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6,000 Gather To Celebrate MDRT's 75th

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6,000 Gather To Celebrate MDRTs 75th
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Nashville, Tenn.

A crowd of some 6000 Million Dollar Round Table members came to Nashville from all over the United States and 53 other countries around the world to celebrate the organizations 75th birthday.

In a development that its leaders would have had difficulty foreseeing 75 years ago, so many members came to this meeting from other parts of the world that they outnumbered the American members present.

Marvin Feldman spent the past year as president of MDRT visiting many of those countries where MDRT has a presence.

“One of the things Ive done internationally is try to talk with personnel at the U.S. embassies to help our international members get a visa so they can come to the meeting,” Feldman said in an interview.

Even though many U.S. embassies have clamped down with visa restrictions, Feldman noted that international attendees constitute almost 54% of those at this years meeting.

“Ive been visiting countries and associations, reporting on what MDRT is doing to make membership more valuable to them,” he said.

And, in response to the international membership, Feldman announced that a special 2004 MDRT meeting will be held in Hong Kong.

During his term as president, Feldman has focused on family values, professionalism, and productivity.

“Ive been trying to reinforce the idea that in order to be successful in this business and to be role models for other people, we have to be successful at home,” Feldman said. “We have to be role models for other individuals when they look to us for family values.

“Were trying to keep families together, were trying to keep businesses together–but we have to do it ourselves first,” he said. “Professional success that comes at the expense of your family is no success at all.”

Feldman noted that the whole person concept is something that people both in the U.S. and other countries are very excited about.

Raising the bar in the area of professionalism is something Feldman feels will come over time. “Every member needs to use the MDRT affiliation to differentiate themselves from the banker, or the stockbroker,” said Feldman. “What will set you apart from them is the quality of the relationships you build with your clients.”

Increasing the productivity of MDRT members has come in the form of the MDRT/GAMA mentoring program. As a result of this program, Feldman announced that 4,500 mentor/prot?g? teams have been formed. Over 1000 of those teams have now qualified for MDRT since entering the mentoring program.

Members should expect to see continued emphasis on the benefits of the mentoring program over the next year, according to Richard Sullenger, current first vice president, and incoming president of MDRT. While Sullenger feels the mentoring program is a success as it stands, he wants the program to continue to help get those younger producers, who may not be MDRT members, into the organization.

“We all came from some kind of mentoring program. Im asking everyone at this meeting to go home and mentor someone,” Sullenger said, in an interview.

Further involvement in the mentoring program is just one of the three areas Sullenger will be focusing on during his term. As next years president, Sullenger is anxious to increase U.S. membership levels, as well as continue the branding of the MDRT name.

“First of all we need to increase U.S. membership,” he said.

Sullenger noted that while international membership has grown by leaps and bounds, membership has decreased in the U.S. “I think for the first time international membership now exceeds U.S. membership.

“We are international and weve been promoting that, but weve let things slide in the U.S., in my opinion,” Sullenger said.

Sullenger is targeting a 50% increase in U.S. members by the end of his term. He admits this is an aggressive goal, but feels it is attainable. “We [Round Table members] have abandoned the local associations for whatever reasontheres no value at the local associations anymore,” he said.

“But I think it can happen. My focus as president will be to have all of our leadership go out and to make a conscious effort to speak at local associations throughout the U.S.,” he said.

MDRT has taken a few steps in the past to increase membership, both domestic and international. Last year, MDRT gave producers the choice on qualification based on premium production, rather than solely on compensation.

The intention was for the CPA, attorney, banker, or other financial services professional who may not receive commissions directly from the sale of insurance products to qualify based on the amount of premium theyve written, according to Feldman.

But this presented some problems. “Some people didnt know it was available, and there were some companies who were not geared to certify the amount of premium,” he said.

“Some companies came back and said, We can certify commissions, but because of our software we can not calculate premiums,” Feldman added. Officials at MDRT were also unable to account for how many members qualified under the new premium requirements.

Feldman explained that membership requirements undergo a constant evaluation, and are a continuous work in progress. “We have a membership and qualifications committee that looks at membership requirements, and theyll continue to do that,” he said.

“As we continue to grow and expand, we need to become more and more aware of the different methods of compensation that people receive so that we can adjust accordingly for our members needs,” he said.

In order to qualify for MDRT, there has long been a requirement that a producer be a member of the National Association of Insurance and Financial Advisors (NAIFA). Beginning this year, however, MDRT will waive the requirement of NAIFA membership, said Sullenger.

“We are going to open it up, so that you can belong to any number of associations, not just NAIFA, to be a member of the Round Table,” Sullenger said.

Moving forward with this initiative, MDRT has a task force set up thats going to promote the organization to firms such as Merrill Lynch and Salomon Smith Barney. “Nobody knows who we are there,” he said.

Sullenger added that these professionals could become members of MDRT as long as they are members of a professional financial association, such as the Society of Financial Service Professionals (SFSP) or the Financial Planning Association (FPA).

“The one thing that we are concerned about is making sure that our members continue to support their local associations,” Feldman added. “Whether its NAIFA or through The American College, we want to make sure that they are giving back to the associations,” he said.

Sullengers next goal as president is to raise the general publics awareness of MDRT and the excellence it represents. “Were going to expand on our branding program, so that the public is aware that MDRT truly is a good housekeeping seal of the insurance and financial services business–this will benefit all members.”

Sullenger stated that if members start promoting themselves more to the public media in their local newspapers, it would create a draw for people to become associated with someone who is a member of the Round Table.

He explained his frustration. “I see it in my newspaper locally. I look at the financial or business section and Ill see an article on the new estate tax repeal issue, and its done by a securities professional–what do they know about it?

“Here we are, we know whats going on, and no ones asking us–because they dont even know who we are. Were going to change that,” Sullenger said.


Reproduced from National Underwriter Life & Health/Financial Services Edition, July 1, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.



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