Cover Financial advisory veteran Terence Lau shares his insights into navigating the complexities of the industry
Financial advisory veteran Terence Lau shares his insights into navigating the complexities of the industry
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A veteran in the financial advisory industry of 15 years, Lau has transformed setbacks into stepping stones to success. Here, he shares his approach to personal and professional fulfilment, and his insights on the ever-evolving industry of financial advisory
At just 20 years old, Terence Lau suffered a serious knee injury that derailed his aspirations to become a personal trainer. It was not merely a physical blow; the incident prompted profound introspection about his career path. “It was a devastating setback,” Lau recalls, “But I learnt that while a positive attitude is crucial in both my personal and professional life, adaptability is just as essential.”
Indeed, Lau transformed this early adversity into a catalyst for change. Embracing a newfound philosophy on resilience and adaptability, he reassessed his goals and pivoted towards the financial sector, first venturing into banking and then insurance. “Being able to pivot and adjust to new circumstances has been key to navigating change successfully,” he notes.
Lau’s ability to adapt laid the groundwork for his career—and it has paid off. After gaining valuable experience in the insurance industry, he took the bold step of venturing solo by establishing TLA (Terence Lau Associates) in 2014. More than just an insurance agency, TLA is founded on principles of integrity, trust, and understanding, with the aim of delivering personalised financial solutions that cater to the unique needs of each client. This laser-focused approach has propelled Lau to achieve prestigious accolades including the MDRT (Million Dollar Round Table) and COT (Court of the Table)—recognising him among the top one per cent of financial advisors in Singapore.
Above Terence Lau of TLA
Terence Lau of TLA
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Lau attributes much of his success to his distinctive ‘servant leadership’ style, in which he supports the needs of his team, working alongside them on the ground. This approach is rooted in the belief that effective leadership is not about exerting authority but about serving others, fostering a supportive environment where everyone feels valued and empowered. He asserts: “I find there’s no better way to earn respect than through direct involvement and setting the standard for others. Even though I view time as a very valuable commodity, I will always do my best to allocate time for my team.”
Lau emphasises the importance of leading by example, a principle that he holds dear based on his own career trajectory. “Having started my career as an agent myself, I strive to be the kind of leader I would want to follow,” he explains. To inspire his team of 32 financial advisors at TLA, he implements strategies that focus on personal development and continuous learning. He encourages open communication and collaboration while instilling a sense of shared purpose. “My approach transcends mere target achievement; it’s about cultivating a culture where success is measured by professional accomplishments and personal fulfilment in career and family life.”
One of the biggest challenges leaders often face is navigating the complexities of a constantly evolving industry, and for Lau, this has been particularly true in the insurance sector. As technological advancements, regulatory reforms, and shifting consumer expectations reshape the landscape, Lau recognises that steering his team through these changes is essential to maintain their competitive edge. He shares: “To stay ahead, we constantly adapt our business strategies by embracing these changes rather than resisting them. We do this by integrating technology to enhance efficiency, streamlining operations, and providing more personalised solutions to our clients, ensuring we remain agile in a dynamic landscape.
Below, Lau shares more about his leadership philosophy, the evolving challenges in the insurance sector, and his vision for TLA as he navigates the complexities of the industry while fostering personal and professional growth for both his team and clients.
What makes a great leader?
Terence Lau (TL): Beyond simply managing a team, a great leader leads by example, demonstrating the behaviours, values, and work ethics they expect from others. This creates a culture of integrity and a sense of ownership and responsibility.
What is equally important is the ability to bring out the best in everyone. A leader needs to recognise the unique qualities of each individual and foster an environment that encourages growth, collaboration, and innovation. We should not only be good at identifying potential but we need to also invest time and effort in nurturing that potential, offering guidance and opportunities for development.
What are some of the key challenges you anticipate for the insurance sector?
