More than 300 MDRT New Zealand members attended the organisation’s roadshows in Christchurch and Auckland last week, as both new and seasoned members offered tips, global ideas and the business wisdom they have learned throughout their financial advice journey.
New Zealand MDRT Country Chair, Travis Hamilton, highlighted recent MDRT data comparing the New Zealand findings with that of the global membership.
Hamilton said that in New Zealand members’ personal profile saw the average adviser having 12 years in their practice; and 17 years in the industry with a current average age of 46. They worked an average of 44 hours a week.
Globally MDRT members were older at 53 years old, had 25 years in the industry and worked 45 hours per week. They had four staff, as did New Zealand members.
Hamilton’s presentation pointed to New Zealand members gaining 70% of their revenue from new business with 30% of revenue from renewals/trail. In contrast, MDRT global members had 71% of revenue from reoccurring revenue (renewals and trail) with 29% upfront.
…Local members had seen 17% revenue growth in 2024 for an average revenue of $1,073,000…
Local members had seen 17% revenue growth in 2024 for an average revenue of NZ$1,073,000, while globally the data found members experienced 14% revenue growth and had average revenue of US$901,000.
In NZ MDRT adviser members were outsourcing firstly their CRM followed by their marketing with compliance services third. Asked about the technologies having the most positive impact on their business NZ members pointed to AI, followed by CRM and virtual meeting software.
As to client meetings in New Zealand, 36% were conducted in person and 64% were virtual meetings. However global members had a 50:50 split between in person and virtual meetings.
The 1% Advantage
During the day a wide range of presenters shared ideas and tips that had helped them grow and strengthen their businesses.
Mat Page pointed to the 1% advantage and how small gains can make a big difference. He’s an advocate for planning and reviewing and says a pen and paper and regular plan and review sessions were important along with setting short, medium and long term goals. He has instigated a session with two other MDRT members where they focus weekly on their goals and what they intend to achieve in the coming week holding each other accountable.
He points to 1% improvement as a constant challenge, noting his results in the last months have been staggering because he is constantly reviewing and planning.
His second tip was around time management and he now has three types of days – focus days which are driven by productivity, buffer days driven by preparation work and free days, or time off.
Page says his filter is: “Will this help my clients and help my business move forward?” He’s also very is intentional, which he says helps him be more efficient. Maximum meeting time is 40 minutes.
What is not returning any dividend?
One of the main sessions saw a discussion between Australian Ross Vanderwolf, a 38-year MDRT member and former president of the global association, with Nick Longo, MDRT Oceania chair. Queried by Longo about what has he has learnt that has had the biggest impacts on his business, Vanderwolf pointed to a simple formula which included: “What should I stop doing that I am wasting my time on, what is not giving any dividend,” while also emphasising the need for client prospecting skills.
Longo said for him every minute has to matter, every quarter has to matter and he operates in a manner that is personally sustainable, not 24/7.
The discussion also pointed to an important indicator of business success as being a company’s EBIT, suggesting advisers look at their firm’s EBIT every month. “That kind of intentionality means you value your time so much more, specially dealing with clients.” Both speakers noted the need to focus on your ideal clients.
In a panel discussion led by Travis Hamilton, Tim Clairmont, a US financial adviser, author, and international speaker who leads the global MDRT Academy Taskforce, pointed to planning and saving those plans, focusing on those who match your highest revenue client. “Is there anything that you would really stop you showing up for that client?“ He also sees having boundaries in place and structuring his work as important.
On the same panel, Katrina Church pointed to mentoring as a privilege from which she gains real insights. Mentoring reminds her of the basics. “When you are mentoring [someone] you receive much more back and it reminds you of why you’re in the business.”
Former MDRT NZ Country Chair Rick Willis highlighted the MDRT Academy programme, encouraging young advisers to join, noting it‘s supported by providers. The programme allows advisers to learn, practice and measure their performance through digital and in-person learning opportunities.
