The 4 Best Practices I’ve Learned From The MDRT Annual Meeting

By Doug Bennett

As someone who’s been in the financial services profession for years, I’ve come to realize how critical it is to stay abreast of trends and best practices. One of the resources I’ve come to rely on throughout the years to provide me with cutting-edge strategies and innovative ideas?

The MDRT Annual Meeting. During this event, I’ve been able to collaborate with some of the brightest minds in our profession and hear next-level strategies for bettering my client service and expanding my practice.

Here are four of the most poignant pieces of advice I’ve learned over the years:

1. Become Result Oriented

Your time is precious -- dedicate it to producing the results you desire. First, determine what business actions you can focus on to see the most significant returns. Typically, this includes efforts designed to bring in business, such as identifying new prospects, giving presentations and closing deals.

Focus on high-value activities for your practice first and prioritize or delegate other tasks from there. Once you’ve categorized each function, identify the appropriate people or departments to complete the task that will drive the best results.

2. Strive for Excellence

Strive to be the best at what you do for your clients and your business. You can’t realistically expect to be trusted with someone’s financial wellbeing as an underperforming producer or someone who accepts mediocrity. The key to strategic growth is regular and honest self-assessments of your current abilities. Identify your weakest skills and find the opportunities to strengthen them through networking, classes, research, meetings and more.

3. Take Action

Become an agent of action, to drive your business in a positive direction and get out of your comfort zone. Proactivity brings your firm closer to where you want it to be. Plus, it helps you solve problems and overcome obstacles. Fear of failure stops advisors from dreaming big and progressing to career milestones. Embrace the idea that failure exists to bring good feedback into your business conversation.

4. Set Goals Like an Executive

Goal setting can be a visionary exercise that gives you a holistic and big-picture view of your organization, your ideal outcome and how you plan to get there. Use the “Magic Wand Technique” to get a true sense of your long-term goals, which will help build out your short-term milestones. Imagine you have access to a magic wand that would instantly let you achieve anything you want in your business without any obstacles, limitations or barriers.

• What would you need to do to get there without the magic wand?
• What barriers did it remove for you?
• What path did it take to bring you into your dream?

Take time to document in full detail exactly what you want for your business. Then, use your vision to create an action plan with specific, reachable and measurable goals to grow your business.

Every financial advisor with a goal to grow has the power to accomplish it. The only barrier to this growth is a failure to plan. Change that and focus on the right actions to get you there.

Not sure how exactly you’d overcome some of your challenges? We’ve all been there. Consider connecting with a more experienced advisor, joining a financial services association, or tapping into this year’s MDRT Annual Meeting Virtual Event content that’s On Demand until July 9th.

One thing is for sure: you won’t grow without a community of like-minded individuals to support you.

About the Author
Doug Bennett, DipPFS, offers services including wealth management, lifestyle financial planning and wills & trusts (estate planning). He is a 14-year member of MDRT, with 7 Court of the Table qualifications. For more of Doug’s advice and tips for financial advisors, you can read his book, Goals Do Come True.