MDRT Members?

[WBunch]

I interviewed at NYL a couple of years ago and they couldn't believe that I had no interest in joining the MDRT. It's not that I'm against it. I just don't understand what it does for me. I don't fully understand what it is though.

If it's something that consumers look for as a qualification then I would join. And if it is something that brokers recognize to give me better deals I'll join. If it's just a join because they're exclusive...I don't see the point.

Well the benefits are some really awsome mentoring programs where you can pick the brains of these really high dollar producers. Its really more about boosting self confidence and networking with other top producers for sales ideas and other things. And as for Salpro22's comment about liking the COT and TOT levels...Me too, my last 2yrs have been COTlevel and TOTlevel for last year the first two years was just Qualifer level.

 

[NHB_MMA]

Can you elaborate on this statement with a bit of detail? Why is writing WL in NY more of a pain than in CA or any other state? Does NY limit the commissions that can be paid on life? Health? Annuities?

I know for sure that NY limits the commission that can be paid out on life. As mentioned by others, it's 55% maximum commission. I don't know about annuities. NY in general is just one of the most overbearing, regulated, liberal, bureaucratic governments in the country, and thus hostile (for better or worse) to many industries. Health insurance, I'm almost certain, is guaranteed issue, so next to no one offers coverage in the state and that would kill what you currently do now.

 

[J.R.]

Well the benefits are some really awsome mentoring programs where you can pick the brains of these really high dollar producers. Its really more about boosting self confidence and networking with other top producers for sales ideas and other things. And as for Salpro22's comment about liking the COT and TOT levels...Me too, my last 2yrs have been COTlevel and TOTlevel for last year the first two years was just Qualifer level.

I take it you have been selling for the last 4 years then? Do you focus on anything else besides Life?

 

[Newby]

Well the benefits are some really awsome mentoring programs where you can pick the brains of these really high dollar producers. Its really more about boosting self confidence and networking with other top producers for sales ideas and other things. And as for Salpro22's comment about liking the COT and TOT levels...Me too, my last 2yrs have been COTlevel and TOTlevel for last year the first two years was just Qualifer level.

Wow! That's Fantastic. MAYBE I need to Join. You Have reached Some HIGH Level of sales.

 

[somarco]

Northwestern has a strong emphasis on hiring recent college grads

The local shop looks for folks 35+. They go to recruiting fairs looking for people with experience in the business world but wanting a change. The GA will not hire right out of college.

 

[NHB_MMA]

The local shop looks for folks 35+. They go to recruiting fairs looking for people with experience in the business world but wanting a change. The GA will not hire right out of college.

Probably somewhat a preference thing, just like the NYL office wasn't interested in Al because of his age, whereas the local office here would have grabbed him up. But I do think it's pretty much company-wide that they don't hire guys with much experience.

 

[arnguy]

Yes, NY DOI sets the limit on life policies at 55%. That is why many insurers do not write in New York. Some of the large insurers form a separate insurance company that will write in NY only. That way they get around the 55% restriction in the other 49 states. The "pure" NY based companies must adhere to the 55% limit in all the states in which they write business. I don't know about annuities and health.

 

[Agent]

If carriers gave more commission to indies for being a MDRT member I would strongly debate about joining.

Qualification is/can be based on either FYC or Premium. Therefore, qualification is the same and thus fair across the board.

 

[J.R.]

Qualification is/can be based on either FYC or Premium. Therefore, qualification is the same and thus fair across the board.

I think you missed the point. I was not referring to the qualifications needed to join, but an incentive from the people who pay our bills......namely the insurance companies and clients.

Any Reputable Insurance Company Rep: "J.R. if you become a COT or TOT member we will give you X amount more per deal."
Me: Done, give me a year and put it in writing!

Client: "What is this COT I see on your card."
Me: That tells other agents that I make at least $200,000 (whatever the exact amount it) and can proudly say that I am in the top 1-2% of agents. Client: "Oh really?"
Me: "Yes, it is futile to say I have to think about it

I like the organization, I like the literature, I also like hanging around and talking with other successful agents/brokers. Hence why I enjoy talking with some of the members on this board.

What I don't like and will not do, is tell other people I don't know how much money I make or my AV. I do not feel the need to divulge that information and boast about how much money I make or what I'm worth. There are two milestone I think are important. Millionaire and Multi-Millionaire! Everything else doesn't do anything for me because I do not aim to become a Billionaire. I rather just have fun selling insurance and enjoy my life. Talking about money loses it's luster because I don't sell insurance strictly for the money. Spending money is a lot of fun. The challenge of being the best by adhering to business ethics is most rewarding part of my job when the day is done, but to each their own. Money is simply a bi-product of being the best!

 

[WBunch]

I take it you have been selling for the last 4 years then? Do you focus on anything else besides Life?

I have been in the business for 8yrs. Years 1-4 were w/ Monumental as a partime agent in college. 5-6 were with Monumental as a full time agent(1st 2yrs of MDRT qualifer). And my last 2yrs have been as an Indy(yr7 COT,last yr. TOT). I'm mainly do Life, Disability, and Fianancial Planning. I have a lady in my office that handles all of the Health and Med Sups. I"m not on here bragging. I just think it is a great organization to bring yourself to another level in your career.