“As a member of senior management at a large corporation, our client helms a team over a hundred strong and has handled many important decisions over the years. Nothing seemed to faze him. He is also the family breadwinner and spent decades building wealth for his family’s future,” says Suki, Vice President of Treasures Private Client, DBS Hong Kong. He is a pillar of strength at work and at home, but this year presented two immense challenges: the pandemic and his own impending retirement.
“The pandemic impacted his business operations both internally and externally, leaving him powerless despite his best efforts. At the same time, his personal investments suffered due to market volatility. Worried about the future, he became overworked and his health deteriorated, presenting a stark reminder that he had already reached retirement age,” says Suki.
“When I called to check on him, he couldn’t help admitting worries he’d never voiced to anyone before,” she adds, recalling a pivotal phone call. He told her about sitting alone in his study at night, staring at family photos and regretting the time he spent in the office over the past decade, instead of being with his family. Through hard work, he had been able to send his daughter to the UK for school and secure her comfort there, but news of the pandemic still worried him.
His candour took Suki by surprise, because their long-term banking relationship had never extended beyond polite exchanges. However, she believes the goal of a bank, beyond handling financial matters, is to give clients peace of mind. That is why she lent a compassionate ear, sensing it was what he needed. “Many of our clients have a hard time adapting to retirement. The pandemic just compounds the stress,” she adds.
A week later, the client called again, asking for Suki’s help with a personalised savings plan that would protect his family against volatility. “The pandemic was ongoing, but I met with him anyway to help him refine his financial plans,” she says. She analysed his situation and presented several options, accounting for factors such as the impact of the pandemic and global market trends, as well as his health and retirement needs. The client ended up accepting Suki’s proposal to secure his daughter’s future by increasing the sum assured on his life insurance policy. It was not an easy decision for him, but his ensuing peace of mind confirmed that it was the right move.
“I invited him to bring his wife to our next meeting to better understand their needs as a family,” she added. “This helped me come up with a comprehensive plan to protect the whole family.” This pleased the client, who wanted to spend his retirement years cherishing his wife.
Suki hadn’t expected a simple phone call to have such an effect. The client had needed more than financial advice; he sought a listening ear. “He received several text messages during our meeting,” recalls Suki. “I thought they were about work. But just as we were getting ready to leave, I heard him respond with a voice message: ‘Mom and I miss you very much too!’ Witnessing his happiness is my greatest reward.”