movement of Jago, which is you also grow old. So that is how, like, there’s a shift in the mindset of people now, and mentioning that as well. So who is actually your ideal client, the one that you seek out to provide ongoing service?

Vivian Chin 

Okay, um, normally, those are in your mid 30s. They started to have they have children, and like, young kids, so this, most of them are my clients. I have some of the youngsters wish that that’s the reason why I learned YOLO. Yeah, so but for them is just like, I’ve just tried to build out their habits of saving my to adding value to them to understand what is financial planning, to avoid them to make further of financial mistakes along the way. Yeah. So I have a mixture of clients who I even have clients that are the oldest, my client, the oldest one will be in her 5055. Yeah, she’s now 55. She’s now facing, I mean, retired. So it’s time for me to help her to plan for her post retirement now. Yeah.

Gwen Lazarito 

Yeah, that’s wonderful. So you, you’re actually all across all ages. And so with regards to that, because you’re handling multiple generations, or age, at least, like career and age differences. Do you have like a set of financial path for them? Or do you create a very specific only to that client? for their, like, financial path?

Vivian Chin 

Do okay? I’m not really, it all depends on their needs, to their current needs. And now to try to help them out to solve their issue. So that they won’t know it won’t last. I mean, we try to solve it out, so that it will not follow them throughout the life of their lifetime. So this is what I see is like, long term. So whenever that they reach a stage, they might graduate, they might not know when they are what I say graduate means they will no longer need my help. My guidance, yeah, then you can graduate and do it themselves. But when they reach another stage, maybe you’re in their 40s or in even in your 50s It’s time for them to look back, reveal that on their financial plan, then they will come back then our design not a plan for them not just to suit their their needs on that particular stage. life stage. Yeah.

Gwen Lazarito 

Oh, yes. Yeah. So I think that’s the correct term there.

Vivian Chin 

Yeah, because what I see there every clients or they deserve to graduate, they know they should be one of their habits and know to know what is financial planning and they have had an idea then know, they can graduate happily, and then do it by themselves? How because they already have the habits to do it to save up or even to allocate all the funding everything they know what to do. So yeah, why not?

Gwen Lazarito 

Well, that’s wonderful, that you base your, the the financial plan per life stage and that they actually have that option to graduate whenever they have, that they’ve already gotten used to the habits, the The positive habits that they can in order to grow and manage their money on their own. And that’s actually nice. Like, it’s, it’s like trading a child, right? So you don’t really want to hold the child’s hand all of the time, they were all over their lives forever. So you actually give them a chance to do things by themselves so that there would come a day that they wouldn’t. Not really that they wouldn’t need you. But they can do things on their own. And if there’s maybe if there are times in their lives, that they’re, they get confused, or they have something new, then they can still approach you. And then you can still another Yes, wonderful, right. And having said that, like, how do you actually acquire your clients? Because I actually see that you have really a well thought of content that you post regularly on LinkedIn. So do you usually use? Or do you use social media heavily to acquire these clients?

Vivian Chin 

Oh, yeah, yeah, I have. Yeah, I actually I have most of some of my clients are from I mean, 30% from them from the social media. And most of them refer I mean, 70%. They are refer or even known is that of since I was like, in unit trust, when I was an agent. So they’re starting to follow me and to now. Yeah, so yeah. Yeah. Wonderful. That’s wonderful

Gwen Lazarito 

to to know that 70% of your clients are from referrals. So that means that your your clients are really satisfied with your service, or the service that you offer. And 30% is from social media. So you’re doing really well on acquiring new clients via social media, and making sure that you bet your clients are happy. So how do you actually keep them happy?

