Does MDRT Even Matter Anymore?

[Rearden]

Howdy,

I am wondering how relevant the Million Dollar Round Table (MDRT) is anymore to an agent's career.

I see little talk from agents about MDRT, and little to no content produced.

What's your thoughts? I put together a survey to collect agents' perspectives on MDRT, and am planning on doing a write-up over the next few weeks regarding my findings.

If you're interested, you can click here to participate in the survey.

Thanks =)

 

[DHK]

The nature of MDRT has changed - probably because of the larger global membership. I think MDRT is trying to address that by having a few other meetings other than just the Annual Meeting. There's the EDGE meeting and there's a Global conference as well - held outside the US.

Today's speakers don't have the same presentation style as in the past. I believe this is due to the many translators who are working to translate the talk to the other attendees. Such is the price of international membership and attendance.

But there aren't the same sessions of John Savage and Ben Feldman where agents can just ask these top performing agents a few questions. The closest I see, is Van Mueller, and I can see the common ways that he speaks all over YouTube. He's a thorough speaker addressing many training topics, even though he doesn't get asked a lot of questions.

I believe that the true value of MDRT is not in the sessions themselves, but in the networking and sharing ideas between sessions and the friendships and common bonds.

But I can also see why, for many here, they don't see the value. It's purely emotional for me, I get it. But so are many of the other good things in life too.

 

[WinoBlues]

My guess is - it is more relevant to the captive career agents than the independents.

 

[DHK]

I'm actually far more interested in the Forum 400, but most people don't really know what that is.

(It's elite agents who qualify with $500,000+ of recognition commission credit who are REQUIRED to share their best practices with each other. They hold conferences 2-3 times a year. Last I heard, there are only 213 members - so it's a far more intimate and elite group.)

Forum 400 : The Top Life Insurance Producers in the U.S.

 

[tikibarrister]

Why are we measuring success in 1927 dollars? MDRT has never adjusted for inflation. $1m in 1927 (almost a century ago!) was a helluva lot more than it is in 2020.

 

[rousemark]

Why are we measuring success in 1927 dollars? MDRT has never adjusted for inflation. $1m in 1927 (almost a century ago!) was a helluva lot more than it is in 2020.

Even though it is still called "Million Dollar" roundtable, $1m in face amount will not qualify as it did on 1927. They have adjusted for inflation when it comes to membership requirements.

 

[Real_AMG]

I’m close to a year late seeing this, but for what it’s worth I probably would’ve quit the business if it weren’t for MDRT. The relationships I’ve built through networking with high level producers allowed me to recognize pitfalls in my career from shady business practices to crooked uplines. Agents are largely on their own in this business. The advice they do get is generally from inexperienced uplines who are trying to get into their pockets.

Consider this:

When you join MDRT, you are certifying a few things about yourself:

1. You are a proficient or top producer.

2. You have a positive outlook on the future of the industry

3. You believe in the importance of networking with individuals like yourself

It is worlds apart from any other forum of financial professionals, no offense to this one or any other.

 

[tikibarrister]

Now that I look, MDRT requirements aren't all that impressive:

https://www.imdrt.org/membership/2022/2022_Membership_NC_ENG_1222.pdf

Make $66K in commissions in a year and you're a member of the "elite". Well, if you're willing to pay $550 for the title.

The higher levels are a bit more impressive. Someone who sold $400K of insurance is worth listening to. Someone selling $66K may just have a lot of cousins.

 

[Real_AMG]

The higher levels are a bit more impressive. Someone who sold $400K of insurance is worth listening to. Someone selling $66K may just have a lot of cousins.

That’s why I say proficient or top. I do think the distinction needs to be updated though. My understanding is that it’s geared towards the more traditional style of networking with friends, family, and community as the primary source of clients. These days, an agent can run a massive DM campaign, gross $200k in commissions and then net 30k in actual income. Luckily these aren’t the types of agents that tend to want to join MDRT.

 

[marindependent]

What's your thoughts?

Who cares?