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Prospecting as a Financial Advisor in Singapore

The career of a financial advisor is not as easy as it looks, it is quite a competitive environment. In Singapore alone, the financial advisory industry has an estimate of about 20,000 to 30,000 agents in a population of around 5 million. This makes the financial advisory industry in Singapore more competitive than in other first-world countries like the USA, UK, Australia, and New Zealand.

While the prowess of advisory skills remains indispensable in delivering unparalleled value to our clients, the true effectiveness of these skills materializes when grounded in a robust foundation of prospecting. Prospecting stands as the cornerstone of cultivating a flourishing client base, encompassing the identification, cultivation, and conversion of potential customers into steadfast, long-term clients.

Prospecting as a Financial Advisor

Navigating the Challenges of Prospecting

While leaders consistently advocate for consultants to network, seek leads, establish a center of influence, and conduct seminars for prospecting, the real challenge lies in executing these activities with precision. The collection of high-quality leads, their strategic nurturing, and the seamless invitation to business presentations demand a systematic and strategic approach.

Harvesting Quality Connections

Effective prospecting training empowers consultants with the ability to discern potential clients aligned with their target market. Grasping their distinct needs, preferences, and financial aspirations is paramount for ensuring meaningful and purposeful engagements.

Cultivating Relationships Through Lead Nurturing

Prospecting extends beyond mere name collection; it involves the art of nurturing leads through consistent follow-ups, pertinent communication, and the delivery of valuable insights that underscore our expertise and unwavering commitment to their financial well-being.

Mastering the Art of Business Presentation Invitations

Inviting prospects for business presentations marks a pivotal step in the conversion process. Consultants must refine the art of crafting compelling invitations tailored to individual client needs, maximizing engagement and setting the stage for meaningful interactions.

Balancing Act

While advisory skills undeniably form the bedrock of success, a parallel emphasis on prospecting training is equally indispensable for long-term triumph. By investing in both facets, we forge a potent, holistic approach that empowers advisors to offer bespoke solutions with confidence while perpetually expanding their client base.

According to a recent survey, the most effective prospecting methods for financial advisors in Singapore are:

  1. Networking: 58% of respondents said that networking is their most effective prospecting method.
  2. Referrals: 35% of respondents said that referrals are their most effective prospecting method.
  3. Online prospecting: 27% of respondents said that online prospecting is their most effective prospecting method.

Overall, statistics show that prospecting is an essential activity for financial advisors in Singapore who want to succeed. By using a variety of prospecting methods and being persistent, financial advisors can generate leads and close deals.

That being said, the success of a financial advisor is usually based on the number of policies that they sell aka their number of clients. But how do you go about prospecting for these clients?

There are a few common methods used among financial advisors in Singapore to prospect for potential clients, these include asking friends and family, roadshows, cold calling, Hardwarezone forums, Seedly, Blogs, and Facebook.

Let’s take a deeper look into each method so you can decide which method, or methods, are most suitable for you. Every method will have its pros and cons, it just depends on what your situation is and what you’re comfortable with putting yourself through to potentially close a policy.

We will be considering these factors to determine the nature and effectiveness of each method:

  • The amount of capital invested compared to the rate of closing a deal
  • Time and effort spent compared to the rate of closing a deal
  • Potential added value to your personal branding as an agent
  • Potential added value to the potential client you are serving

Based on the above 4 criteria, we will be able to paint a better picture of which method/s are most suitable for you.

Friends and Family

One of the most convenient ways to seek out potential clients is by looking at what’s already right in front of you, your friends, and your family. You most probably already have their number and are comfortable with talking to them. And being someone that knows them on a more personal level, they can be assured that you will recommend whatever is best for them. This method is also a good starting point for financial advisors that are just starting out as you can use it as a practice to refine your sales pitch.

Pros and Cons:

  • Little to no cost as you already have the contacts in your possession
  • Little to no effort as you can just call them up and ask to meet
  • If you’re just starting out and are able to sell, the new clients on your rooster will add value to you as a financial advisor
  • If the appropriate policy is sold, value is added to the lives of the clients


We’ve all seen these, and we’ve all probably tried to avoid eye contact with them while walking past their vicinity. Roadshows can sometimes come off as annoying and intrusive to people who might just be trying to get their grocery shopping done, and it’s not an enjoyable time for the financial advisors who have to approach these shoppers either.

Pros and Cons:

  • Must pay to secure a slot
  • Spend long hours constantly approaching people and usually met with rejection
  • If you’re lucky or charismatic enough, you might get leads
  • Policies are usually sold to people in a rushed manner which doesn’t allow for proper advising

Cold calling

Although one of the oldest and most frequently used tactics for sales, cold calling might not be the most considerate or effective method for seeking out potential clients. You can never know what mood or situation the person on the other end of the line might be in, you could be walking right into a nasty scolding from a stranger. However, if done tastefully, it could result in a few good leads with the right amount of effort.

Pros and Cons:

  • Cost is your phone bill, so, relatively low
  • A high amount of time and effort to call number by number
  • The majority of Singaporeans might be on the Do Not Call Registry
  • High possibility of being met with angry rejection

Hardwarezone and other Forums

HardwareZone is the leading online tech portal in the region with monthly page views exceeding 35 million, making it one of the most visited sites in Singapore. The website has a thread in the forum that includes Money Mind, a thread catered especially for financial products and questions. This is basically Reddit but for financial advisory.