TL: The evolving expectations of consumers. Today’s clients are no longer looking for just an agent to manage their policies; they seek someone who truly values them, someone they can confide in and trust across a broader spectrum. This shift demands a deeper, more personal relationship—clients want advisors who not only understand insurance but also offer insights into other areas of life that matter to them.
It is thus essential that my team is equipped with a more comprehensive skill set and general knowledge, enabling them to offer well-rounded advice and become trusted partners to our clients. This means investing in continuous professional development, expanding our understanding of diverse industries and market trends, and fostering a culture of empathy and genuine care. By doing so, we ensure that we remain relevant and build lasting relationships in an industry that is constantly evolving.
How do you achieve a work-life balance? How do you set boundaries?
TL: I believe many people misunderstand the concept of work-life balance. It's not something that happens automatically but rather something we earn as we reach a certain level in our careers and gain more control over our schedules. For me, achieving this balance requires intentional planning.
I prioritise setting clear boundaries by allocating dedicated time in my calendar for both personal activities and family commitments. These slots are non-negotiable, and I adhere to them strictly. By doing so, I ensure that my personal life receives the same attention and focus as my professional responsibilities. This approach allows me to maintain a healthy balance while being fully present in both areas. I believe that with fulfilment in the home front and in personal life comes success in one’s career.
What does success mean to you?
TL: It varies greatly from person to person. For me, financial success only accounts for about 20 per cent of what I consider true success. While financial stability is important, it’s just one piece of a much larger picture.
The other 80 per cent comes from key areas that often go overlooked, such as health and fitness, mental well-being, the quality of our relationships with loved ones and people around us, including teammates and clients, and the impact we make through our contributions to others. Success, to me, is about maintaining balance across these areas. Good health and mental wellness are foundational, as they allow us to enjoy and make the most of our achievements. Strong relationships with family, friends, colleagues and clients bring fulfilment, and giving back to others adds a sense of purpose. True success is holistic, it’s about thriving in all aspects of life, not just financially.
What personal career achievements are you most proud of?
TL: One of them is taking the bold step to branch out and form my own agency. It was a significant moment for me, as it represented not only a desire to take control of my own professional destiny but also a deep commitment to building something from the ground up. Establishing my own agency required a great deal of courage, resilience, and belief in my vision, and seeing it grow and thrive has been incredibly rewarding.
Building an agency from the ground up hasn’t just been about personal success and it’s about fostering a supportive environment where my team can thrive. Knowing that others are dependent on my leadership and vision, and taking ourselves to the next level pushes me to be my best every day. Seeing my agency grow and providing opportunities for others has made the journey even more rewarding.
What advice would you give to young professionals entering the financial advisory field?
TL: Cultivate the right mindset and have a genuine willingness to serve others. It is crucial to approach the role with a focus on helping clients first and foremost, without the expectations of immediate rewards or recognition. This can be challenging, especially in the early stages, but is entirely achievable with patience and persistence. Building strong relationships and trust takes time, and the true value of your work will become evident over the long term. By staying committed to your clients’ best interests and maintaining a service-oriented mindset, you'll not only succeed but also find fulfilment in your career.
What’s next for TLA?
TL: Our goals are rooted in growth and creating deeper connections with our clients. Our vision is captured in our motto: Lifestyle protected, Family connected. Our mission is to empower our clients to achieve financial well-being and success throughout their life stages by offering a wide spectrum of professional services, fostering collaborative teamwork, and creating a thriving hub for their financial needs so that they can enjoy a greater quality lifestyle with their loved ones.
In the near term, we're moving towards establishing our own office, which will provide greater opportunities for hosting events and workshops—something we've consistently prioritised to add value for our clients. In the longer term, TLA aims to build a strong 80-person team by 2034. More than just numbers, we want to be the agency where people come together to support one another, both professionally and personally. Our goal is to create an environment where growth, both in business or in life, is a collective journey.
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Images: Courtesy of Terence Lau
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