{"id":293,"date":"2019-12-02T07:29:45","date_gmt":"2019-12-01T20:29:45","guid":{"rendered":"https:\/\/riskinfo.com.au\/roundtable\/?p=293"},"modified":"2019-12-03T10:28:16","modified_gmt":"2019-12-02T23:28:16","slug":"2019-mdrt-annual-meeting-round-table","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/roundtable\/2019-mdrt-annual-meeting-round-table\/","title":{"rendered":"2019 MDRT Annual Meeting Round Table"},"content":{"rendered":"<div class=\"fw plre201901\">\n<h3>This 2019 MDRT International Adviser Round Table discussion was intended to compare notes about the various challenges facing advisers around the world. We were anticipating we\u2019d be reflecting on a variety of different challenges confronting advisers from different countries \u2013 but we were wrong.<\/h3>\n<h3>Instead, when it came to what our adviser panellists consider to be the key challenges facing them, their advice business and their industry, there was only one \u2018game in town\u2019: Regulatory Reform&#8230;<\/h3>\n<\/div>\n<hr \/>\n<hr \/>\n<div class=\"fw ad\"><div class=\"g g-1\"><div class=\"g-single a-9\"><p align=\"center\"><a class=\"gofollow\" data-track=\"OSwxLDMxLDEw\" href=\"https:\/\/www.zurich.com.au\/personal\/life-insurance\/types-of-life-insurance\/income-protection.html\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2021\/11\/ZUR3665_Riskinfo_web_ads_zurich_1.0\u2022-04.jpg\" \/><\/a><\/p><\/div><\/div><\/div>\n<h3>Challenges Ahead for Advisers Around the World<\/h3>\n<h4>Regulatory Reform<\/h4>\n<p>As we took a journey through each of the seven countries represented around the table, it quickly became apparent that virtually all other challenges or impediments to an adviser\u2019s personal or business growth were dwarfed by the implementation and\/or implications of, the various reform agendas currently sweeping the global financial services sector.<\/p>\n<p>As this discussion developed, there emerged a sense that, whatever reforms are happening in your part of the world have either already been implemented elsewhere, are in transition now, or are slated to be rolled out in future.<\/p>\n<p>What we did learn, though, is that some countries appear to be doing it better than others \u2013 at least from the perspective of our panellists &#8211; when it comes to finding a balance between serving and protecting the best interests of the consumer and implementing higher benchmark standards for advisers that will still enable them to build a successful business and deliver much-needed advice to those who need it most.<\/p>\n<p>This Round Table report summarises and compares the impact of regulatory reforms across New Zealand, Australia, South Africa, Unites States, Canada, United Kingdom, and Greece (representing EuroZone countries).<\/p>\n<p>While our panellists were only experts on what\u2019s happening in their own country, it was still possible for conclusions to be drawn \u2013 and they were \u2013 around which countries our panellists think are approaching and implementing financial services regulatory reform with a balanced hand on the tiller\u2026<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-335 size-full\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/group-photo.jpg\" alt=\"\" width=\"1647\" height=\"985\" srcset=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/group-photo.jpg 1647w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/group-photo-300x179.jpg 300w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/group-photo-1024x612.jpg 1024w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/group-photo-768x459.jpg 768w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/group-photo-1536x919.jpg 1536w\" sizes=\"auto, (max-width: 1647px) 100vw, 1647px\" \/><\/p>\n<h3>2019 MDRT International Adviser Round Table Panel (L to R)<\/h3>\n<ul>\n<li><strong>Brendon Neal<\/strong> \u2013 CEO \u2013 Kepa, NZ<\/li>\n<li><strong>Katrina Church<\/strong> \u2013 New Zealand MDRT adviser, MDRT Country Chair<\/li>\n<li><strong>Adam McCann<\/strong> \u2013 Australian MDRT adviser, MDRT Oceania Chair<\/li>\n<li><strong>Michelle Hoskin<\/strong> \u2013 Standards International, United Kingdom<\/li>\n<li><strong>LC Maharaj<\/strong> \u2013 South Africa MDRT adviser, MDRT Chair, Southern Africa<\/li>\n<li><strong>Duncan Glassey<\/strong> &#8211; UK MDRT adviser (first-time MDRT Annual Meeting attendee)<\/li>\n<li><strong>Kyriakos Chatzistefanou<\/strong> \u2013 Greece\/Euro Zone MDRT adviser, MDRT Country Chair<\/li>\n<li><strong>Scott Brennan<\/strong> &#8211; US MDRT adviser and Past President MDRT<\/li>\n<li><strong>Peter Sobels<\/strong> &#8211; Publisher, Riskinfo, RiskinfoNZ<\/li>\n<li><strong>Michael Morrow<\/strong> \u2013 Canadian MDRT adviser, global presenter, author (inset)<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>New Zealand<\/h3>\n<div id=\"attachment_306\" style=\"width: 210px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-306\" class=\"wp-image-306 size-medium\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7492-scaled-e1575313977489-300x300.jpg\" alt=\"\" width=\"200\" height=\"200\" srcset=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7492-scaled-e1575313977489-300x300.jpg 300w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7492-scaled-e1575313977489-1024x1024.jpg 1024w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7492-scaled-e1575313977489-150x150.jpg 150w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7492-scaled-e1575313977489-768x768.jpg 768w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7492-scaled-e1575313977489-250x250.jpg 250w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7492-scaled-e1575313977489.jpg 1267w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><p id=\"caption-attachment-306\" class=\"wp-caption-text\">Katrina Church<\/p><\/div>\n<p>New Zealand\u2019s MDRT National Chair<strong>, Katrina Church<\/strong>, got the ball rolling as she outlined the new adviser licensing regime commencing in November 2019. She said one of the big questions for Kiwi advisers is whether they will go down the path of obtaining their own Financial Advice Provider licence or whether they will join another provider and work under that provider\u2019s licence.