Australian financial advisers should be congratulated on their handling of enforced regulatory change, according to the Million Dollar Round Table (MDRT) global president.
Speaking at the MDRT 2014 Down Under Tour roadshow in Sydney yesterday, Michelle L Hoesley, a 33-year member of the MDRT and its current president, said Australian practitioners are seen as global “leaders” due to their ability to adapt to government intervention.
“On behalf of the MDRT, you guys are the smartest in the world, because look at the change you’ve gone through,” Ms Hoesley said.
While the United States has not experienced the same levels of regulatory change in recent years as Australia – “thank God”, Ms Hoesley added – many US-based MDRT members have learnt from similar experiences, including health care and pension reform, she said.
“Regulatory change is irritating and difficult, but manageable,” Ms Hoesley said. “It is manageable – you can either hire people to help you with all the documentation and regulations or you can delegate within your business.”
More broadly, Ms Hoesley encouraged delegates to the roadshow to be constantly re-evaluating their service proposition and not be afraid to specialise.
“You need to figure out what you do that’s unique and make that the focus of your marketing,” Ms Hoesley said, adding that in her own personal financial advice practice she made the difficult choice to specialise in “money management and retirement planning” – a “leap” which ultimately had benefits for the bottom line of her business.
“If there’s something in the back of your mind you want to put in your practice… I want to encourage you to take [that] leap…that’s where you’ll get exponential growth,” she said.
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