Getting ready for change

As members of a global organization, we’ve heard from our colleagues around the world about how to deal with regulation: understand it, face it and be ready for it. In the U.S., our time has come, and thankfully, we have advice at the ready from other MDRT members who’ve already put successful strategies into practice.

Below, find resources to help you learn how to adapt to the likely outcomes of the new fiduciary rule from the U.S. Department of Labor.

• Preparing in advance and seeking advice from others has helped MDRT members successfully manage regulatory change. “Don’t let the politics and legislation cloud the real need for financial advice. Concentrate on making sure any system changes add value for your clients,” said Susan Catherine Paterson, FChFP, in The new rules of business.
• In a new MDRT Podcast episode, listen in as five MDRT members from four different countries discuss how to initiate the discussion on compensation with clients. “It doesn’t matter how you’re getting paid; you have to deliver to the client. They have to see value,” said Diane L. McCurdy, CFP, EPC, in Positioning fair compensation with clients.
• Four MDRT members — including a U.S. producer — explain why the transition to fees was beneficial to their practice. “It feels like a more honest, open and clear relationship now compared to the one that we’d been used to,” said David Braithwaite, Dip PFS, in Switching to a fee-based practice.
• MDRT Secretary Ross Vanderwolf, CFP, shares how increasing his staff to manage disclosure paperwork led to growth in his firm. “You must treat every legislation change as an opportunity and make sure the business remains profitable,” Vanderwolf said in Growth amidst change.

In the coming months, we’ll be bringing you more on these topics, including details about a session at this June’s Annual Meeting. As a member, you have access to a network of professionals and resources to inspire growth and innovation in a time of change.

In the comments section below, let MDRT know what your questions are about how to deal with regulations or share your experiences with successfully tackling the issue.

Written by Brian D. Heckert, CLU, ChFC, 2015-16 MDRT President