<\/p>\n<p>She said there\u2019s lots of uncertainty amongst NZ advisers, and that many are awaiting more details around future licensing issues to be released by the industry regulators.<\/p>\n<p>Katrina shared with her peers some serious concerns among existing advisers, including concerns coming from the mature-age adviser population about their advising future and the future of their advice businesses. In particular, she said many mature-age advisers are struggling with being required to undertake more studies to achieve new minimum education standards after a lifetime career experience.<\/p>\n<p>She said there hadn\u2019t been a specific event or set of events that has led to this new round of regulatory reform in her country, but that it was, nonetheless, time for changes to compliance requirements as part of the world-wide momentum to drive the implementation of higher professional standards for financial advice. She said the reform agenda was \u201c\u2026very much like this around the world,\u201d and that for New Zealand advisers \u201c\u2026it\u2019s our turn.\u201d<\/p>\n<blockquote><p>I don\u2019t believe the regulators always understand what we do<\/p><\/blockquote>\n<p>Katrina said New Zealanders take note of what\u2019s happening in Australia, but don\u2019t necessarily follow the same path. In fact, the New Zealand financial advice sector is taking a different path.<\/p>\n<div class=\"g g-1\"><div class=\"g-single a-9\"><p align=\"center\"><a class=\"gofollow\" data-track=\"OSwxLDMxLDEw\" href=\"https:\/\/www.zurich.com.au\/personal\/life-insurance\/types-of-life-insurance\/income-protection.html\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2021\/11\/ZUR3665_Riskinfo_web_ads_zurich_1.0\u2022-04.jpg\" \/><\/a><\/p><\/div><\/div>\n<p>Considering Australia\u2019s regulatory reform requirements, Katrina agreed with its objectives but felt advisers weren\u2019t receiving the support they should from the regulators during the transition period to the new regulatory regime.<\/p>\n<p>\u201cI don\u2019t believe the regulators always understand what we do,\u201d reflected Katrina. \u201cTheir job is to regulate, but I don\u2019t think they really understand what\u2019s involved [in serving clients\u2019 needs].\u201d She called for the industry to find a way to have regulators in all countries understand advisers better.<\/p>\n<div id=\"attachment_308\" style=\"width: 210px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-308\" class=\"size-medium wp-image-308\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7746-scaled-e1575314444432-288x300.jpg\" alt=\"Brendon Neal\" width=\"200\" height=\"200\" srcset=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7746-scaled-e1575314444432-150x150.jpg 150w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7746-scaled-e1575314444432-250x250.jpg 250w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><p id=\"caption-attachment-308\" class=\"wp-caption-text\">Brendon Neal<\/p><\/div>\n<p class=\"p1\">Still in New Zealand, <b>Brendon Neal<\/b> heads up <a href=\"https:\/\/kepa.org.nz\/\" target=\"_blank\" rel=\"noopener noreferrer\">Kepa<\/a>, which is a significant adviser group in NZ. The dealer group comprises around ten percent of the independent advice sector in New Zealand. Thirty percent of Kepa\u2019s adviser base is presently over the age of 60, but the trend is towards a lower average. Brendon told his peers that some advisers in this cohort are saying that the NZ minimum \u2018Level 5\u2019 standard of qualification and licencing requirements might be \u201c\u2026a bit much for them\u201d to remain in the sector as an adviser. \u201cThat would be a real tragedy,\u201d he said, adding, \u201cthose advisers have a wealth of knowledge, which would be a tragedy to lose.\u201d<\/p>\n<p class=\"p1\">Brendon noted New Zealand\u2019s life insurance market is already shrinking as a result of banks making major changes to their incentive structures and an ageing demographic of its advisers, a proportion of which may not continue beyond the date from which the new regulations will apply.<\/p>\n<p class=\"p1\">He noted the average life insurance premium for policies implemented by bank-based advisers is low (approx. NZ$700 per annum), while an independent adviser\u2019s average annual premium per policy is closer to $3,000 per annum.<\/p>\n<p class=\"p1\">Due to the exit of the banks from life insurance advice, Brendon identified the \u2018middle market\u2019 as becoming significantly under-serviced.<\/p>\n<p class=\"p1\">He feels there\u2019s a massive client opportunity for advisers, given the exit of bank-owned advice and the emergence of the Kiwi Saver superannuation initiative. He added the coming NZ regulatory reform agenda may present significant opportunities for the NZ advice market.<\/p>\n<p class=\"p1\">Brendon sees new minimum qualifications and new standards \u2013 new regulations \u2013 as a great opportunity for NZ advisers and the broader financial services sector.<\/p>\n<p class=\"p1\">He says NZ tends to follow regulatory reform in other parts of the world, but &#8211; to its credit \u2013 it distils the best elements of other reforms and applies those to the NZ environment as appropriate.