The Million Dollar Round Table (MDRT) is a premier association of financial professionals. To qualify for MDRT, members must adhere to strict ethical standards and meet a certain level of excellence, premium, commission or income during the year.
Financial Advisors all over the world would strive to qualify for MDRT as it means plenty of opportunities for them to earn their stripes, reach new heights, and open new doors. Our very own Financial Advisor, Aden, has recently bagged his second MDRT. And in this article, we asked Aden to share with us how he dealt with rejections, pulled through, and finally, achieved his first and second MDRT in two consecutive years.
Qualifying for MDRT
Q: Hi Aden, can you share with us how you became a Financial Advisor?
A: I started in 2014, right after I completed my National Service. I was a graduate with an engineering diploma. But at that time, I realised that a career in the engineering field doesn’t pay as well as I thought it would. So, as I started to explore other fields, I found that the financial services industry offers unlimited income. The sky is really the limit in this industry—the harder you work, the more you earn. Now, I am already in my 7th year and have successfully received my second MDRT.
Q: When did you first find out about MDRT?
A: I heard about it in my first year as a Financial Advisor. I attended company events as a rookie and saw how significant it was to achieve the MDRT award. At first, I thought getting an MDRT means you will be earning a million dollars. But then I started to learn more about it and I was immediately intrigued.
Q: When you first achieved your MDRT, how did it benefit your career as a Financial Advisor?
A: I didn’t receive the MDRT award five years into my career. I received my first MDRT last year and received my second one this year. Achieving this award definitely felt like a pat on the back because it was not easy at all for me. I had worked very hard to achieve this award. And after five years, I finally got it.
Having achieved MDRT really improved my portfolio because if you are an MDRT member, you are in the top 10% of your industry. Clients will eventually have more assurance and trust in you because they know that having an MDRT award means your service is among the best.
Q: What does it take to qualify for an MDRT?
A: It takes a lot of hard work, time, perseverance, and upskilling. When I didn’t achieve the MDRT award five years into my career, I decided to upskill myself and improve my financial service literacy by signing up for courses in financial planning, estate planning, investment, and many more. Because I know that I am not a fast learner, so I had to work harder than everyone else if I want to get to where I am now.
Q: What were the challenges faced in your journey to qualifying for MDRT and what did you do to overcome those challenges?
A: The main challenge has to be facing rejections. In the initial stages, it was very upsetting and I was very discouraged when the people I approached rejected my service. But rejections have allowed me to perfect my presentation skills and taught me how to accept and handle rejections better.
It took me about one to two years to fully accept rejections as part of the job. And it wasn’t without my teammate’s support and guidance that I came to this realisation. My mentor and team members were always there to pull me up when I am feeling down and motivate me to keep going. We always share our knowledge and skills and help each other stick to our goals.
Q: Do you have any advice or tips for other Financial Advisors who wish to obtain their very first MDRT one day?
A: First and foremost, don’t think too much about it. If you don’t obtain MDRT, don’t be disheartened. Set a goal in your mind and just keep on striving until you have perfected your skills, and one day, the MDRT award will come to you. And remember, support is very important. So, surround yourself with people who can guide and support you.
When you become a Financial Advisor, you are in control of how you work. The more effort you put into your work, the more you achieve. As one of the leading Digital Financial Advisory Agencies in Singapore, our team of professionals will provide support and guidance to help you achieve your very first MDRT. For more information, get in touch with us and one of our Financial Advisors will reach out to you.