Vivian Chin 

Well, most of I mean, most of the people in Malaysia, they thought that my financial planner will try to control them, what to spend on your one to cut what to do your buy. For me, I give them also a freedom to say I will point out on your own to guide them to show them the picture. If you don’t know the I mean, the pros and cons. So that you know, they understand that what should I do next? So that can make a better decision. Not that I want to control them, at least I pointed out, so they know that there are certain things that they should do it certain things that they might have to consider it before they do anything or me making any decision. Yeah. So I give them the choices, the option. Now if you pick one, one of the choices, or even no option, what we will do what will happen to you, and then they can see now they will make their other decision by themselves. Yeah, I don’t mean the decision by them for them, because this is the journeys. This is their journey. I just holding them their hands to go through a and guide them to so that they will meet any further state again. Wonderful, you know,

Gwen Lazarito 

it sounds like the way you handle financial planning. It sounds like it’s like the ideal parenting.

Vivian Chin 

Want to do this now I have two girls, mainly because of that. Like to take care of people. Yeah, yeah. So yeah. Yes, because I’m,

Gwen Lazarito 

like I was you were, you know, describing how you, you keep your clients happy. And I’m like thinking like, that’s actually like, parenting, you don’t really want to, like you want them to realize things on their own. And then you’re just there to guide them, which is really nice. Because they’ll have like the autonomy. Like they still feel like they have this autonomy that they can they have control over their money, but at the same time, like there’s someone there who will feed them good information, and then we’ll provide them the guidance. Yeah, so that even when like maybe they’ll spend or their splurge their money and then they’ll think of the back of their minds. Oh, like my financial planner. I shouldn’t be doing this. So and they’ll always remember that voice of the bank.

Vivian Chin 

They’re mine. Yes, yes. That’s the reason why most of them told me that whenever they want to spend, they were like, Oh my God, we will don’t do that don’t do so. Yeah, because I do not want people, I mean clients to see me as a controller. Yeah,

Gwen Lazarito 

yeah, no one likes that. Right? Like, no one wants that very controlling parent that tells them what to do. And I think, even like, I don’t know, anyone who actually loves having that kind of person around like, it is like, I know this to be true. With some of the like, let’s say you’re in a gym, and you have like a gym coach. And then there’s coaches say, eat this, don’t eat this, like, I really want to go to the gym.

Vivian Chin 

That I do not want that to happen to my clients, because they are paying me because I’m always, you know, they need me to be there to support them. Just like what I wrote inviting him a lot rely on a cheerleader to cheer them out whenever they see anything, you know, they achieve anything, not even an eye no matter what I mean, personally, or in their business, or even financial anything. So it is just the day and support them. That’s all. That’s wonderful.

Gwen Lazarito 

That’s wonderful. And I’m actually I’ve been reading your, your, your LinkedIn post. And as I mentioned, it’s very, yes, it’s very well thought of like, you don’t really just post like pictures, there’s actually a story behind the picture. And I really love it. Because they Yes, because it’s really nice. Like, it’s very refreshing to, to, to be able to really like, you know, read a story from a real person who has who has succeeded in their financial journey. And so I’m just curious, like, do you plan these posts, by the way, because I know that this has helped you at least 30% of your clients have this. So do you? like think about what to post and on when to post? Or does this just come organically to you?

Vivian Chin 

Yeah, okay, I’ll close. Now we have a schedule. I mean, Me Myself, every weekends during weekends, I will think about what sort of case study or even story that I want, right? So yeah, sometimes I will change it now. depends on my mood. So yeah, oh, yeah. Yeah, I have some schedule online. Once every, like, three days, I will post in linking. So I have my own schedule. And in some time, I see that the post is not exactly out or wanted to post I just change it. Yeah, because this is a real case. That happened to my client, then like to share it out, you know, some knock off some of the people out there sometimes they email me or even they text me asking me a question. So I will pose it accordingly to them according to know what the question so costs. Yeah, yeah. Yeah, so

Gwen Lazarito 

actually, I’m asking about that because for me it’s very difficult it’s not really that like that difficult but it’s actually challenging for me to craft stories not

Vivian Chin 

because I facing the same difficulties during last year, during the month of September or October This is my first time when I first heard I’m pausing linear. And now slowly I build up the routine and the habits also slight what rebuilding our beauty, I mean, the view for our clients, then that’s routine habits. So you just do it. Yeah. Yeah,