<\/p>\n<h3>Australia<\/h3>\n<div id=\"attachment_311\" style=\"width: 210px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-311\" class=\"size-medium wp-image-311\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7594-scaled-e1575314729680-300x300.jpg\" alt=\"Adam McCann\" width=\"200\" height=\"200\" srcset=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7594-scaled-e1575314729680-300x300.jpg 300w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7594-scaled-e1575314729680-1024x1020.jpg 1024w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7594-scaled-e1575314729680-150x150.jpg 150w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7594-scaled-e1575314729680-768x765.jpg 768w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7594-scaled-e1575314729680-250x250.jpg 250w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7594-scaled-e1575314729680.jpg 1516w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><p id=\"caption-attachment-311\" class=\"wp-caption-text\">Adam McCann<\/p><\/div>\n<p>Highly respected Australian adviser and MDRT contributor, <strong>Adam McCann<\/strong>, told his peers the Australian advice sector was undergoing significant change, where regulatory reform has been almost constant since the introduction of the country\u2019s \u2018Future of Financial Advice\u2019 reforms in 2012. He outlined the client opt-in provision required of all advisers, in order to be able to charge clients an ongoing annual fee for investment advice.<\/p>\n<p>He also noted grandfathered investment and superannuation commission provisions accompanying the introduction of the 2012 FoFA reforms have since been reversed, while in more recent times, the 2018 Australian Banking Royal Commission shone a light on the extent to which the country\u2019s regulatory reforms had been effective in protecting the best interests of consumers.<\/p>\n<p>There was a consensus among the panel that the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was global news; not just news for Australia.<\/p>\n<p>Adam also referenced the implementation of the Financial Advice Standards and Ethics Authority and its remit from the Government, which is around minimum education standards, a new and controversial Code of Ethics and an exam which must be passed by all Australian authorised representatives before 1 January 2021 (or 1 January 2022, if changes are accepted by Parliament).<\/p>\n<p>Next on Adam\u2019s list was the inherent conflict of interest that he says exists with \u2018vertical integrated\u2019 organisations, ie the conflicts that can arise when banks and other product manufacturers also own dealer groups who deliver financial advice.<\/p>\n<p>In noting banks are now divesting themselves of dealer group licensee firms, Adam then focussed on Australia\u2019s <a href=\"https:\/\/riskinfo.com.au\/news\/2015\/06\/25\/new-life-insurance-framework-announced\/\" target=\"_blank\" rel=\"noopener noreferrer\">Life Insurance Framework remuneration reforms<\/a>, which are restricting the maximum commissions built into product premiums that advisers can charge for the delivery of their life insurance advice.<\/p>\n<p>Industry participants, associations and advisers need to set the tone around what needs to happen from this point, says Adam, who believes in choice when it comes to adviser remuneration, as long as it\u2019s transparent to the consumer \u2013 to the client.<\/p>\n<p>Adam\u2019s speculation is that Australia will eventually emerge with a maximum 40 percent upfront commission rate for risk advice.<\/p>\n<p>Summarising what he thinks are the biggest challenges for Australian advisers, especially for those who have been advising many years, Adam singled out the new minimum education (FASEA) requirements, coupled with the removal of grandfathered investment and superannuation commissions.<\/p>\n<p>For the more recent crop of advisers, though, Adam thinks there will be much less impact. He feels the licensees didn\u2019t really deliver what the regulator and government intended via the 2012 FoFA reforms. \u201cNow they\u2019re making it happen, I think that\u2019s fantastic,\u201d he said.<\/p>\n<p>Adam\u2019s guess is that 30 \u2013 40 percent of existing advisers will exit the sector because of the reforms.<\/p>\n<div class=\"g g-1\"><div class=\"g-single a-9\"><p align=\"center\"><a class=\"gofollow\" data-track=\"OSwxLDMxLDEw\" href=\"https:\/\/www.zurich.com.au\/personal\/life-insurance\/types-of-life-insurance\/income-protection.html\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2021\/11\/ZUR3665_Riskinfo_web_ads_zurich_1.0\u2022-04.jpg\" \/><\/a><\/p><\/div><\/div>\n<h3>United Kingdom<\/h3>\n<div id=\"attachment_313\" style=\"width: 210px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-313\" class=\"size-medium wp-image-313\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7609-scaled-e1575315039114-300x294.jpg\" alt=\"Duncan Glassey\" width=\"200\" height=\"200\" srcset=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7609-scaled-e1575315039114-150x150.jpg 150w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7609-scaled-e1575315039114-250x250.jpg 250w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><p id=\"caption-attachment-313\" class=\"wp-caption-text\">Duncan Glassey<\/p><\/div>\n<p><strong>Duncan Glassey<\/strong> feels his environment in the UK is different from those of many other countries. He set up his practice 12 years ago and has never taken commission in any form. He runs a comprehensive holistic financial planning service.<\/p>\n<p>He discloses three tiers of fees:<\/p>\n<ol>\n<li>Cost of the investment management component<\/li>\n<li>A monthly fee if a custodian service is involved<\/li>\n<li>The adviser service fee<\/li>\n<\/ol>\n<p>Previously expressed in percentage terms in relation to the money they are managing, Duncan says since 2019 in the UK, the adviser must now advise in pounds and pence the exact amount they are charging. He\u2019s not sure quite yet whether this will be an issue.<\/p>\n<p>\u201cAs we move to \u2018adviser charging\u2019, which is agreed remuneration with the client, a lot of advisory firms have kept to the old commission model,\u201d said Duncan. \u201cAnd they\u2019ve just converted that percentage amount to a monetary amount without taking the time to establish whether that is the right way forward for the business \u2013 or the client.\u201d<\/p>\n<p>For Duncan, however, the biggest issue in the UK is that there aren\u2019t enough advisers. \u201cAdvisers are at Level 4 and are moving towards Level 6. But there\u2019re just not enough planners in the UK,\u201d says Duncan.