What lies behind the appeal of working as a Prudential Adviser? We talk to the people of Raymond Low & Associates, an agency unit of Prudential Assurance Company Singapore (Pte) Ltd, to find out more.

By Joanna Teo

Singaporeans today face a variety of concerns regarding their future, such as saving for retirement and investments, planning for their children’s education, making payments on mortgage loans and so on.

The Prudential Advisers at Raymond Low & Associates aim to help their clients with these concerns. The agency represents Prudential Assurance Company Singapore (Pte) Ltd, one of the top life insurance companies in Singapore. The company offers a comprehensive range of life insurance products and services.

A close-knit family
“We aim to be the friend that you can always turn to,” says 28-year-old Steven Neo, who is a Senior Prudential Adviser at Raymond Low & Associates. He feels that anyone who has a question or problem about their finances, or who is in need of advice on financial planning, can always come to the agency for help.

Raymond Low, 41, Group Financial Services Director, who represents Prudential Assurance, believes that the agency is “one that you want to work with, and one where you would want to stay with for a long time.” This belief is underscored by the agency’s friendly working environment.

The personalised touch that the agency provides is something that Raymond strongly identifies with. “We make the effort to remember the little details. If your wife gives birth, our associates will take note of it, and we’d send a hamper to you. It’s the heart that counts, and that’s important,” says Raymond with a smile.

This positive attitude extends to colleagues as well. The agency’s associates enjoy a close-knit corporate culture, where everyone is part of a big family. Weekends are frequently spent with their respective families, shopping or even playing football together. “In fact, we’ve been watching football matches at my house recently because of the World Cup!” laughs Raymond.

Qualities to succeed
Having been in Raymond Low & Associates for six years, Michelle Chew, 26, a Senior Financial Services Manager, who represents Prudential Assurance, firmly believes that hard work and commitment are the two main qualities that anyone should have if they are interested in venturing into the financial services industry.

Michelle became a manager after just two years as a Prudential Adviser, and now has a team of her own to take charge of. After graduating with a Bachelor of Arts in Mathematics and Geography, 2001, from the National University of Singapore, she looked to this agency for her first job and has never looked back.

“We are looking for people who are willing to commit to a lot of hard work, and not just people with a flair for sales,” shares Michelle. She also feels that this is a career that is particularly suited for fresh graduates, as they have less to lose, and much more to gain, from a career that may not provide a steady income during the initial years.

That being said, Raymond Low & Associates welcomes newcomers at any point of their career. This is an industry where the personal drive for achievement counts for a lot more than having a wealth of relevant experience.

Getting the right fit
That’s because the lack of experience can be quickly overcome as long as you have the passion to learn. “You will definitely pick up a lot of things along the way,” assures Michelle. “Being in this industry does not mean that you will be stuck with a sales-like job forever,” she says. “There are always opportunities — for example, a management career.”

Ultimately though, it is a question of whether you feel that this is the right career for you. “When we screen new candidates, it is not just us who would be doing the choosing,” says Raymond. “The potential candidate is also making a choice to work with us as well. All candidates are given the time to consider if this is the right career for them.”

Raymond strongly believes that this approach explains why all of the managers he has hired are happy to stay in the agency once they’ve joined. “There must be a right fit, not just from the agency’s point-of-view, but also from the associate’s perspective,” says Raymond.

Benefits of the career
Michelle and Raymond both agree that the income is one of the biggest perks in this career. Promotion opportunities are based on performance. For those who put in the effort, “the sky is the limit”, when it comes to determining how much you can earn as a financial adviser.

Another perk of the financial services industry is the satisfaction you get when the clients appreciate the work you do for them. “The way to the clients’ hearts is to put yourself in your client’s shoes and sell with a heart, with your client in mind,” says Raymond.

Steven enjoys the flexibility that comes with this job as well, and especially enjoys the greater control he has over his own time, because it gives him more time to spend with his family.

The real challenges
No job is without its unique challenges, and this is also the case for Prudential Advisers. One of the first things that strike many financial advisers is the negative stereotype that many people have of their profession. Thankfully though, this negative image is gradually fading away. Potential candidates are encouraged to look past the stereotypes and focus on the real challenges that financial advisers face.

One such challenge would be the need for every new adviser to build a clientele base from scratch. This can be quite a feat for those who do not have a huge network to start with. But it can be overcome by always maintaining a cheerful disposition, especially in spite of frequent rejection.

A lot of people are also mistaken in believing that — given the fierce competition in the industry — they would quickly run out of customers who would need financial advisory services. The reality is in fact quite different.

To use a simple example, there are at least 40,000 young adults graduating from the local universities and polytechnics every year, and every one of them is a potential client. “By capturing as little as 1% to 2% of this growing market, you would have more than enough customers to keep you busy for a very long time,” Raymond points out.

Another fear that discourages people from becoming financial advisers is the perceived lack of a steady income. There is no basic pay as an associate’s income depends entirely on sales commissions. That can be a daunting problem for new associates who are still trying to build their portfolio. In Raymond Low & Associates though, freshly hired associates are given an allowance during their first six months of work, to tide over their initial phase of the job.

reat rewards come from hard work
After the first six months though, it is up to the individual associate to prove his worth. Raymond feels that the first two years are crucial, as this will be the time for most new associates to establish their portfolio. It’s definitely not a cushy job, but for those who stay the course, the rewards will come.

“Be mentally prepared to work very hard, but if you make it in this career, you will be where you want to be,” says Raymond.

Click here for jobs in Finance/Investment!