Today’s environment, political and otherwise, can seem very unethical. Financial advisors need to remain above this noise and uphold the MDRT Code of Ethics, not only with our clients but all other individuals involved in servicing them. Being ethical goes beyond just doing what’s best for your client. An MDRT member shared their experience about the importance of adhering to the code of ethics
Reputation over pressure
By six-year MDRT member
I service mortgages and insurance. Early on in my career, I met two brothers who owned a café. They wanted a bank loan to buy a home and personal insurance coverage. Their actual two-year financial numbers were too low to qualify for the loan and the coverage they were seeking, and they were much lower compared with the figures they declared in the fact-find submitted before the meeting.
The next day, they emailed me and attached completely changed figures so they could apply for the loan and for insurance coverage at a higher amount. They were very pushy as well. Their changes were astounding, not just for the latest year, but even for two years of operation, and those figures were processed and filed by a local accountant.
Those prospects never became my clients. I also never engaged with the accountant again. I have always called myself a clean advisor. What a huge lesson that came very early in my career. Find your focus. We don’t need everyone. Choose the right client.
MDRT Code of Ethics
MDRT members commit to operate in an ethical and upstanding manner for the benefit of the public and the insurance and financial services profession. The Million Dollar Round Table’s Code of Ethics sets the standards for attaining this goal; therefore, members shall:
- Always place the best interests of their clients above their own direct and indirect interests.
- Maintain the highest standards of professional competence by seeking to maintain and improve professional knowledge, skills and competence.
- Hold in strictest confidence and consider as privileged all business and personal information pertaining to their clients’ affairs.
- Make full and adequate disclosure of all facts necessary to enable clients to make informed decisions.
- Maintain personal conduct which will reflect favorably on the insurance and financial services profession and the Million Dollar Round Table.
- Determine that any replacement of an insurance or financial product must be beneficial for the client.
- Abide by and conform to all provisions of the laws and regulations in the jurisdictions in which they do business.
This was an excerpt from the March/April 2026 Round the Table article, “Being ethical in an unethical world.” MDRT members can find more case studies when they log in and visit the article on mdrt.org.
