MDRT Day Singapore 2024: Future Leading, Forward Thinking

MDRT Day is organized by the respective market’s Million Dollar Round Table Membership Communications Committee (MDRT MCC). The aim is to benefit both MDRT members and aspiring MDRT members with insights from leading financial practitioners and subject matter experts.

In addition to offering localized sharing via local speakers, it also gives aspiring MDRT members a taste of the MDRT Annual Meeting.

MDRT Day Singapore 2024, themed “Future Leading, Forward Thinking”, featured industry leaders discussing strategies to future-proof financial planners’ careers.

I was privileged to represent Money Playschool and Adviser Playschool as an invited guest at the event.

Here are my key takeaways from the day:

MDRT MCC Singapore Country Chair Opening Address

In his opening address, Tenzin Quek, MDRT MCC Singapore Country Chair and a 21-Year MDRT Qualifying & Life Member with 1 COT, shared that MDRT Day Singapore 2024 was held earlier this year compared to previous years to allow participants to kickstart and aim for MDRT earlier.

He added that to achieve personal breakthroughs with all the ideas shared that day, “you just need to learn one idea and apply it with commitment.”

MDRT President Address

MDRT President Gregory B. Gagne, a 25-Year MDRT Member with 20 COT & 16 TOT, shared how his performance went from “under the table” to Top of the Table. He said: “Small changes implemented consistently will compound to the change that you need.”

He also advised living life intentionally because “time, not money, is our most important resource.” “Where do you want to be 10 years from today?” he asked. “Work backwards to determine what you must do each year, each quarter, each month, each week, today, and right now to gain clarity.”

Secrets to a Successful Estate Planning Practice

Jovin Yeo, a 20-Year MDRT Qualifying & Life Member with 5 COT and 2 TOT, shared the “Secrets to a Successful Estate Planning Practice”:

• What is your Why?
• Personal Branding – Who knows you? Will they recommend you?
• Skills & Knowledge – To ask the right questions and find the hot buttons of concerns.
• Environment – Are you with the right people, do they have the same aligned goals and interests in estate planning? Do they have better skillset than what you already have?
• Your DNA – Do you fear success? How comfortable are you engaging with higher net worth clients?
• Who do you know? – Your network.

She ended her session with an encouragement to all, “A star will always be a star. The only limit is your mind. Believe you can, and you will.”

Stroke Survivor Care: Perspective from a Financial Planner-Caretaker

Mindy Teo, a 4-Year MDRT Qualifying Member, shared her experience as a caretaker in “Stroke Survivor Care: Perspective from a Financial Planner-Caretaker”.

She advised planners to be in the know on what is going on and try to help their clients as much as possible. More importantly, be a good friend to your clients.

While she did not have to worry about the medical costs, given that they were covered by insurance, she said: “Be a friend to the caretakers. It was exhausting. You feel very alone even with friends and colleagues around you.”

MDRT Speaks – Country Chair Edition

The “MDRT Speaks – Country Chair Edition” was presented by four past MDRT MCC Singapore Country Chairs. They shared innovative and creative business concepts and ideas in this fast-paced presentation session.

Gregory Fok, an 18-Year MDRT Qualifying & Life Member with 6 COT, said aim to bring your financial advisory practice to the MAD Stage – Making A Difference! – to provide shade to others.

Think more for your clients than yourself and they will become your ambassadors to refer you to others. But also learn how to say no to the right type of clients to attract the right type of clients.

In addition, give back to the profession to pay it forward and contribute to elevating the industry and profession.

Laura Hoi, a 20-Year MDRT Qualifying & Life Member with 4 COT, shared the 3Es of success in a high-tech world:

• Empowerment: “Knowledge is NOT power. Knowledge is only POTENTIAL power. Action is power.” – Tony Robbins
• Empathy: Be an active listener and show empathy in our communication.
• Engagement: Financial planning is not a one-time event. It is a journey. Constant client engagement is required to ensure our clients stay on track to meet their life’s goals.

“Even ChatGPT asks you to consider consulting with a financial advisor for personalized advice and guidance tailored to your specific situation and goals,” she said.

Delia Wong, a 13-Year MDRT Qualifying & Life Member with 1 COT, shared that it is important during reviews to evaluate not just simply how the products are performing, but the client’s progress.

More importantly, she said it is important to understand your purpose and role. “One single encounter with a dream stealer could change our clients’ lives forever! What then is our role? Let them encounter you – the dream protector – before they encounter any dream stealer.”

Fuji Yeo, MDRT MCC Immediate Past Chair and a 9-Year MDRT Qualifying Member with 2 COT, spoke about becoming “Value-Able.”

Are you able to understand your customers’ value (needs, desires, pains) through effective questioning? Do you have the ability (skills, resources, strategies) to provide value?

She shared the idea of doing it with a bigger “D.O.G” to increase your value. Help your clients achieve bigger Desires, Outcomes, and Goals, and/or with shorter time needed or lesser efforts and sacrifices.

