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[The Wrap] A big picture view of financial planning

This week I had a global view on what’s happening in the financial advice world at the annual MDRT conference.

Sunday, June 13th 2021, 5:10PM

by Philip Macalister

Million Dollar Round Table is the biggest financial planning association in the world, and despite the pandemic, has a record number of members.

Three days of virtual conference revealed a number of key themes.

One of course is change. Like the David Bowie hit song it is more like Ch-ch-ch-ch-changes.

In New Zealand advisers face a multitude of regulatory changes. Overlaying that are pandemic initiated changes including how you communicate and relate to your clients.

Empathy and understanding were words we heard a lot.

Selling is so passé – which I am sure is music to many people’s ear.

As one speaker said it is “less about product, more about the experience.”

Another speaker, Phil Jones, used an analogy that a tidal wave is coming, you can’t stop it, rather you have to decide how you are going to respond to it.

The key point is the way you did business in the past is probably no longer, or at least, less relevant than it is today.

One of the highlights of the three day event was former US speed skater John Coyle.

In an excellently delivered presentation Coyle made an impassioned plea for people to play to their strengths, not try and fix their weaknesses.

A great line if there is something someone else can do in the office, let them do it so you can play to your strengths.

It’s certainly a key takeout message for me.

But possibly one of the most powerful messages is that the impossible is possible.

In this changing and evolving world of financial advice don’t be scared to make changes.

Tags: MDRT Opinion

« National criticises new conduct billBritannia Financial Services rebrands - expands investment offering »

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Last updated: 29 July 2021 9:04am

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