Gwen Lazarito 

yeah, that’s actually a very wonderful advice. Just do it. My goodness. Yeah, I know the struggles of you know, financial advisors, even non financial advisors, any person who has a business these these times right, really need to get their content out there in in their social media is so that people because everyone is up on their phones now. So is is really a good strategy and I and the reason why I also pointed out that I really love your stories is because even if not a lot of people would like comment or, you know, like your posts, when they see it, some people actually can relate to those stories. And as

Vivian Chin 

Yes, yes, one of my clients, she don’t even like my boss, he or she tested me. I mean PME in London, and then she said that, and also one of us are in content. The post that I posted is kind of her, you know, she’s she’s was in the same situation. She was asking me to for appointment. No. So yeah, it doesn’t mean that there’s no lights or comments doesn’t mean that people don’t read it. Yeah. They do. They do. Yes, they

Gwen Lazarito 

just just don’t want to like the post sometimes. For reasons we don’t know.

Vivian Chin 

Once I have my opposing FB, Facebook, and then one of my classmate, he saw it and hit hit, he was sent me. And then he asked me, you know, what you do and then all this story. Now you’re talking, you’re posting in social media. Hope you don’t mind sharing me. So I share with him know how I help my clients in the auto case study everything. And then Saturday, he said he can you know, I can we have enough? I need your help. I need your wise now. He’s He’s my client now.

Gwen Lazarito 

That’s wonderful. And yeah, it also helps that she that that your your classmate already knew you from before. And you know that he’s because you he already trusts you. And now that he has seen that other people trust you as well, then it’s easier for them to like build that relationship with you. That’s right. Yeah, yeah. Yeah. Yeah. All right. Yeah. That’s wonderful. And I’m actually opening this topic, or am, I really wanted to talk to you about this, because I know they’re being included, have somewhat of a difficulty in maintaining that habit of posting regularly. And those posts are very crucial to to our business. And, you know, and it’s really nice to find or, you know, get inspiration from another financial advisor, who has formed a habit of posting really wonderful content and seeing results as well. Yeah, it’s, you know, it’s, it’s not easy to be Oh, and talking into that topic as well. Because some other financial advisors are actually struggling during, at the start of the pandemic, how were you able to fare or transition your business from? Like the regular meet at the office to like zoom meetings? Did you have any? Like, did you encounter any issues? Or was it actually easy for you to transition? Oh, good question. Yeah.

Vivian Chin 

A lot of difficulties I mean, a hardship during last year. In Malaysia we locked down during March last year 2020 and at first we thought is only like you took us like two weeks and everything will be back to normal again right? So at that time I didn’t do I didn’t think too much you’re there until the I mean, our government announced that we will not allow further lockdown that is time for meeting the more you know all my clients and even my business so I was starting your time there’s there’s some issue came in means that are some of my clients are facing right like pay cut you know after the match your pay card and some are even worse they don’t get they lost their job. Yeah, because a business is not doing well you know everything. So I started to text my client now to comfort them now watch. They need anything Oh, you can just call me and text me or email me or telling me what? Anything so that I can help you out? So from there some of my they’re not even my client. There are some of them as like just like a prospect or what we call we just know each other through maybe from friends or even started to ask me question from there. And then now they become my clients because our I’m I think that because I’ve started with the elite Elite, my hands to help them out now, to show them my support everything. So they got, I mean, through the period they been building up the trust, or the time. And yeah, yeah. So this is how I overcome it. Last year, I’ve been doing a lot of free advice to most of some some of my clients or not my clients and some, like just a stranger. Yeah.

Gwen Lazarito 

Yeah, that’s wonderful. So you’ve actually really built that trust during the initial lockdown last year, and now that they’ve, you know, the things are looking up, then they’ve actually, since you’ve already gained their trust, they’ve become your clients. So that’s really nice. That’s actually a really good in, like, in a business perspective is also a good strategy to help others because, and, you know, you know what, like, even if they don’t become your clients, they might refer you to someone. They look at looking for one, right?

