Multiple-business owner Doris Toh became an ESP with Precepts Legacy after she saw that there was a gap in advising business owners about managing business continuity, succession planning and legacy issues. In this Q&A with The Custodian, she explains what drove her successful transition.
When did you become a Precepts Estate & Succession Practitioner (ESP)?
Around October/November 2021
What prompted you to consider a career and business as a PreceptsGroup ESP? Why did you choose estate planning?
Before joining Precepts, I owned multiple businesses with presence in several countries. Naturally, business continuity, succession planning and legacy issues became key points of consideration. However, as business owners, some of our concerns are not easily managed. Hence having an advisor that understands and has actual experience with all these considerations whilst doing legacy planning is very important. Joining Precepts as an ESP was a natural progression for me to stand on the advisory side to share ideas and address concerns with current business owners.
What do you think is the difference that Precepts made in your journey?
I am very appreciative of the support that I get from the Precepts team, in particular Elyse Tan and Jaclyn Choon. Like with every business, I think is always the people behind the business that make the difference.
What are some of your core beliefs for Estate Planning?
Asset protection for the beneficiaries as we all have loved ones that we want taken care of when we are not around. Allowing time for asset values to grow and knowing where the exit point is also important. Multiplying assets through proper financial planning.
What do you think consumers should look out for when they are doing their estate planning to distribute their wealth?
They should allocate time to consolidate all their assets and understand how best to maximise the assets that they are leaving behind. They should also consider all the necessary implications and problems associated with the asset distribution and mitigate them whilst they are alive so they don’t leave or create unnecessary problems as a result. It is important that they be aware of all the other implications involved by working with a qualified estate planning practitioner and not just go for the “cheapest” one available.
We understand you have regularly helped individuals and families set up Trusts. What is the biggest challenge you face when you talk to them?
Thankfully, I haven’t encountered any major challenges so far and I am very grateful that my clients allow me to guide them through and take my advice seriously which makes the process much easier. I have come across people who totally think estate planning is unimportant and they are happy to leave things unaddressed as they think it is none of their concern whatever happens tomorrow. With this group, I still find it challenging, but at the same time, I can only place my energy with the group that has a more responsible attitude towards estate planning.
What are some of the principles you use to help them overcome these challenges?
Patience to understand what each of their concerns are for their loved ones. I want to know their thoughts and wishes on what is in their best interests and follow through to ensure their assets are taken care of in the best manner, whether through distribution or other wishes that they might have.
How long is the normal process to complete a family wealth succession?
Every case is unique and different but usually it takes at least four to five meetings for me to complete the entire process. For businesses with multiple stakeholders, it can sometimes be more complicated and it takes more time to align the common goals of wealth succession.
What do you enjoy most about the business?
The deep relationships and trust that are built between my friends and me. I don’t really think I have clients in this business at all as the word “client” is very transactional and doesn’t resonate with me in this business. Doing this business requires a lot of “heart-to heart” talks in order for people to open up to us. Hence, I truly enjoy the ultimate friendships that I get out of this business.
Tell us more about what motivates you in this business?
Meeting people every day is a joy for me. When the trust and bonds are built whilst carrying out this work, it gives me a great sense of purpose which translates into motivation for my next case.
What do your colleagues and family members think about you being an estate planner?
Great, when they see that I enjoy what I am doing thoroughly and successfully! When you enjoy what you are doing, the inner glow shows up and that is the best reflection of one’s happiness.
This article was first published in our newsletter, The Custodian Issue 25. Click here to access our latest newsletter.
