MDRT Anyone?

[PA Bill]

I reviewed a NML policy recently and noticed the agent was a guy I was friends with back in high school. Felt kind of bad replacing it, until I looked him up on Facebook and realized he was only with them for about a year. He isn't even in the insurance business anymore. Must have been one of the ones that got churned.

Yes. The great thing about FE is that it is leads based and not referral based. You can be a nobody who knows no one, but if you are willing to dedicate yourself and work hard, you can do very well. Selling cold through NML, you will sell a lot of term at 35% commission. A lot of work for peanuts. They know this, which is why they insist on agents working their Al Granum, referral based marketing system.

NML is a fine company but obviously isn't for everyone. If you're friend lasted a year, he lasted longer than most.

 

[Thad.Sipple]

What is MDRT.............

 

[PA Bill]

What is MDRT.............

Million Dollar Round Table. It is attained by reaching a certain production level and joining the organization. It is considered a big deal at Northwestern Mutual and New York Life, amongst others.

 

[Thad.Sipple]

Oh is that a self promoting thing? Hehe.

Jk cool

 

[PA Bill]

Oh is that a self promoting thing? Hehe.

Jk cool

I guess you could say that. I think it used to be a much bigger deal years ago before the big "Life" companies morphed into "Financial services" companies. We in FE aren't ashamed to call ourselves Life agents, talk about death, and wear whole life insurance on our sleeves. We are the true "life" guys these days and I love that.

 

[Norwayguy]

I guess you could say that. I think it used to be a much bigger deal years ago before the big "Life" companies morphed into "Financial services" companies. We in FE aren't ashamed to call ourselves Life agents, talk about death, and wear whole life insurance on our sleeves. We are the true "life" guys these days and I love that.

What's funny is these companies forget their roots of selling industrial policies. My Grandfather worked for Prudential and retired from there and worked a debit route.

 

[DHK]

IMO, today the best reasons for joining the MDRT are...
1) If you want to build up your resume to go into sales management...
2) Or you're an experienced agent who wants to siphon more commissions off of newer agents through joint work using the fear that they'll screw it all up (or will gain more by working with you).

I can think of better ways to spend the $1,000 annual membership fee + costs to travel and attend the annual meeting (which is full of presenters who mostly have their own stuff to sell to you).

In today's consumer view, earning a bunch of sales awards isn't as impressive as having a brand of service. MDRT is a "producer recognition award & association"... and clients don't care.

Unless a company is paying these fees for you (I suspect NYL does... but I don't know), I would pass.

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There's a 3rd type of person who should be a member of MDRT:

If you plan on selling your own sales system/methods for success to other agents, then you being a member of MDRT may help you sell more.

 

[trustandadvice]

IMO, today the best reasons for joining the MDRT are... 1) If you want to build up your resume to go into sales management... 2) Or you're an experienced agent who wants to siphon more commissions off of newer agents through joint work using the fear that they'll screw it all up (or will gain more by working with you). I can think of better ways to spend the $1,000 annual membership fee + costs to travel and attend the annual meeting (which is full of presenters who mostly have their own stuff to sell to you). In today's consumer view, earning a bunch of sales awards isn't as impressive as having a brand of service. MDRT is a "producer recognition award & association"... and clients don't care. Unless a company is paying these fees for you (I suspect NYL does... but I don't know), I would pass. ---------- Video Link: http://www.youtube.com/watch?v=_8t7bzR2v-E ---------- There's a 3rd type of person who should be a member of MDRT: If you plan on selling your own sales system/methods for success to other agents, then you being a member of MDRT may help you sell more.

I think a person can say that they are an MDRT Qualifier and that language is kosher. You are spot on, MDRT is expensive and they have zero name brand recognition.