Pros and Cons:

  • It’s free to use, so no cost
  • By answering questions and inquiries on the website as a financial advisor, you’ll be adding value to the community
  • It might be difficult to prove your validity just based on the username on the website when presenting your contributions to potential clients
  • Potential clients might find it difficult to reach out to you through the website
  • A lot of effort might be put into answering questions but won’t necessarily be rewarded with leads


Similarly to HardwareZone, Seedly is a platform with online groups and communities that people can visit to find answers to their questions. The difference is that Seedly is solely dedicated to financial information, making it an ideal online platform for financial advisors to add to their lives.

Pros and Cons:

  • It’s free to use, so no cost
  • Same as Hardwarezone, by answering questions and inquiries on the website as a financial advisor, you’ll be adding value to the community
  • The questions you answer will be displayed on the profile page
  • Potential clients can easily reach out to you through your profile
  • A lot of effort might be put into answering questions but won’t necessarily be rewarded with leads

Facebook Page or Blog

This method is sort of like creating a detailed resume for potential clients to view your credibility, allowing them to choose to reach out to you. You can create content that you feel will appropriately showcase yourself as a financial advisor, share your personal views, and promote the financial products or services you are offering.

Pros and Cons:

  • Facebook is free, but certain blog domains might require you to purchase it
  • You will need to spend quite a bit of time and effort generating content
  • A great way of building your own personal brand and credentials
  • An easy way for your potential clients to view your credentials


In my opinion, LinkedIn is the best platform for financial advisors to get new clients. LinkedIn has so many great features, like being able to connect with people in your niche and see what they’re thinking as they post. “Yeah, but Twitter and Facebook have that too.” Well, LinkedIn allows you to message people directly and start conversations with them, which I think is a huge advantage.

LinkedIn is a powerful social media tool that allows users to see who has viewed their profile. This is beneficial for professionals in many industries as it allows for networking opportunities. LinkedIn also provides direct links to viewers’ profiles, so that users can start conversations with them. This feature is especially beneficial for financial professionals, as they can add three or four extra appointments per month, depending on how many views they receive.

LinkedIn is a powerful yet underused resource in the financial advisory world and should be leveraged by professionals to grow their network.

P.S. It’s especially important to stay on top of your LinkedIn profile views if you have a free account because you’re only able to see the first five people who have looked at it. However, if you have Sales Navigator, you can view the profiles of everyone who has viewed your profile in the past 90 days. Either way, financial advisors should take advantage of the situation and contact their profile viewers while they’re still interested.

Candidates who are difficult to prospect

Certain types of people are not well-suited to being prospected. These include individuals who are not interested in what you’re selling, those who are already committed to a competitor, and individuals who don’t have the budget for your product or service. In addition, it’s often difficult to prospect those who are very busy or who have a lot of demands on their time. While insurance and endowment plans can provide financial protection and savings benefits for many people, some individuals may not necessarily need to purchase these types of products. Here are a few examples:

  1. Those who are financially independent: Individuals who have enough savings and assets to support themselves and their dependents may not need to purchase insurance or endowment plans. This is because they already have sufficient financial resources to cover their expenses in the event of an unexpected event or loss of income.
  2. Those who have no dependents: If an individual has no dependents, such as children or elderly parents who rely on them for financial support, they may not need to purchase life insurance or other types of insurance that provide death benefits.
  3. Those with comprehensive employee benefits: If an individual has a comprehensive employee benefits package that includes health insurance, disability insurance, and other forms of coverage, they may not need to purchase additional insurance or endowment plans.
  4. Those with low-risk jobs: Individuals with low-risk jobs, such as office workers or professionals, may not need to purchase insurance or endowment plans that provide coverage for accidents or disabilities, as the risk of injury or illness is relatively low.
  5. Those with significant existing coverage: If an individual already has significant insurance coverage, such as through an existing life insurance policy or a health insurance plan, they may not need to purchase additional coverage or endowment plans.

How to Prospect Effectively

Finding clients as a financial advisor in Singapore can be a challenging yet rewarding endeavor. Success lies in tailoring your approach to your target market and making the most of available resources. Firstly, it’s crucial to define your ideal client by understanding their financial goals, needs, and life stage. With this clarity, you can focus your marketing efforts more effectively.

Building relationships is essential in this field. Networking through industry events, professional organizations, and online platforms like LinkedIn can help you connect with potential clients and other professionals who may refer clients to you. Content marketing is another powerful strategy. Creating informative content such as blog posts, articles, or videos can attract your target audience and position you as an expert in your field.

Social media marketing offers opportunities to engage with potential clients, share content, and participate in relevant discussions. Paid advertising on platforms like LinkedIn, Facebook, or Google Ads can also help expand your reach, provided you target your ads carefully.

Referrals from satisfied clients can be invaluable. Encourage referrals and offer incentives to further motivate your clients to recommend your services. Listing yourself in online directories and offering free consultations are additional ways to attract clients and showcase your expertise.

Speaking at events and offering free consultations can help establish credibility and build trust with potential clients. Finally, patience is key. Building a successful financial advisory practice takes time, so stay persistent and continue providing value to your clients and prospects. By implementing these strategies, you can increase your chances of finding clients as a financial advisor in Singapore while fostering genuine connections and delivering quality service.

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