The Million Dollar Round Table (MDRT) announced Sept. 1 the appointment of James D. Pittman, CLU, CFP, to President of the organization’s Executive Committee.
Pittman (shown at right), founder and president of Insurance Consulting Services Inc., in Portland, Ore., becomes the 92nd President of MDRT and succeeds 28-year member Mark Hanna, now the Immediate Past President. Ross Vanderwolf, CFP, a 30-year member from Fortitude Valley, Australia, will serve as First Vice President, and Regina Bedoya, CLU, ChFC, a 24-year member from Juno Beach, Fla. will serve as Second Vice President.
As President, Pittman will work closely with the Executive Committee to maintain the association’s strict membership, professional, and ethical standards, as well as provide a unique mix of networking and resources to help members broaden their expertise, grow their businesses and educate clients about the importance of financial planning.
A 43-year MDRT member, Pittman holds 16 Court of the Table and five Top of the Table qualifications. He is also a Platinum Knight-level donor of the MDRT Foundation and a member of its Inner Circle Society, a distinguished group of donors.
“MDRT has made an immeasurable impact on my career and business,” Pittman said. “I am honored to carry on its unparalleled legacy and look forward to serving as president.”
With a focus on delivering access to innovative ideas and generating empowered growth, MDRT remains the internationally recognized standard of excellence in the life insurance and financial services industry. Pittman will lead the thriving organization of more than 62,000 international members from 500 companies and 69 nations and territories for a one-year term.
In addition to his contributions to MDRT, Pittman was also the past president of the Estate Planning Council of Portland and the Portland Chapter of CLU and ChFC. In 2009, he was honored with the prestigious Bud Horn award from the Oregon Association of Insurance and Financial Planners.
New York Life leads U.S. MDRT membership for 63rd consecutive year
More than one out of four United States members of the Million Dollar Round Table (MDRT) are from New York Life, according to updated 2017 membership data from the prestigious international association of financial professionals.
For the 63rd consecutive year, New York Life dominates membership in MDRT with 2,522 members out of MDRT’s 8,754 total agents in the U.S. – or 28.8% of all U.S. MDRT members.
MDRT Membership: Top 10 U.S. Companies
(as of July 1, 2017)
- New York Life: 2,522
- Northwestern Mutual: 945
- MassMutual: 479
- Prudential Financial: 454
- State Farm Life: 251
- Guardian Life Insurance: 220
- AXA Advisors LLC: 217
- Ohio National Financial Services: 167
- Principal Financial Group: 160
- Lincoln Financial Group: 133
New York Life ranks 5th globally as a company in terms of total members, trailing India’s LIC India (5,127 members), China’s Ping An Life Insurance Co. of China, Ltd. (4,376), Prudential Hong Kong Limited (4,004), and Hong Kong’s AIA International Limited (3,734).
Membership in MDRT is a distinguishing life insurance career milestone for those demonstrating superior professional knowledge, experience and client service. While members must meet a certain level of premium, commission or income during the year, they must also adhere to strict ethical standards.
“Our MDRT leadership is a tangible sign of our ability to identify and develop successful financial professionals with high ethical standards,” said Senior Vice President Mark Madgett, who leads the Agency Department at New York Life. “That has been at the heart of how we deliver on our mission of providing financial security and peace of mind to our clients for well over a century.”
Of the 1,251 female MDRT members in the U.S., 38% are New York Life agents – making the company the leader in female MDRT membership. In fact, New York Life has more than six times as many female members as the second-place company and more than the next 10 companies combined.
For the past 18 years, New York Life has also been the leader of MDRT’s two top-tier categories, with 385 members of “Court of the Table” and 139 members of “Top of the Table.” These elite groups recognize the highest producing agents in the industry and have 1,984 U.S. members and 1,068 U.S. members, respectively.
The company’s operation in Mexico, Seguros Monterrey New York Life, is the leader of MDRT membership in Mexico, representing 56% of MDRT membership with 426 members.
While MDRT doesn’t typically publicize the company membership rankings, the organization did provide a comment from newly appointed President James D. Pittman, CLU, CFP.
“On behalf of MDRT and the entire Executive Committee, I’m truly inspired by our members and their organizations celebrating their involvement with MDRT. We are proud of all our members and their continued success that elevates the financial services profession.” Pittman said.
Cincinnati-based Ohio National Financial Services sent out a release recently to announce it is now ranked eighth out of the top 10 U.S. companies in MDRT’s 2017 published rankings, moving up two spots from a year ago.
Ohio National’s Court of the Table memberships, a premier level based on commission, premium and income requirements, was ranked sixth in the U.S., increasing from eighth place. Top of the Table, MDRT’s highest membership level, also increased to sixth from eighth place.
“Ohio National is proud to have increased our rankings in all of the membership levels of this prestigious organization,” said Gary T. “Doc” Huffman, CLU, ChFC, Ohio National chairman, president and chief executive officer. “These significant increases reflect our commitment to performing at the highest levels by working alongside the industry’s top financial professionals. The rankings are a testimony to our strong ethical standards and high standards of excellence to help our policyholders achieve their financial goals.”
MDRT 2017 Top 10 Member Countries
(as of July 1, 2017)
1. P.R. China – 11,259
2. Hong Kong SAR – 9,994
3. United States – 8,754
4. India – 6,358
5. Japan – 5,887
6. Taiwan R.O.C. – 5,116
7. Republic of Korea – 3,116
8. Philippines – 1,556
9. Thailand – 1,541
10. Indonesia – 1,367
About MDRT: Founded in 1927, Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals®, is a global, independent association of more than 62,000 of the world’s leading life insurance and financial services professionals from more than 500 companies in 69 nations and territories. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business. For more information, please visit mdrt.org and follow them on Twitter @MDRtweet.