The Million Dollar Round Table (MDRT) First Vice President Julian H. Good, Jr., CLU, ChFC, on Aug. 10 unveiled a new income-based qualification method for membership. The new qualification option is one of three ways to annually qualify, if you are a current or former member in the premier association that provides access to some of the best minds and opportunities in the financial industry.
“The new qualification option recognizes recent global industry trends for some advisors to work with clients on a fee basis vs. commission,” said Good. “MDRT has thoroughly researched and evaluated this trend and concluded it will continue. It is important to maintain our high standards for membership, while evolving to meet the needs of the industry.”
Producers are currently able to qualify for MDRT membership based on their annual production as measured by either commissions earned or premium generated during the production year. Membership for the current year is based on a minimum of $87,900 of eligible commissions paid or $175,800 eligible paid premium credited to the agent’s account.
The new qualification option will take effect with 2011 MDRT membership and will be based on 2010 production. Membership qualification under this method is based on a requirement of $150,000 in annual gross income from insurance and financial services products during the production year. MDRT’s commitment to productivity remains strong, with a minimum of $43,950 required from new business generated during the previous year. Another $43,950 must be derived from income associated with risk-protection products.
“Qualifying for membership in MDRT is a significant life accomplishment,” Good said. But, the true benefits I’ve experienced are unparalleled networking opportunities with some of the best minds in the industry, and ready access to fresh tools and ideas that help enhance my life professionally and personally.”
Founded in 1927, MDRT is an international, independent association of more than 31,500 members, or less than 1% of the world’s best life insurance and financial services professionals.