How to multiply your income as a financial advisor

When I attended my first MDRT Annual Meeting 26 years ago, I had barely qualified for MDRT, and I was overwhelmed by the meeting. I was surrounded by the giants of our profession. I listened, I asked questions and I learned ideas that I implemented. During the next year, I applied those ideas and went from a struggling MDRT qualifier to a Top of the Table member.

I started with my mindset. You must have a mindset that leads to success. You need a deep-rooted mindset that no matter what obstacles are thrown your way, you’re going to keep going. After my first MDRT Annual Meeting, I set a goal to return as a Top of the Table qualifier the next year. My annual income target was £240,000 ($340,000). At the time, though, I was barely making £50,000 ($71,000) a year. So how on earth was I going to do it? Mindset.

I took the £240,000, which I broke down to £20,000 ($28,000) a month. Then I further broke down the £20,000 to £5,000 ($7,100) a week. Then £5,000 a week became £1,000 ($1,400) a day. That became £500 ($700) in the morning and £500 in the afternoon.

I really wanted it, and I wanted to make myself proud. I also wanted it for my family, as it would allow my children to have the best private education available. If you include a list of reasons and goals, it builds momentum.

That year, I did 880 cases to make Top of the Table. My mind was set. Now, if you want to join me, it’s yours. If you want to know a secret about two mindsets for the Top of the Table qualifier, it’s first focus and then specialization.

Karl Hartey, is a Top of the Table qualifier from Oswestry, England, UK, and has been an MDRT member since 1995. This was excerpted from his 2021 MDRT Annual Meeting Virtual Event presentation (MDRT member exclusive), which contains more ideas that brought him to Top of the Table qualification status.