The common misconception about estate planning is -- it is for the old. This, in turn, has given rise to another fallacy that estate planners must be “old”.
Tell that to Vanessa Kiew and she will tell you how wrong you are. This 41-year-old “newly-crowned” Champion - Rising Star in number of Wills category, member of the 100K Club, and Rockwills Golden Club Personal Qualifier, is all for the younger generation becoming estate planners.
“Estate planning is a sunrise industry with a blue ocean market. Approximately 90% of Malaysians have not made a will, and less than 1% has set up a trust. The opportunities are there with good career and business prospects. The younger generation should join a pioneer like Rockwills that can help them to create a long-lasting income stream,” advised Kiew.
According to Kiew, joining Rockwills as an estate planner enabled her to see the big business opportunity. Her success depended on how hard, fast and efficient she worked and, of course, the guidance of her mentors.
She recalled her first client – a couple where the husband is a businessman. In spite of her youth in comparison to them, they agreed with her advice and set up a family trust with her.
“At that time, I was very happy, and I felt a sense of accomplishment in my heart. I wanted to hug my client and say thank you (but I didn't do it 😁).”
She commented: “Sure, there are still those who are superstitious but when I remind them of the fragility of life especially in the light of Covid-19 where both young and old are infected, they agreed that planning ahead is most important. Death does not take age into consideration.”
Kiew cautioned that there are challenges and the pathway is not a bed of roses.
“Some clients will compare prices and opt to go with law firms or banks that offer cheaper rates. Admittedly, Rockwills’ fees are comparatively higher but we are professionals and we know the industry better than any others. I often tell the clients that they get what they pay for – you pay peanuts, you get monkeys,” Kiew added.
Nonetheless, the opportunities are out there with many who have yet to plan their wills and trusts. And, if Vanessa has her way, she would want as many young Malaysians to seize that opportunity as best as they can and sign up as estate planners.