Insurance agents often throw around the term “Million Dollar Round table”, or MDR especially in recruitment drives designed to make their jobs look attractive to potential new agents.
But what does the term really mean? And is it as glamorous as it sounds?
What is MDRT (Million Dollar Round Table)?
MDRT is the name of an international association of financial professionals founded in the US. The organisation recognises insurance professionals who have sold a certain amount’s worth of life insurance.
For an insurance agent, saying you are an MDRT member is proof that you are a high flyer, and makes you more likely to be considered a good candidate for leadership positions. For those who wish to build their own team of agents, being a MDRT member is practically a requirement, as newbie agents want to be mentored by someone with a proven sales track record.
How much does an MDRT earn?
There are three tiers of MDRT membership:
- Member: These are regular members who have satisfied the basic requirements.
- MDRT Court of the Table (COT): These agents have achieved 3 times the amounts indicated in the basic requirements.
- MDRT Top of the Table (TOT): These agents have achieved 6 times the amounts indicated in the basic requirements.
Here are the requirements in SGD for MDRT (2020) hopefuls in Singapore.
|MDRT member||MDRT Court of the Table (COT)||MDRT (Top of the Table TOT)|
MDRT locations 2020 for global conferences
MDRT organises yearly meetings and conferences conducted around the world. And some lucky high-achieving agents get sponsored by their agencies to go, which also means they get to squeeze in some travel, too.
So, where and when are the next MDRT events happening?
|MDRT Annual Meeting 2020||7 to 10 June 2020||Anaheim, California|
|MDRT Global Conference 2020||30 Aug to 2 Sep 2020||Dubai, UAE|
|MDRT Annual Meeting 2021||6 to 9 June 2021||New Orleans, Louisiana, USA|
Benefits of attaining MDRT
It can seem like an organisation one joins just for the bragging rights. And that is mostly true. But there are some other benefits, such as the following:
- Being part of a global network: Meet and mingle with agents from other countries and trade tips and tricks.
- Bimonthly magazine: Read about trends and new developments in the insurance industry.
- Educational resources: Members can access educational content and download tools to optimise their work processes.
- Events: Attend events overseas and listen to talks by industry experts.
The overarching idea is that by joining a global network of successful financial professionals, your skills and motivation should increase, which leads to a boost in your own commissions.
What does it mean for you if your financial advisor achieved MDRT?
MDRT seems to be a valuable tool when it comes to climbing up the ranks in the insurance industry and being seen as a respected leader.
But what does it mean for you, a customer?
In theory, MDRT agents, being top performers in their industry, are expected to be highly ethical, upholding not only their agency’s code of ethics but also MDRT’s. Some people also claim that top-performing insurance agents have proven that they are able to effectively advise clients.
But in reality, a lot really depends on the individual agent. It is hard to tell whether an agent really has your best interests at heart or is intent on maximising his own commissions, especially as whether you “need” certain types of insurance plans is highly open to interpretation. What is more, an MDRT agent does not necessarily offer more personal service, especially if he or she is already flooded with clients.
So, whether your agent has achieved million dollar round table should not matter that much. What does matter is educating yourself on your insurance needs and making an informed decision, rather than swallowing wholesale everything your financial advisor tells you. And when it comes to after-sales service, a lot depends on the individual agent’s level of dedication and people skills, so pick someone you can trust and who seems dependable.
Would you rather buy insurance from an MDRT financial advisor? Tell us why or why not in the comments!