Until recently top brokers could only join the United States-based MDRT if they belonged to the main body representing advisers in their country, namely the FPIA in New Zealand.
However, earlier this year, after submissions from New Zealand, it relaxed its rules and said a broker only has to belong to an association representing life insurance based financial services professionals.
This change recognises that, in each country, there is more than one association effectively representing life insurance based financial services professionals, Strategy Financial Services boss Graeme Lindsay says.
"Accordingly, by requiring membership of only one of those associations, MDRT was denying MDRT membership to a group of potential members."
Christchurch-based adviser Kevin Seque, who is a LBA director and a member of MDRT, wrote to all MDRT members in New Zealand inviting them to join the FPIA.
"This decision by MDRT has created a two fold opportunity for New Zealand life assurance professionals. Life brokers who were not part of the FPIA are now eligible to attend MDRT, and MDRT qualifiers are now able to join the association(s) of their choice that can add the most value to their local businesses."
He says that there are about 80 MDRT members in New Zealand who belong to the FPIA.
Seque says the LBA, which has just under 200 members, is moving towards becoming a more professional organisation with the recent release of a practice manual and the establishment of its Broker for Life programme.
The practice manual is "the Bible for the life broker (and is), packed with all the acts, procedures and requirements to be able to effectively operate as a financial services professional."
The Broker for Life course programme has been set up to help the traditional insurance agent become proficient in financial planning matters.
Seque says many advisers who just sell risk products have built up a big client base of people who are getting old and now have reasonable sums of money. This programme is designed to give the adviser skills to help their clients manage their money.
Meanwhile, FPIA president Andrew Charles is not too worried about the LBA's approach to its members. He expects to lose a few members through the MDRT changes, however predicts it will be a small number of people.
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