The Million Dollar Round Table has confirmed it has given the Association of Independently Owned Financial Professionals approval as a recognised professional association.
In an email seen by Risk Adviser, MDRT’s membership services confirmed to the AIOFP that it has given it approval as an MDRT professional association.
AIOFP manager of member services Ray Bailey told Risk Adviser that one of the criteria was that it needs to have at least 100 adviser members, and that the approval happened on 8 June.
Mr Bailey said he had encountered people who wanted to retain their MDRT membership and also join the AIOFP, but couldn’t due to its lack of accreditation.
“For a period of time, some potential members had indicated to us that they wouldn't join because, to be a member of the Million Dollar Round Table, they mandate that you have to be a member of a professional association,” Mr Bailey said.
“The only two in Australia that were accredited are the AFA and the FPA.”
Mr Bailey said he hopes the MDRT accreditation will allow the AIOFP to increase its membership.
In addition, he said the AIOFP has also applied to the Tax Practitioners Board for professional recognition.
“Those two things, if we’re successful in both, we think will significantly increase our membership potential,” Mr Bailey said.