<\/p>\n<p>He says there are only a handful of universities that teach financial planning, but the country and the system doesn\u2019t have the infrastructure to accommodate more.<\/p>\n<p>He clarified the UK advice sector is not dominated by banks: \u201cThere are lots of small practices making decent returns, but they don\u2019t necessarily want to bring on the next generation,\u201d he cautioned.<\/p>\n<blockquote><p>since 2019 in the UK, the adviser must now advise in pounds and pence the exact amount they are charging<\/p><\/blockquote>\n<p>\u201cRDR [the <a href=\"https:\/\/www.cms-lawnow.com\/regzone\/general\/retail-distribution-review-rdr\" target=\"_blank\" rel=\"noopener noreferrer\">2012 UK Retail Distribution Review<\/a>] was about fee disclosure and justifying to clients the fees you charge and how you add value,\u201d said Duncan, adding that he thinks advisers are trying to add more value than ever before: \u201cAnd they have to prove they regularly contact the client to justify the fees they charge.\u201d<\/p>\n<p>Duncan says commissions still exist on insurance advice and on mortgage policies in the UK, but investment commissions are banned.<\/p>\n<div id=\"attachment_315\" style=\"width: 210px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-315\" class=\"size-medium wp-image-315\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7497-scaled-e1575315337636-291x300.jpg\" alt=\"Michelle Hoskin\" width=\"200\" height=\"200\" srcset=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7497-scaled-e1575315337636-150x150.jpg 150w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7497-scaled-e1575315337636-250x250.jpg 250w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><p id=\"caption-attachment-315\" class=\"wp-caption-text\">Michelle Hoskin<\/p><\/div>\n<p>UK best practice benchmark consulting firm Principal, <strong>Michelle Hoskin<\/strong>, referenced 2005 consumer research in the UK, which she said established 70 percent of consumers just didn\u2019t trust financial advisers.<\/p>\n<p>Following the design and launch of an international standard for financial planning to address that low trust factor, the key problem in the UK, according to Michelle, is the regulator\u2019s pre-occupation with academic qualifications. She says Australian advisers are being forced to become obsessed with academic qualifications, while UK planners are also obsessed with them.<\/p>\n<p>Michelle cautioned that those planners who are obsessed with their qualifications can often feel they\u2019re professional because of how smart they are. \u201cBut that doesn\u2019t make them trustworthy, ethical, good at business or approachable,\u201d she said.<\/p>\n<p>\u201cFirst thing is that you can have the most qualified crook in the industry sitting in front of a client,\u201d she said. \u201cThe fact that they have those qualifications doesn\u2019t mean they can\u2019t still be a crook.\u201d<\/p>\n<p>Michelle agrees the world has gone nuts with regulatory reform: \u201cSadly, we\u2019re regulating and will continue to regulate the lowest common denominator,\u201d she said, predicting regulatory reform will continue to unfold. She thinks it will happen in all industries forever, in all countries.<\/p>\n<p>\u201cThe biggest challenge we have in the UK is a lack of bravery; a lack of self-worth,\u201d she said.<\/p>\n<p>On being made to disclose their fees following the implementation of the 2012 RDR reforms, Michelle said some advisers appreciated the value of the advice they delivered wasn\u2019t worth the amounts they charged \u2013 that their fees didn\u2019t reflect the value they provided.<\/p>\n<p>\u201cGenerally, the profession isn\u2019t being brave,\u201d she said.<\/p>\n<p>\u201cIn the UK we don\u2019t have life insurance salesmen. Very few \u2018sell\u2019 life insurance. Very few talk about life insurance,\u201d said Michelle.<\/p>\n<blockquote><p>those advice practices that are run like businesses don\u2019t have any of those problems we\u2019ve been talking about<\/p><\/blockquote>\n<p>She said the UK sector is not in the business of selling life insurance: \u201cReally, \u2026 we\u2019re in the business of making it possible for people to have the most fruitful and enjoyable lifestyle, which can continue beyond their own generation in death.\u201d<\/p>\n<p>In asserting the advice profession is being run globally by professionals, Michelle advocated that instead, \u201c\u2026we need the profession to be run like a business \u2013 by businessmen and businesswomen. Because those advice practices that are run like businesses don\u2019t have any of those problems we\u2019ve been talking about. They\u2019re already way passed the regulatory reforms.\u201d<\/p>\n<div class=\"g g-1\"><div class=\"g-single a-9\"><p align=\"center\"><a class=\"gofollow\" data-track=\"OSwxLDMxLDEw\" href=\"https:\/\/www.zurich.com.au\/personal\/life-insurance\/types-of-life-insurance\/income-protection.html\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2021\/11\/ZUR3665_Riskinfo_web_ads_zurich_1.0\u2022-04.jpg\" \/><\/a><\/p><\/div><\/div>\n<h3>Greece\/Eurozone<\/h3>\n<div id=\"attachment_317\" style=\"width: 210px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-317\" class=\"size-medium wp-image-317\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7668-scaled-e1575315539554-300x287.jpg\" alt=\"Kyriakos Chatzistefanou\" width=\"200\" height=\"200\" srcset=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7668-scaled-e1575315539554-150x150.jpg 150w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7668-scaled-e1575315539554-250x250.jpg 250w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><p id=\"caption-attachment-317\" class=\"wp-caption-text\">Kyriakos Chatzistefanou<\/p><\/div>\n<p>According to Greece\u2019s <strong>Kyriakos Chatzistefanou <\/strong>regulatory reform in his country hasn\u2019t reached the levels of those articulated by his peers to be taking place in New Zealand, Australia and the UK.