The Trusted Financial Adviser: The Secrets to a Long and Successful Career as a Financial Adviser by Lee Clarke

Author:Lee Clarke [Clarke, Lee]
Language: eng
Format: epub
ISBN: 978-1-908746-07-8
Publisher: Ecademy Press
Published: 2009-03-15T00:00:00+00:00

Chapter 15

Sharpening the Axe

Most people know the story of the two woodcutters, both chopping trees in the same wood, yet one woodcutter who took regular breaks ended up felling far more trees than his companion. The reason was that when he took breaks he not only refreshed himself, he also sharpened his axe. It’s very important for us to allocate time to self-improvement and professional development – our own ‘axe- sharpening time’. Those of us who work for insurance companies will usually only get training from our own company and that training will mostly be limited to the products and services offered by that one company. When we work in a profession such as that of financial adviser it’s important for us to be fully aware of the much wider picture, covering local tax law, the products available from other companies, and the measures clients can take with their own finances that do not necessarily involve a product of any sort. We should therefore attend open conferences when available, such as those run by our professional associations or by specialist companies where not only will we gain this valuable additional knowledge but we will also make contact with people who may be able to assist on those rare occasions when we are unable to help with a particular client.

The importance of MDRT

For the last 25 years I’ve been a member of MDRT - Million Dollar Round Table, the premier association for financial services professionals worldwide. Whilst local professional and company meetings enable us to keep up with technical and product ideas, the

MDRT annual meeting enables us to understand more about what’s happening in the world as a whole and, most importantly, to learn those ‘people skills’ which, in the UK at least, are so rarely taught at company or professional association level.

It’s been said that being successful in our profession involves 90% people knowledge and 10% product knowledge, although you have to know 100% of that 10%! Our companies will usually provide us with the whole of that 10%, but rarely will they address any of the 90%. I strongly recommend that all of us involved in financial services should make it part of our business activity to qualify for and attend the annual meeting of MDRT. Doing so will raise your business to a new level of professionalism and achievement. MDRT is many things to many people. Some find inspiration and become highly motivated by the main platform sessions. Others have learned how to deal with changes in regulatory and tax laws as members from other countries share their own experiences and highlight not only the pitfalls but also the many opportunities arising from such change. Speaking for myself, some ten years ahead of the changes in the UK distribution model I was able to learn from Australian and New Zealand delegates how they managed the identical changes currently being introduced in the UK. Preparation ensures we are ready and can fully embrace changes which cause near panic and misery among others.

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