Special Lunch Session: Leading Towards MDRT

Melissa Soo, a 5-Year MDRT Qualifying Member, said MDRT is not about the numbers. It’s about who you become in the process. And remember that it is a team sport. For example, you don’t have to do all the training as a leader. When members of your team conduct the training, they learn twice, she said.

Wang Yeok Hong, a 9-Year MDRT Qualifying Member with 3 COT, said when you set an MDRT culture, you have to walk the talk as leaders and set MDRT as your personal minimum standard. She added that it is important to continue doing sales to stay sharp because when you stop doing sales, you become slow.

Shawn Ng, a 7-Year MDRT Qualifying Member, said it was ingrained in his mind since Day 1 that he has to become an MDRT member. But he added that it is not how fast you achieve your first MDRT as long as you progress; what matters more is the consistency to do it year after year.

Overcoming Life’s Various Challenges, In and Out of the Pool

Pang Sheng Jun, a 3-Year MDRT Qualifying Member with 1 COT and an ex-national swimmer, spoke on “Overcoming Life’s Various Challenges, In and Out of the Pool” and shared from his experience that the best lessons are learned when there’s a setback.

During his swimming career, Sheng Jun won multiple medals at swimming championships including the FINA Swimming World Cup and various Southeast Asian Games (SEA Games). But he failed to achieve his dream of qualifying for the Olympics.

“Not all stories have a happy ending. And that’s ok,” he said. Run your own race and look for mini wins. If you didn’t qualify for MDRT despite working hard, did you form meaningful relationships? Reframe your perspective to see the positives, he shared.

The Impact of AI on Financial Planning

Brindha Jeyaraman, AI Principal Architect, APAC at Google Cloud, spoke about “The Impact of AI on Financial Planning”.

While she shared the rapid advancement of Artificial Intelligence (AI) and its applications in financial advisory, she opined that Human-AI collaboration will be the way forward. She said AI won’t eliminate all jobs. There will be a shift of jobs towards areas such as client relationships, complex financial planning, and developing and maintaining AI systems.

For financial advisors, productivity can already be enhanced using AI. The examples she shared include tapping on AI for slide drafts, automating visualization, images and icons in creating slides; drafting emails, social media posts and highlighting features in creating marketing materials; and crafting compelling bios and creating social media posts and ideas in personal branding.

My Journey to TOT

Nathan Tan, a 5-Year MDRT Qualifying Member with 2 COT & 2 TOT, shared “My Journey to TOT”. He emphasized the importance of mindset and surrounding yourself with people who have high expectations of you. Known as the Pygmalion Effect, he cited a quote from Psychologist Robert Rosenthal, “When you commit to something and other people place an expectation on you, the follow-through rate increases by 800%.”

When he first started out, he had achieved his MDRT primarily via roadshows and the cold market. While over time he has more clients, a warm market, and does more client servicing events, it is still “Hard Work + Heart Work” as he achieved his first TOT in 2022 by serving 327 lives and closing 657 cases.

“Have a system to track your goals,” he said. His discipline and focus on his goals mean he breaks down his bigger goals into smaller monthly goals. With that, he tracks his shortfall and numbers daily and doesn’t allow himself to miss his small goals.

“Being MDRT: Diverse Beginnings, Shared Successes” panel

Sally Wong, a 7-Year MDRT Qualifying Member with 4 COT, groups her clients and referrals with the same interests to organize activities and events for them. “Clients will only remember you if you create happy memories for them,” she said.

Thenis Low, a 4-Year MDRT Qualifying Member with 1 COT, said one way to learn and grow fast is to be thick-skinned. “Shamelessly text top producers you want to learn from and buy them coffee or lunch! Not only learn, do!”

Will Rich Lim, a 6-Year MDRT Qualifying Member with 3 COT, said the bigger the vision you paint together with your client, the bigger the provision needed to make it a reality. He emphasized that you should only provide any proposed solutions after understanding your clients’ problems.

Turning Adversities into Abundance

Concluding the day was Eugene Seah, a 6-Year MDRT Qualifying Member with 2 COT, with his session on “Turning Adversities into Abundance”.

There are three kinds of people when facing challenges, he said.

• Fragile: gives up easily, complains, blames others, feels miserable;
• Resilient: can withstand hardship, recovers quickly from challenges; and
• Antifragile: becomes stronger and better because of difficulties and stress.

“Adopt an Antifragile mindset to benefit from volatility, change, and stress,” he said.

Sharing from his experience of being retrenched as a high-flying executive when he was an expat overseas, he said: “I can see farther because of the obstacles I overcome and stand on!”

Sponsors for the MDRT Day Singapore 2024 held on 29 April were Great Eastern, HSBC Life, and Income.

* MDRT: Million Dollar Round Table; COT: Court of the Table; TOT: Top of the Table

About MDRT

MDRT (Million Dollar Round Table) The Premier Association of Financial Professionals®, is a global, independent association of the world’s leading life insurance and financial services professionals from more than 700 companies in 80 nations and territories. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business.

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