<\/p>\n<p>He says the lower appetite for of industry reform in his country means the Greek advice sector isn\u2019t perceived by the public as being \u2018professional\u2019 as yet.<\/p>\n<p>\u201cTo be an insurance agent, you must read textbooks, and pass an exam, \u201csaid Kyriacos, who added this may take around 19 hours of study or lessons.<\/p>\n<p>He advocates bringing in CFP-equivalent qualifications to Greece and is working with organisations to make this happen.<\/p>\n<p>In the memantine, however, of the 80,000 agents he says operate in Greece, there are perhaps 40 or 50 who are members of MDRT and no more than 150 who he would classify as being \u2018professional agents\u2019 in his country.<\/p>\n<p>Kyriacos says the general level of advice standards and qualifications is lower in Greece than it should be.<\/p>\n<p>He sees an opportunity for advisers to be proactive in areas such as commission and fee disclosure, which he thinks should be inserted in clients\u2019 documents, but he says the product manufacturers are hesitant to do this.<\/p>\n<p>From the start of 2019, Kyriacos says EuroZone requirements dictate that all advisers in all EuroZone countries must have their client sign a needs analysis and have that recorded in a client contract.<\/p>\n<p>He says many current practitioners became advisers as a second profession after other careers, eg military, banking and the public service. But while this is a challenge, Kyriacos sees it as an opportunity for him to differentiate his own advice proposition based on the value he provides, rather than relying on product pricing.<\/p>\n<h3>United States<\/h3>\n<div id=\"attachment_318\" style=\"width: 210px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-318\" class=\"size-medium wp-image-318\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7528-scaled-e1575315741735-300x300.jpg\" alt=\"Scott Brennan\" width=\"200\" height=\"200\" srcset=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7528-scaled-e1575315741735-300x300.jpg 300w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7528-scaled-e1575315741735-1024x1024.jpg 1024w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7528-scaled-e1575315741735-150x150.jpg 150w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7528-scaled-e1575315741735-768x768.jpg 768w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7528-scaled-e1575315741735-1536x1536.jpg 1536w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7528-scaled-e1575315741735-250x250.jpg 250w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7528-scaled-e1575315741735.jpg 1798w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><p id=\"caption-attachment-318\" class=\"wp-caption-text\">Scott Brennan<\/p><\/div>\n<p><strong>Scott Brennan<\/strong> is a long-time adviser and 2012 MDRT President. The perspective he related to his peers is that he lives and works in a very young country and embraces the theory of positive expectation when considering challenges. \u201cI look for what\u2019s right; not for what\u2019s wrong,\u201d said Scott \u2013 because he says he was born that way.<\/p>\n<p>Scott summarised the challenges to the financial advice profession that were inherent in the <a href=\"https:\/\/www.investopedia.com\/updates\/dol-fiduciary-rule\/\" target=\"_blank\" rel=\"noopener noreferrer\">Department of Labor Fiduciary Rule reform proposals<\/a>, introduced under President Obama\u2019s administration. He said the US Federal Government was seeking more involvement and more control within the business of retirement advice via the Dept of Labor.<\/p>\n<blockquote><p>It took a long time to get really good at this and it\u2019s a hard-won dignity<\/p><\/blockquote>\n<p>He said the present Republican administration under President Trump put a pause on the Department of Labor reforms \u2013 a pause which Scott said was welcomed by the US adviser community. He conceded the reforms, which focussed mostly around investment, annuity and pension products certainly wouldn\u2019t have been as impactful on life insurance focussed advisers as those who managed money:<\/p>\n<p>By contrast, Scott said \u201cI\u2019m in the human nature business. I don\u2019t manage money and I don\u2019t manage people. I still love to sell life insurance,\u201d he stated proudly \u2013 and he\u2019s been very good at it for a very long time, serving the best interests and life insurance needs of refuse workers, Fortune 100 company CEOs and everyone in between.<\/p>\n<p>\u201cIt took a long time to get really good at this and it\u2019s a hard-won dignity. You don\u2019t just wake up and become really good at this,\u201d said Scott.<\/p>\n<p>He shared with the panel that he continues to struggle every day with getting the message through to the consumer that they need to raise the bar of their own financial circumstances and responsibilities. Scott referenced a survey that revealed one third of Americans wouldn\u2019t be able to pay an unexpected $400 bill.<\/p>\n<p>Looking at impediments to helping consumers raise the bar, Scott singled out government red tape, which he says is challenging for even simple client contracts.<\/p>\n<p>He also has concerns around second generation family advisers, who he says no longer want to sell life insurance, preferring rather to \u2018manage money\u2019. Scott cautioned, though, that selling life insurance \u2013 particularly at the high end &#8211; is an art:<\/p>\n<p>\u201cIt\u2019s a profession of stories,\u201d said Scott, who implied the capacity for the emerging generation of US advisers to tell stories is being lost, as the collective wisdom of the life insurance advice sector \u2013 much of it residing within the baby boomer generation \u2013 departs the industry.