New Orleans is more famous for its jazz, Mardi Gras and Creole cooking than financial planning. Nonetheless, as I type this article, this great city is echoing to the sound of several thousand financial advice professionals from around the globe sharing their knowledge and experience with each other.
Whether from the UK, US, or as far afield as China and Australia, all have come together as Million Dollar Round Table members to swap ideas, exchange business cards and learn from each other as well as from the three days of formal presentations and meetings in which they are immersing themselves.
For me, this shared learning from the experience and ideas of advisers from around the world has always been one of the unsung benefits of attending MDRT meetings. Indeed, at my first meeting in Montreal in 1972, over an informal breakfast, an American adviser gave me a simple idea which helped me introduce myself to clients more effectively and better outline how I could help them. This one idea helped me build stronger empathy and trust with my clients and, as a result, enabled me to deliver more solutions to more people.
This sharing of ideas highlights another crucial aspect of the MDRT annual meeting, which is that nobody can just buy a ticket to attend; everyone from across the world has had to qualify. Wherever we are from, we all share the same journey with our clients as we develop an understanding of their needs, and ultimately provide the right financial solutions to help them and their families achieve their objectives. Initially this journey may take many weeks – or even months – and then develops into an enduring relationship delivering mutual benefits to the advised and adviser alike.
The MDRT reminds us that successfully providing high-quality and ethical financial advice to clients demands a great deal more from us than merely technical knowledge. Indeed, the soft skills of how to understand and empathise with clients as we help them achieve financial security are all too often forgotten in the regulated, fact-based world of today. No computer can replace the care and attention we give our clients. Technology cannot put its arm around a widow’s shoulder at a time of sorrow, or share the joy of a retirement party with a client who knows he has security in retirement thanks to the work of his financial adviser.
Ken Davy is chairman of Simplybiz
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