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[The Wrap] The big picture of financial planning

This week, at the annual MDRT conference, I had a global view of what was happening in the world of financial advice.

Sunday, June 13, 2021 5:10 pm

Philip McAllister

The Million Dollar Round Table is the world’s largest financial planning association and, despite its pandemic, has a record number of members.

The three-day virtual conference revealed some important themes.

Of course one is change. Like David Bowie’s hit, it’s like Ch-ch-ch-ch-changes.

In New Zealand, advisors are facing many regulatory changes. Overlays that are changes caused by a pandemic. This includes ways of communicating and interacting with clients.

Empathy and understanding were words we often hear.

The sale is so pass-I’m sure it’s music in the ears of many people.

As one speaker said, it’s about the experience, not the product.

Another speaker, Phil Jones, had the analogy that a storm surge was coming. You can’t stop it. Rather, you need to decide how to deal with it.

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

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

In a good presentation, Coyle enthusiastically pleaded for people to demonstrate their strengths rather than trying to fix their weaknesses.

If anyone else can do something in the office, let them do it so you can show your strengths.

It’s certainly an important takeaway message for me.

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

Don’t be afraid to make a difference in this changing and evolving world of financial advice.

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[The Wrap] The big picture of financial planning

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