<\/p>\n<div class=\"g g-1\"><div class=\"g-single a-9\"><p align=\"center\"><a class=\"gofollow\" data-track=\"OSwxLDMxLDEw\" href=\"https:\/\/www.zurich.com.au\/personal\/life-insurance\/types-of-life-insurance\/income-protection.html\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2021\/11\/ZUR3665_Riskinfo_web_ads_zurich_1.0\u2022-04.jpg\" \/><\/a><\/p><\/div><\/div>\n<h3>Canada<\/h3>\n<div id=\"attachment_320\" style=\"width: 210px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-320\" class=\"size-medium wp-image-320\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7517-scaled-e1575315921832-300x300.jpg\" alt=\"Michael Morrow\" width=\"200\" height=\"200\" srcset=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7517-scaled-e1575315921832-300x300.jpg 300w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7517-scaled-e1575315921832-1024x1024.jpg 1024w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7517-scaled-e1575315921832-150x150.jpg 150w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7517-scaled-e1575315921832-768x768.jpg 768w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7517-scaled-e1575315921832-250x250.jpg 250w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7517-scaled-e1575315921832.jpg 1222w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><p id=\"caption-attachment-320\" class=\"wp-caption-text\">Michael Morrow<\/p><\/div>\n<p>Our panel from seven different countries was very impressed with <strong>Michael Morrow\u2019s<\/strong> report card on regulatory reform in Canada.<\/p>\n<p>Michael highlighted the value of the <a href=\"https:\/\/myadvocis.ca\/\" target=\"_blank\" rel=\"noopener noreferrer\">Financial Advisers Association of Canada<\/a>, the country\u2019s peak professional adviser association, which he says holds a \u201creally good\u201d relationship with the Canadian Government and its regulators.<\/p>\n<p>Michael also credits the Canadian Government with being very good at listening first and acting accordingly and, only then, in a measured way.<\/p>\n<p>He said there was a collective approach in Canada which was highly mindful of not creating barriers to purchase. \u201cIf they make the barriers too high, no-one will purchase anything,\u201d Michael told his peers.<\/p>\n<p>Referring to the Government and its regulators, Michael commented, \u201cThey\u2019ve weighed up a less-regulated system where more people purchase insurance and investment solutions with a more regulated environment, but where less people have cover or investment solutions.\u201d<\/p>\n<p>He says this collaborative approach was a huge victory for both advisers and their clients. He added that his Government knows things are changing, but it wants to progress slowly and consider \u2018the greater good\u2019 before changing anything, ie more regulatory reforms\/barriers.<\/p>\n<p>Michael cautions that, while he believes the \u2018hasten slowly\u2019 approach in Canada is a great thing, one of the downsides can be less disclosure for clients on adviser remuneration, including insurance commissions.<\/p>\n<blockquote><p>It\u2019s a balance between protecting the consumer and having enough advisers to deliver advice<\/p><\/blockquote>\n<p>Generally, though, he believes \u2013 and the panel also agreed &#8211; \u201cCanada stacks up well,\u201d in terms of its more balanced approach to compliance and regulation and ability for more citizens to access advice and coverage.<\/p>\n<p>Michael\u2019s great question is whether society is better or worse off by having lower regulatory barriers to delivering and receiving advice: \u201cIt\u2019s a balance between protecting the consumer and having enough advisers to deliver advice,\u201d he said.<\/p>\n<p>Michael noted Canadian advisers, like those in the United Kingdom, must also articulate dollar value, as opposed to a percentage.<\/p>\n<p>He says the whole Canadian financial advice system is like global retailer, Tiffany\u2019s, which he likened to ladies and gentlemen being trained to be ladies and gentlemen \u201c\u2026and the abuses that are out there are quite rare,\u201d says Michael.<\/p>\n<h3>South Africa<\/h3>\n<div id=\"attachment_323\" style=\"width: 210px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-323\" class=\"size-medium wp-image-323\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7508-scaled-e1575316161277-300x300.jpg\" alt=\"LC Maharaj\" width=\"200\" height=\"200\" srcset=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7508-scaled-e1575316161277-300x300.jpg 300w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7508-scaled-e1575316161277-1024x1024.jpg 1024w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7508-scaled-e1575316161277-150x150.jpg 150w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7508-scaled-e1575316161277-768x768.jpg 768w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7508-scaled-e1575316161277-1536x1536.jpg 1536w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7508-scaled-e1575316161277-250x250.jpg 250w, https:\/\/riskinfo.com.au\/roundtable\/files\/2019\/12\/IMG_7508-scaled-e1575316161277.jpg 1670w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><p id=\"caption-attachment-323\" class=\"wp-caption-text\">LC Maharaj<\/p><\/div>\n<p>Specialist risk adviser, <strong>LC Maharaj<\/strong> articulated to his peers what he characterised as his serious concerns about the direction of legislation in South Africa:<\/p>\n<p>\u201cRespectfully \u2013 I think we\u2019ve lost the plot\u2026,\u201d said LC, referring to regulatory reform in both his own country and on a global level.<\/p>\n<p>\u201cWe\u2019re in the business of selling life insurance,\u201d said LC. \u201cWe\u2019re not in the business of regulating people.\u201d<\/p>\n<p>LC concedes this global regulatory push is taking place \u201c\u2026because some people in some countries have abused the system.\u201d<\/p>\n<p>He also made the point that all industries contain those who will want to short-circuit the system.<\/p>\n<p>\u201cWe have a dichotomy,\u201d said LC, where he reflected that the challenge was now in articulating what value advisers bring to the client:<\/p>\n<p>\u201cBut what\u2019s happened now is the entire thing has shifted to regulation and which regulation is of value for the client. How is value provided?