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Should the IFP and PFS follow the MDRT model? How have you benefited from MDRT?

As we speak, hundreds of delegates are enjoying the opening day of the Middle East MDRT day (Million Dollar Round Table).  Indeed, our own Michelle Hoskin is one of this year's speakers at the event. 

Some of the UK's top financial advice professionals are also in attendance - several of whom have been MDRT members and supporters for many years.

Founded in 1927 MDRT is a global association of nearly 36,000 members recognised for its commitment to the highest standards of professionalism and ethics.  Yet for many, it still has a very 'salesy' feel to it and some question whether that is appropriate in a today's 'new model' environment.

Clearly sales is still a very important factor in a modern financial advice business, but with the emphasis switching more from sales of products to sales of your proposition.

* Have you benefited from being a member of MDRT?
* Is MDRT the future of 'trade bodies/associations' for the financial advice profession?
* Should bodies like the PFS and the IFP model themselves more on the MDRT approach?

We would welcome your views please.


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Author: Philip Calvert
Posted: Monday, April 16, 2012 | 8:38:49 AM

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27 April 2012 | 12:28:11 PM  Tony Gordon wrote:
There are certainly lessons which all our associations can learn from MDRT. 43 years ago when i started in the business it was all about sales, thankfully the pendulum has swung in the direction of knowledge & service. But sometimes the pendulum can swing too far.
Now we are so focussed on the technicalities of our products we are losing sight of the fact that for a prospect to become a client they must want to do business with us. Clients have to trust us to take our advice & trust is based on how one person feels about another. As it was ably put at an MDRT meeting many years ago "we are in the business of creating & maintaining relationships of trust".
Only when there is trust will a client take an interest in the technicalities of our product. in other words they don't buy because they understand but because they feel understood. If organizations like the PFS are to really help there members they need to look to helping them build the skills necessary to successfully develop relationships. It's what we used to call selling.
I have been an MDRT member for 35 years & have only missed one Annual Meeting & that through ill health. Clearly I value my MDRT membership. It has given me access to the best minds & most successful practicioners in our business. When we spend time with people who are already where we want to be how can we not learn from them. Especially if it takes place in an environment where all are willing to share. MDRT members are the most unselfish people in the world.
We all need to know how we can do what we do more successfully, MDRT is the place to find out.
20 April 2012 | 11:56:59 AM  Doug Bennett wrote:
I wholeheartedly agree with Michelle, I was a member of MDRT back in the mid 1990's attending 3 meetings when my employers back then decided I didn't need to be indoctrinated by outside influences!!! I attended again in Atlanta last year, where I met Michelle and a number of other members who have become close friends.

The camaraderie is unlike anything else you will experience, the presentations are unlike anything else you will come across and are not all salesy, if that is a word.

Focus is on the whole person concept, and will help you become a better you.

For sure there is a boost in your sales ability, there is nothing wrong with achieving your financial goals in a shorter time. It will give you more time with your family.

I am booked for this year's meeting in Anaheim, I have joined the mentoring program, which enables me to give the opportunity to aspiring members to attend their first couple of meetings without the full production goals. One of my mentee's has already surpassed his production figures achieved last year. It has also meant I have needed to focus on my figures.

If you have never been you really need to give it a go.

Sparkling, good word!
18 April 2012 | 11:26:13 PM  Michelle Hoskin wrote:

Anyone that knows me knows how I feel about MDRT! I don't think the two organisations mentioned should even try to imitate MDRT, they do what they do and MDRT does what it does and has always done best.

MDRT gives advisers their sparkle back, gives them the motivation to be amazing without limitation!

MDRT members are passionate, enthusiastic and love whole heartedly what they stand for. It will open your eyes and allows you to meet advisers and planners from across the world and I can tell you I have met some simply amazing people who have through their kindness in their own little way changed my life!

I am yet to meet an MDRT member who moans and groans about regulation, running a business, products or providers. The UK financial services market place has lost its sparkle and I think it’s about time to embrace something different!

My advice, give it a go! You have nothing to lose, if you hate it you never have to go back but if you love it.... I'll be right there waiting with a smile on my face to tell you - I told you so! x

I will be happy to personally speak with anyone who wants more information about MDRT or of course you could also speak to one of the many fantastic MDRT UK committee members.

Best wishes Michelle Hoskin

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