Vivian Chin 

Isn’t this is what I’ve been telling some of my friends. My financial planners, friends, this is a long term, I mean, long term, we need to build a long term relationship. You know, it’s not about short term on you met, you met a client, and then you close from that. That’s That’s it, you know, but for financial planning is a long term is an ongoing process. This is what I see. So, yeah, we should do that you’re continuously, even though they there’s no business between you and me, or anything we can be well, relationship means that for friends, now they know you, and then they will refer you to other people.

Gwen Lazarito 

Yeah, that’s true. That’s true. Now, when, and I’m opening this up, because financial planning and you mentioned this earlier, as well that I wanted to talk about this that you said that there are only like 1000 of you cfps. And most of most of the one practicing are still like agents. Is, am I right? If it’s like insurance agents? Yeah. So what does it take to to become a CFP, by the way?

Vivian Chin 

Oh, okay. In Malaysia, you’re even though you took up the CFP courses, but you still need to practice it. And you get the license from the opposite mean from our North Central Bank, which is bangarra. Malaysia. And the other one will be another will be our security commission of Malaysia, you need these two lies and notice to practice on the financial planning. you certify as a financial is not enough user need the license from them? Yeah. So because some of them, they see is it’s hard for them to get a license because they like to stay on as an agent. They just want to certify themselves as a financial planner. Yeah. we’ve logged the license, you can you can advise your clients, you know, you just have typical, I mean, typical agent, which was an agent or insurance agent, because what you have is a certified financial planner. But you do not have the lines. Yeah, because we are not allowed to advise clients or you would receive a fee from clients without these two license.

Gwen Lazarito 

Yeah. Yeah. So that’s, that’s some really heavy regulations that your government has already imposed. Yeah. And I think that’s very helpful so that your clients get the assurance that you’re actually know what you’re doing. Yes. And, you know, because there’s a difference between getting an advice from a friend and getting an advice from, like a professional, right? Yes, yes. Yes. And, also, and I feel like this is a very important topic, because as you mentioned, it’s there’s only a few of you and there are still a lot of people to help a lot of people sandwich generation. So, you know, because we’re almost ending our podcasts like, I really want to to know, like, how can or like, how do you say, Can we, like encourage more people to get into the financial advice industry?

Vivian Chin 

Oh, okay. Um, that will be I think we need encouragement for our government to encourage more financial planner to encourage them to get on board to become a financial planner. And maybe they can let those agent know just take some exam, I encouraged him to take the exam. Whatever lies they wanted, they needed. So yeah, yeah, the most, the most important thing is the I mean, our government. Yeah, they need to do that more.

Gwen Lazarito 

Yes, more more encouragement, because I do realize that it’s quite difficult to to become a CFP, there’s a lot of things that you have to go through. And yes, that is like, about two years, right, in order to finish your half years to two and a half years. So and that’s a lot to go through. So you really have to be committed, if you really want that for, for yourself to be to become your career. So and I’m really happy that you’re part of the financial advice industry, Vivian, because more people because more people really need financial planners. And I’m really such an advocate for for that because here in the Philippines like and I think it would be you know, you’d agree with this one as well, because it seems like there’s still a lot of like mindsets to be changed, right, with regards to personal finance, and especially retirement, like, as you said, like, you’ve had a friend who, who has had their heartbreak be broken, because there’s no option that they can see that they’ll be able to retire. And that’s not like, I know, like at the back of my head 10 people already who shares the same sentiment. And yeah, yeah, it’s very sad, but it’s very, like, we have the power to change that. Just starting with like, educating people and having those educators around. Such as your financial planner. So thank you so much for speaking. In this wonderful afternoon, Vivian and for coming to the show. Yes. What? Before we end the show, I’d like to know that if if people would like to reach out to you to get to know you more, where can they find you or know you better? Yeah, you can find me linking. Yes, yeah. You’re very active there. I can see that. Yeah. Wonderful. So I’ll be sure to provide the links to your your LinkedIn profile and our podcast description. But again, thank you so much for coming into the show. And you have a good one.