Tuesday, September 16, 2008

Million Dollar Round Table (MDRT)

Come to my previous topic on Financial Success = Capabilities?

Please don't misunderstand that I'm trying to say advisers who achieved the MDRTs or COTs are no good or must be mis-selling to acheive such qualifications. I must emphasize that there are good and bad advisers whether they are MDRTs or not.

I fully respect those advisers who catch the right market, do their job professionally, get lots of referrals and achieve their MDRTs. However, there are also some who treat this profession as a full sales job, Sell by misleading concepts, promotions, free gifts, premium discounts, etc. They forget that they are supposed to be consultants or financial advisers. They also forget the important process of proper fact-find and analysis.

What I also observed is that insurance companies glorified MDRT achievers and makes them looks more professional than other advisers by publishing them in newspapers. Many websites and companies also seems to point that a MDRT qualifier is more ethical or professional than someone who are not. Inevitably, the consumers will think that its true and look out for MDRT title from their advisers.

++ Extracted from Ifpas (Insurance and Financial Practitioners Association of Singapore)Website ++

Million Dollar Round Table (MDRT) is The Premier Association of Financial professionals. Founded in 1927, MDRT provides its members with resources to improve their technical knowledge, sales and client service while maintaining a culture of high ethical standards.
If your life insurance agent or financial services advisor is a member of MDRT, be assured that you are working with an accomplished, ethical professional who is considered to be among the best in the world. Round Table membership is an exclusive honor that is achieved only by a small percentage of all life insurance and financial services advisors worldwide.


I feel that MDRTs, COTs or TOTs should not be a yardstick to professionalism. A doctor, Lawyer or Accountant don't need to tell others about such qualifications to show their capabilities. To me, this title seems quite irrelevant in this profession.

I like to emphasize again "There are good and bad advisers regardless they are MDRT or not"


Anonymous said...

Adrain, you not steady. You compromised... I can prove that mdrt and cot tot are unethical practitioners. They are certainly NOT professional but professional thieves. MDRT started in 1927 and did you know since there had been a lot of worries in the market concerning malpracticing by insurance agents. Did you know that insurance agents were and are looked upon as scumbags. Did you know why the designati0n like CLU was concieved ? Because of the formation of this mdrt association
The assocaition was formed to cover up unethical practices and to bluff to public..The CLU was started because it was found that these MDRT COT ppeople were doing anyhting but helping people. It was found that these people were at best 'salespeople' and as you know selling was so bad that many people got hurt by these insurance scumbags. They were not the few but all of them and mdrt assocaition was the perpetrator of these malpractices indirectly.
Of course the rest is history.IFPAS is today a local perpetrator of these malpractices. It is an assocaition of malpractitioners. Its existence for 30 years has not brought any change to the indsutry and the people are still under insured..It is an obsolete asswocaition. It did nothing to improve the professionalism of the practitoners. it is an assocaition run by incompetent people with vested interest.It is a promoter of unaccredited education... If you look back and check all the desgnations conducted by IFpas or assocaited with ifpas they are unaccredited . Even the MBA or DBA courses are unaccredited. Please read yesterday ST about them. The same person is conducting these dubious courses and they r conducted with the blessing of IFPAS.
Adrain, don't be fooled by all these titles. They are titles of unethical practices. Stand by what you beleieve and don't waver in the face of criticism and that sets you apart from those agents out there

by Terminator

Anonymous said...

You ever a MDRT yourself?

Why do you have to put CFA Level 1 candidate on your blog? People usually put such thing when they get it not when they are candidates or anything.

Anonymous said...

Adrian im surprise you didnt talk about the Bankrupcy of Lehmann's and the reports on AIG insurance. It looks a serious problems going on.

Khiat Han Hwee Adrian said...

Hi Anonymous 8:28,

Thanks for pointing out, I had removed the CFA candidate. With the rate I'm going and with my intelligence, I'm not sure if I'll ever pass even Level 1. How I wish I have the time to take this December exam.

Hi Anonymous 10:38,
was just going to write something about it when you post this comment. Thanks for visiting my blog and leave a message.

Anonymous said...

Anonymous 8:28,

I beg to differ with your response to CFA title. Mr adrian has the right to put the level in which he is a candidate.

Please refer to code of ethics in CFAI before commenting

Khiat Han Hwee Adrian said...

Thanks Anonymous 11:39,

I'd removed it because I have no intention to take this December Exam due to work commitment. I'll most probably retake the exam next year June.

Anonymous said...

A Million Dollar Round Table AIA agent will now have a Million Dollar headache.

Anonymous said...

8.28PM, you must be an agent from ntuc who is jealous that Adrain had the guts to leave NTUC, to an environment where his survival depends on his knowledge, skills, competence and integrity and acceptance by consumers
and unlike you who depends on the brand name of NTUC and nothing on you.
I have heard of many who left ntuc in the wake of reduced commission by former CEO had rejoined ntuc because they could not survive out there. The reason of rejoining is their cleints prefer ntuc products.
My take is that these agents are poor salesmen or poor manager. They failed in either role. This proves the agents of ntuc rely heavily on the name of ntuc and unqualified. To those who have been making a living out of the name they must thank the former CEO, Mr. Tan Kin Lian for building up the name and the trust policyholders have of ntuc. What the new CEO achieved in the recent year is not comparable and what he did was what he knew how to pander to the greed of the agents by offering high commission and incentives. There is no end to it.There is no professionalism.
Adrain, if you have done the rigth thing and been honest , don't bother about these people. You have
a bright prospect ahead of you. As for your ex colleagues who have been taking pot shots at you ignore them. They will die a natural death.


Anonymous said...

Yes, Mr. Terminator,
these people who came back belong to the 'big hole'and 'boh cheng'(in hokkien).They cannot call freind. When they need you they talk nothing good but bad about ntuc to get you to join them. When they left they left quitely to rejhoin ntuc and now they talk nothing good about the company. You think this type of people you can call friend and trust. Better trust the snakes.
These people are dangerous and they will do anything even to betray a freind for money.They can stab your back. Money is really evil if you make it the master of your life.You can 'pui chow nuar" on them(in hokkien)
I am not scare to say i am from ntuc