Introducing one of Singapore’s most sought after financial advisors. Read about Andrew Tay's journey into finance, building relationships with clients and Singapore's attractiveness for HNWI.
Andrew Tay specialises in effective wealth management and legacy planning solutions for business owners and high net worth individuals, and his clients appreciate that he is more than just a financial planner and advisor, but someone who genuinely cares about their outcomes.
Interestingly enough, becoming a financial planner was never actually something I intentionally set out to do because when I was in Business School. I saw myself pursuing a career in consulting or marketing strategy — my resume reflected that. Leading on from there, some people think careers like being in insurance or property is ‘just sales’, and something that’s ‘not too difficult’. What do you say about that?
But having a certain keen level of understanding of certain concepts, the ability to grasp associated ideas in wealth management, then bring it all together into one’s own mental models, before then layering that with the ability to educate people about the problems you can help them solve, and inspiring trust and convincing them to take action, with you, for a product that they supposedly cannot see or touch — I do think that requires a certain level of capability coupled with tenacity.
The point I emphasise to my clients when they start working with me is that while we never expect anything untoward to happen because the statistical occurrences are lower, it could happen to them, and then they become the statistic. As their advisor I then tell them that I don’t work in the world of probabilities — I work in the world of consequences, where if this or that happens, we’ve already had the conversation and did the planning properly way back.
For starters, I do indicate at the beginning of my engagements with clients that in order for me to assess and spot potential areas to look at, it’s important for me to know the details on their finances. I make it a point to have honest conversations with them about this, and I don’t have any issues with clients entrusting me with these things. They trust that I’m good at what I do.
You have a strong interest in legacy issues — especially related to entrepreneurs, family businesses where succession questions are key. Tell us more there? To add on, a further understanding of use cases for business owners, such as insuring the key person, helping ensure business continuity or planning for a business exit or succession plan within the context of shareholders’ agreements — insurance is the funding instrument to inject liquidity into a business should certain trigger events occur.
On a more personal level — I enjoy hearing client stories on how they began, and the things that they have gone through to get to where they are today. It’s something I can strongly relate to, which also explains my interest. People generally only see the artefacts of success, which are only the tip of the iceberg, I’m genuinely interested to know it all! Even if we’re from different industries and backgrounds, our values often align, and that helps in fostering deeper connections.
If I had to only pick one right off the top of my head that I like, I would have to say it’s developing the skill of thoughtful disagreement. It means learning to hold conflicting ideas in my mind simultaneously, to place importance on finding out what is true, over being right in an argument. Staying relevant long term to me is not simply about my own financial planning practice. I for one am not afraid of change and innovation because I actively upgrade my skill sets above and beyond the typical insurance agent.
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