When life changes, so can your financial priorities

WHEN LIFE CHANGES, SO CAN YOUR FINANCIAL PRIORITIES 08 Oct 2026 09:28AM A terminal diagnosis. Divorce in retirement. Priorities that shift over time. OCBC Premier Banking relationship manager Bryon Loke explains why good financial advice starts with understanding what clients really want and responds to changes in their lives. Three years ago, an elderly woman walked into OCBC’s Jurong Point branch with a clear plan: Put money into a fixed deposit and take up an insurance plan.After a long conversation with Mr Bryon Loke, then a personal financial consultant, she walked out with neither.The turning point came when Mr Loke asked about her financial situation, her goals and what she wanted the money to do. She told him she had been diagnosed with a terminal illness.“I wanted to close the deal,” he said. “But when I found out she only had a few months to live, I could not in good conscience ask her to proceed.”The question was no longer which product to choose. A fixed deposit could limit access to her funds for a period, while the insurance plan required a longer commitment than her situation allowed. Mr Loke also learnt that most of her healthcare costs were covered and that she did not need to set aside the savings for dependants.He encouraged her to consider what she wanted the money to achieve in the time she had left. “I told her that maybe it was better that she used the money on experiences with her family and friends,” he said. “Sometimes, the right advice is not to invest more. It’s helping clients make decisions that are aligned with what matters most to them at that point in their lives.” “SOMETIMES, THE RIGHT ADVICE IS NOT TO INVEST MORE.” THE QUESTION BEHIND THE QUESTION For Mr Loke, the encounter showed how quickly financial advice can change once an adviser looks past the initial request to what the client is trying to achieve.In nearly five years of advising OCBC customers, first in personal banking and now as a relationship manager with OCBC Premier Banking, he has seen investment queries turn into discussions about very different priorities: retiring comfortably, supporting children or leaving something behind for loved ones. The product a client asks about may be only the starting point.Mr Bob Ng, OCBC’s head of Personal and Premier Banking in Singapore, said meaningful financial advice starts with putting customers’ interests first. “That’s why our advisers follow a rigorous process to understand each customer’s needs and circumstances, supported by strong safeguards and a zero-tolerance approach to misconduct.” A relationship manager can help uncover the question behind the question – what a client ultimately wants the money to achieve. WHEN LIFE CHANGES THE PLAN Sometimes, life changes the question altogether. Mr Loke recalled a retiree in her 60s rebuilding her life after a divorce. Having relied largely on her former husband’s income, she had substantial cash savings but little investment experience.Her priorities were straightforward: make sure her savings would last, keep enough cash on hand for daily expenses and have a dependable source of income in retirement. Yet leaving everything in cash carried its own risk as inflation could gradually erode the purchasing power of her savings.Together, they explored how to balance her need for retirement income with the level of risk she was willing to take. Over time, she invested part of her savings to generate a steadier income. The aim was to support her retirement while keeping risk within her comfort level, rather than chase the highest returns.“It was about helping her understand the trade-offs and ensuring she remained comfortable with every step of the process,” he said.The investments now help fund her living expenses. The conversation has since widened to how she wants to provide for her family in the future. ADVICE DOESN’T END AFTER THE INVESTMENT Good advice is an ongoing conversation. A financial plan that works at one stage of life may need to be revisited at another.Mr Loke regularly revisits his clients’ plans to make sure they still reflect their goals and priorities. “Our role doesn’t end once a decision has been made,” he said. “Life changes. Markets change. We help clients navigate those changes and make adjustments when needed.”Sometimes, that means exploring new opportunities. Other times, it means taking another look at an existing arrangement. And occasionally, the best decision is to leave things as they are. “GOOD ADVICE STARTS WITH UNDERSTANDING THE PERSON, NOT THE PRODUCT.”– MR LOKE, ON THE BROADER ROLE OF WEALTH ADVISORY Some clients approach wealth advisers cautiously, particularly when they expect every conversation to lead to a product recommendation, Mr Loke said.Early on, clients may judge the relationship by small things, he added, such as how quickly an adviser responds. As clients become more comfortable, they may bring spouses, children or other family members into discussions, especially when retirement planning and legacy considerations become more relevant.For Mr Loke, being invited into those wider family conversations is one sign that trust has grown.Years later, he still remembers his conversation with the terminally ill woman. It crystallised a principle that remains central to his work: Understanding what matters to the client comes first.“Trust takes time to build,” he said. “You earn it by giving advice that continues to make sense for the client even as their circumstances change.”This content is for general information only and does not constitute financial advice or a recommendation to buy or sell any financial product. Readers should consider their individual circumstances and seek professional advice where appropriate. Published: 8 Oct 2026 Photos: Mediacorp Studio 3, Shutterstock LIFTING EVERYONE IT SERVESOCBC supports aspirations across ASEAN and Greater China.FIND OUT MORE