The Million Dollar Round Table has a new president — and he’s Canadian. Vancouver’s Jim Rogers of Rogers Group Financial takes the helm of the international organization of top insurance advisors September 1.
Rogers’s first order of business is to strengthen the organization’s North American numbers to match the group’s success in other parts of the world. While there are more than 35,000 members in 76 countries, about 60% of those members come from outside North America. Membership in Canada and the United States, at 1,100 and 14,000, respectively, has remained static for the past five years. He says having MDRT members speak at more North American conferences and events may help generate more interest in joining.
Another priority is to actively encourage members to get professional designations. Rogers has long been an advocate of professionalism and raising industry standards. He estimates that about 25% of MDRT members have designations. While more designation options exist in North America, it’s not that simple for other continents. In some countries, notably emerging markets, no designations are available, he notes.
Rogers also believes the MDRT has a role to play with helping baby boomers prepare for retirement. He, like many advisors, believes clients don’t have the adequate resources to retire. He’s tired of commentators who spout that people can live on a lot less than 70% of their pre-retirement income.
“It’s the rare person that’s living on 30% to 40% of their pre-retirement income,” he says. “I’d like to see some real academic work showing individuals in retirement who are living on less,” Rogers adds. “When I look at the fact that we’re living longer and Medicare is being eroded in bits and pieces and some of that is going to continue to be offloaded on us, all that says to me is you’re a dreamer if you think you can live on 30% to 40% of what you used to live on.”
He sees a disconnect between surveys that find people are ready and have the appropriate retirement funds versus what he has learned from counselling clients over the years. “[Consumers] are either not getting advice to tell them what their situation really is, or they’re ignoring the advice if they are getting it.”
Rogers, a 34-year MDRT member, is also a former chair of CAIFA (now Advocis).
To read the full interview with Jim Rogers, please see the upcoming September issue of Advisor’s Edge Report.
Filed by Deanne Gage, Advisor.ca, deanne.gage@advisor.rogers.com
(08/31/07)