<\/p>\n<p>\u201cAdvice is a tool we use to sell the product. But the [regulatory] literature is talking more about giving advice. Our tools are simple: a financial needs analysis is our advice. If there\u2019s a gap, you sell to the need. So, in the end, you\u2019re selling product,\u201d he said.<\/p>\n<p>\u201cWhat\u2019s happened is that some countries have taken this to a very clinical level, and they have over-benched their requirements. Sadly,\u201d according to LC, \u201c\u2026South Africa has hinged onto that over-regulated approach.\u201d<\/p>\n<p>He said South Africa is an emerging market \u2013 a third-world country with a population of 58 million people in which less than ten percent of people have insurance.<\/p>\n<blockquote><p>Respectfully \u2013 I think we\u2019ve lost the plot\u2026<\/p><\/blockquote>\n<p>\u201cSo, our purpose should be to make sure that if you have $10 or $20 extra per month, we can provide products that will suit the client\u2019s budget. But South Africa thinks it needs to keep up with other more regulated countries, where they think more regulation and reforms will solve the problem,\u201d he said.<\/p>\n<p>In a pragmatic assessment, LC told his peers \u201cThroughout the world, our job is to put insurance on the table \u2013 to make sure that the family is covered \u2013 not totally, because they can\u2019t afford it, but at least some.\u201d<\/p>\n<p>In a refreshing observation, LC said \u201cSouth African consumers look up to life insurance agents. They don\u2019t shun them.\u201d<\/p>\n<p>He said there were two main barriers to entry for emerging advisers in South Africa:<\/p>\n<ol>\n<li>Lack of new advisers \u2013 LC\u2019s son left the sector because it just wasn\u2019t for him. Just not for me.<\/li>\n<li>Mature age advisers who won\u2019t take an exam or work with such high compliance burdens<\/li>\n<\/ol>\n<p>\u201cThe worst thing is that I have to come to you every year and if I don\u2019t, I can be de-barred,\u201d said LC.<\/p>\n<div class=\"g g-1\"><div class=\"g-single a-9\"><p align=\"center\"><a class=\"gofollow\" data-track=\"OSwxLDMxLDEw\" href=\"https:\/\/www.zurich.com.au\/personal\/life-insurance\/types-of-life-insurance\/income-protection.html\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2021\/11\/ZUR3665_Riskinfo_web_ads_zurich_1.0\u2022-04.jpg\" \/><\/a><\/p><\/div><\/div>\n<h3>Final Observations<\/h3>\n<p><strong>Michael Morrow<\/strong><\/p>\n<p>\u201cIs society better off under the current laws? If you change them, maybe you\u2019ll be right by changing those rules. You can be right [to change the rules], and this can still be wrong [for the community].<\/p>\n<p>Michael pointed out that if advisers have the opportunity to be well-paid it will encourage more to enter the business, which will lead to more consumers receiving more advice.<\/p>\n<p>If advisers are underpaid for the value they deliver, and if the regulatory benchmarks are set too high, it will discourage many from entering the sector in the first place, says Michael, which in turn will mean less consumers will have access to great advice &#8211; thereby defeating the intended purpose of regulated reform.<\/p>\n<p><strong>Adam McCann<\/strong><\/p>\n<p>\u201cIf you provide value, you don\u2019t need to be frightened of regulation.<\/p>\n<blockquote><p>fewer advisers will be delivering advice post the implementation of the current Australian regulatory reforms<\/p><\/blockquote>\n<p>\u201cIf you can articulate the way you\u2019re helping people, they\u2019ll pay for it,\u201d says Adam, who thinks fewer advisers will be delivering advice post the implementation of the current Australian regulatory reforms, which will lead to a gap where people will not be provided with advice.<\/p>\n<p>Adam\u2019s concern is effectively with the \u2018mums and dads\u2019 market, where that group in the community will not put aside their $5 &#8211; $10 per week to save for a rainy day.<\/p>\n<p><strong>Duncan Glassey<\/strong><\/p>\n<p>While over-compliance is driving a more comprehensive advice service, sadly, at the same time, a comprehensive service can only be delivered to a smaller number of people who can afford it, which Duncan agrees defeats the purpose of the reforms in the first place.<\/p>\n<p>He thinks Artificial Intelligence and robo-advice will emerge and will support a lot of people who can\u2019t afford comprehensive personal advice. \u201cBut for all of us who provide comprehensive advice, I think we can learn a lot from Scott about his passion for the profession and I think MDRT is filled with passionate people who want to do the right thing by the client and we should have more of that in the UK.\u201d<\/p>\n<p><strong>Kyriakos Chatzistefanou<\/strong><\/p>\n<p>\u201cOur business is to sell life insurance. No-one knows what it\u2019s like when I\u2019m sitting at the table with the client \u2013 crying with him, talking with him \u2013 in order to support him in his life. This is my job. This is what I\u2019m doing every day.<\/p>\n<p>\u201cWhatever regulatory changes are coming won\u2019t change what I do. My job is to be outside the office, seeing my clients. My job is not to be in the office.<\/p>\n<p>\u201cWhatever changes are required &#8211; I\u2019ll make those changes. I\u2019ll qualify for the new standards. But it won\u2019t change what I do.\u201d<\/p>\n<p><strong>Scott Brennan<\/strong><\/p>\n<p>\u201cBuying life insurance is not a transaction. It\u2019s an exchange of emotion. And any time I visit my congressman or my Senator, I tell them that.<\/p>\n<p>\u201cRemind your elected officials of the same thing \u2013 this isn\u2019t a transaction. It\u2019s an exchange of emotion.<\/p>\n<blockquote><p>Buying life insurance is not a transaction. It\u2019s an exchange of emotion<\/p><\/blockquote>\n<p>\u201cPeople have got to love somebody to but this product.\u201d<\/p>\n<p>Scotty thinks elected members and regulators don\u2019t understand the life insurance narrative deeply enough. He believes there is a lack of emotion \u2013 a lack of connection \u2013 between regulators and life insurance advice. \u201cAnd we have to remind them. I know I always have.