At NTUC Income, we ensure that you are well-equipped with the relevant expertise to succeed. When you have achieved MDRT for the year, you will receive the stamp of success by fellow financial advisors and management. In desperate attempts to qualify for MDRT, I have even heard of managers teaching financial advisors to tell their clients to help them out for MDRT. The MDRT award is supposed to be a byproduct of good financial advisory practice but in many cases, the client seems to have been displaced and become instead THE byproduct of the financial advisor’s MDRT pursuit. Lets take a look at the 2 groups of people who are integral in shaping financial advisors’ behavior.
They want more financial advisors to join them and they want all of these financial advisors to work. It can be used to recruit more advisors and it is also a means to make financial advisors keep to a certain level of production. The financial advisory work environment is cleverly structured to equate the financial advisor’s self-worth to his / her production.
The very running of production for the sake of sales accolades is damaging for both the financial advisor and the client. Financial advisors only see themselves as worthwhile as their production achievements and take production figures very personally. While clients, who are actually supposed to be the financial advisor’s focus, are being displaced and become byproducts of this MDRT race.
Firstly, agents generally only have knowledge about the products that they are selling and their area of expertise, and not the entire gamut of financial products. These agents are not trained to understand the financial goals of an investor, draw up strategies, study alternatives and advise on optimal strategies to achieve desired ends. This blog helps you keep abreast of Personal Finance related matters and Financial Planning related matters.
This is where financial advisers come in. They have the client’s interests in mind, and also know the subject well enough to analyse their situation, come up with alternatives and evaluate strategies to achieve desired outcomes and put together a portfolio to do precisely that. He ended that year shuttling between his job with the Los Angeles Lakers and court appearances in Colorado.