Growing trust, not just wealth: How they help clients build legacies with purpose

WHEN a businessman approached Maryann Chi, a private client advisor (PCA), for advice on growing his savings, she initially thought it would be just a routine request. However, it turned out to be far more meaningful than she had expected.

This businessman wanted to find out how to provide for his two children, one of whom has special needs, for the long term. This shifted their conversation from wealth accumulation to thoughtful legacy planning.

“He thought it would suffice to focus on earning enough money to leave behind for his children. I reminded him that it was just as important to set up a structure to ensure the money would be used according to his wishes,” Chi recalls.

Chi, a PCA with over a decade of experience at Prudential Singapore, manages a diverse portfolio of clients, many of whom are high-net-worth (HNW) individuals like the businessman.

Understanding his family’s unique needs – especially with a child requiring special care – she proposed a customised trust for wealth transfer, protection and long-term support. This comprehensive approach included a dedicated sub-trust for his child with special needs, covering lifelong medical and daily expenses; and tiered distributions for key life milestones for his other child.

With the trust structure in place, the businessman can ensure that his wishes for his beneficiaries are upheld, and the assets that have been set aside are protected from creditors and potential risks such as bankruptcy, business insolvency or divorce. 

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“He never imagined that legacy planning could be so personal, detailed and values-driven,” she added. 

Beneath the intricate wealth structures and complex strategies, what she cherishes most about being a PCA is the close relationships and trust she has fostered with her clients, many of whom have known her since the early days of her career. 

“Much like how I’ve seen them through many of life’s milestones, they’ve also seen me through mine. We joke about how they’ve watched me grow up, and now we are growing old together.” 

Protecting and preserving wealth

Between 2023 to 2024, Prudential Singapore saw a 16 per cent increase in its number of HNW clients, driven by its financial representatives and advisors. Within the same time period, sales also rose by over 40 per cent. 

In 2024, the HNW individual segment in Asia-Pacific saw a 4.8 per cent increase in wealth and a 2.7 per cent rise in the HNW population. In Singapore, the number of ultra HNW individuals – those with a minimum of US$30 million (S$38 million) – grew steadily from 4,601 in 2022 to 4,783 in 2023 — a 4.0 per cent increase. This growth is expected to continue, reaching 5,535 by 2028 — a 15.7 per cent rise. With the millionaire population in Singapore expected to grow further, Prudential Singapore believes that demand for tailored wealth solutions will continue to grow.

Rom Lee, chief agency officer, Prudential Singapore, says that with increasing lifespans and affluence, there is also a growing need for more protection and legacy planning. 

He says: “Prudential Singapore has been investing in growing our pool of PCAs and suite of insurance plans and wealth solutions to meet the evolving demands of high-net-worth clients. Beyond their extensive expertise, our PCAs also bring empathy, fostering trust and building a deep understanding of each client to customise plans that meet their unique needs.”

One of Prudential Singapore’s key offerings for the HNW segment is PRUVantage Legacy Index, an indexed universal life insurance plan that provides lifetime coverage against death and terminal illness. At the same time, it also maximises the growth potential of wealth for future generations while protecting it from market downturns. 

Earlier this year, Prudential Singapore also launched the Prudential Wealth Suite, which offers a private, by-appointment-only space at the insurer’s main customer service centre at Prudential Tower at the heart of Raffles Place. Here, HNW clients can discuss their insurance and wealth management requirements with their PCA in comfort. Nathan Tan, who joined Prudential in 2018, plans to use the space for client reviews and meetings that require a more exclusive and professional setting.   He and Maryann were sponsored by the company to take up two specialised courses with the Wealth Management Institute: Certified Affluent Wealth Advisor and Advanced Affluent Wealth Advisor. 

In addition to equipping him with specialised financial knowledge, the courses also gave Tan a deep understanding of the complex needs of HNW individuals to support their wealth planning needs, along with valuable insights from industry veterans.   “One of the trainers, a retired private banker, shared her experience working with wealthy clients, which was useful in helping us understand the relationship-building aspect for this segment,” says Tan.

Being able to foster deeper connections with his clients is a core part of the job that Tan has relished – whether it is through one-to-one financial planning sessions or appreciation experiences that clients and their families can also be part of.  

“I enjoy organising these appreciation events as clients can bring their family and friends together. At the same time, you can get to be part of your client’s life,” Tan says.

Creating space for growth

Tan and Chi had to meet stringent criteria to become a PCA, including being a Million Dollar Round Table (MDRT) qualifier and having at least three years of licensed financial advisory experience. Chi has achieved six MDRTs, and Tan has attained Top of the Table (TOT) for the last three years, the highest tier of the MDRT benchmark. Since 2020, Tan has also been a member of Prudential’s President’s Club – the company’s top honour for excellence.

Their achievements are a reflection of Prudential Singapore’s commitment to supporting its financial representatives to reach their full potential.  For example, Chi was mentored by a global expert in wealth management and cross-border financial planning. She says that the multitude of training, mentoring and networking opportunities she has received over the last decade has significantly boosted her self-confidence. She says: “Before I joined Prudential, I was very shy and scared of meeting people. But now I’ve realised, what’s there to be afraid of, when I’m helping to make an impact on someone’s life?”

Tan, likewise, feels he has matured since joining the industry. 

“Over the years, I’ve handled several death and critical illness cases. Being able to support my clients and their family during such periods is incredibly meaningful and my aim is to help more people manage and protect their wealth better,” he says.

“Younger people tend to use their money only for investments, but it’s also important for them to include insurance as part of their portfolio, as it provides protection for unforeseen circumstances. I hope to help them see the value of that,” says Mr Tan. 

Chi now sees herself as a strategic partner to her HNW clients, coordinating with other experts such as tax specialists and lawyers to put together wealth management solutions. Every case is a reminder of the impact of her work, being able to craft holistic solutions that honour her clients’ values and long-term goals.

“Knowing that I could provide that peace of mind – not just for them, but for their families’ future – is deeply fulfilling.”

Learn more about a career as a financial representative with Prudential Singapore.

Footnotes:

¹Subject to prevailing participation rates. The average participation rate is 68 per cent in policy illustration, and the guaranteed minimum participation rate is 40 per cent.

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