\u201d<\/p>\n<p>\u201cThis is not a commercial transaction. This is not a financial play. People buy this because they love someone.\u201d<\/p>\n<p><strong>LC Maharaj<\/strong><\/p>\n<p>\u201cWe are an emerging country, where the majority of the population is not insured, and our government is following developed countries in adopting higher levels of regulation.<\/p>\n<p>One size doesn\u2019t fit all, warned LC \u2013 his point being there should be access to high-quality advice for people in a high income bracket, but regulatory reform and their associated costs and benchmark hurdles may prevent advisers from delivering their services to the people who don\u2019t earn enough to feed their family.<\/p>\n<p>\u201cGiving advice to low-income groups should mean we\u2019re allowed to provide a needs analysis, see what the person can actually afford, get the needs analysis signed-off and get the policy in place,\u201d said LC. \u201cThat way, we can get a huge number of people insured. One size does not fit all,\u201d he stressed.<\/p>\n<p>\u201cI love the Canadian model \u2013 where the government listens to the practitioners.\u201d<\/p>\n<p><strong>Katrina Church<\/strong><\/p>\n<p>From a \u2018matter-of-fact\u2019 perspective, Katrina noted for her Kiwi colleagues, \u201cCompliance is coming.\u201d<\/p>\n<p>She told her peers from around the world she\u2019s enjoyed compiling a process manual for her business this year [ahead of new regulations], \u201c\u2026which has cost a lot of money and taken a huge amount of commitment.<\/p>\n<p>\u201cBut it was such a gift,\u201d she added, \u201c\u2026because all the people in my team now understand more thoroughly how to act and how to behave. And I realise that I hadn\u2019t trained them as well in how I expected them to work. What a great gift that was. I made them better along the journey of our becoming a better company. That\u2019s what compliance has done to our practice this year. We now act in a better way.\u201d<\/p>\n<p>Because of capacity issues, Katrina is also investing in Artificial Intelligence for her business.<\/p>\n<blockquote><p>Technology and compliance can actually allow us to get out there and talk to more people<\/p><\/blockquote>\n<p>\u201cThere\u2019s no reason two of my staff need to be sending 500 arrears notices to my clients \u2013 which compliance requirements require me to do \u2013 because a robot\u2019s going to do that between 2.00am and 3.00am every night. None of my staff are going to be spending the day calling our clients to solve my clients\u2019 problems.<\/p>\n<p>\u201cTechnology and compliance can actually allow us to get out there and talk to more people,\u201d concluded Katrina.<\/p>\n<div class=\"g g-1\"><div class=\"g-single a-9\"><p align=\"center\"><a class=\"gofollow\" data-track=\"OSwxLDMxLDEw\" href=\"https:\/\/www.zurich.com.au\/personal\/life-insurance\/types-of-life-insurance\/income-protection.html\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/riskinfo.com.au\/roundtable\/files\/2021\/11\/ZUR3665_Riskinfo_web_ads_zurich_1.0\u2022-04.jpg\" \/><\/a><\/p><\/div><\/div>\n<p><strong>Michelle Hoskin<\/strong><\/p>\n<p>\u201cThe whole education piece is old news, because it\u2019s firmly here,\u201d said Michelle in her concluding comments. For Michelle, it\u2019s not about new minimum education standards but rather who is going to replace the current cohort of great advisers.<\/p>\n<p>She forecast the biggest challenge for advice businesses around the world is business succession:<\/p>\n<p>\u201cI want to have a conversation about what happens next in your business. Who\u2019s taking over? Who\u2019s taking over the servicing? How are you going to exit? When are you going to exit? The problem is that advisers think their business is worth a lot of money to sell and that there will be a lot of people who want to buy it. The reality is they\u2019re not worth much and nobody wants to buy it,\u201d she warned.<\/p>\n<p><strong>Brendon Neal<\/strong><\/p>\n<p>As a Kiwi, Brendon said he had to grow up watching the All Blacks rugby union team \u201c\u2026lose every World Cup since 1987. But things turned around,\u201d he said.<\/p>\n<p>Brendon referenced the All Blacks response when things didn\u2019t go to plan \u2013 and the winning results that emanated from that analysis. He applied that response to the NZ advice sector, where he says the industry must focus on the challenge of regulatory reform, address them and find a way to move ahead, and to be better for the effort and for the experience.<\/p>\n<p>\u201cWe\u2019re going to focus on the psychology of getting through [regulatory reform], and seeing the opportunities that lie ahead, rather than fearing it &#8211; and appreciate that this is all happening regardless \u2013 and work out what a great advice business looks like ten years from now.<\/p>\n<p>&nbsp;<\/p>\n<p><em>Editor\u2019s Note<\/em><\/p>\n<p><em>Riskinfo sincerely thanks our panel: Katrina, Brendon, Adam, Kyriacos, Scott, LC, Duncan, Michelle and Michael for their fantastic contribution to this year\u2019s MDRT Annual Meeting International Adviser Round Table.<\/em><\/p>\n<p><em>We also extend our thanks to the MDRT organisation and its dedicated team for their support and assistance in delivering this Round Table production.<\/em><\/p>\n<p><em>Look out soon for our next International Adviser Round Table \u2013 conducted at the inaugural MDRT Global Conference in Sydney \u2013 where another panel of MDRT advisers shared their thoughts on the future opportunities which lie ahead for themselves and for their advice businesses\u2026<\/em><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>This 2019 MDRT International Adviser Round Table discussion was intended to compare notes about the various challenges facing advisers around the world. 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