The Million Dollar Round Table (MDRT) is working to retain members, and lower member stress levels, by eliminating sales production requirements for any financial professionals who were members of the group in 2019 or 2020 and want to requalify to belong to the group in 2021.
- The MDRT Productivity Action Plan is available here.
- An article about MDRT consumer survey data is available here.
The Park Ridge, Illinois-based group was founded in 1927 and now has about 66,000 members.
It’s famous for providing educational and networking opportunities for top-selling insurance producers and investment professionals from all around the world. Its annual meetings offer programming in languages not only in Spanish, and in Mandarin Chinese, but in languages such as Hindi, Hungarian, Thai and Bahasa.
For 2020, using one qualification formula, the base production amount was $97,000 in commissions paid.
Now, however, in recognition of the difficulties many financial professionals are having with sales in the age of sheltering in place and social distancing, MDRT has developed a Productivity Action Plan.
MDRT will also adjust 2021 production requirements, to reflect the effects of the pandemic, for members who are applying to join the group for the first time in 2021, MDRT says.
MDRT is in good financial shape, and it has no plans to increase dues in 2021, the group says.
Regina Bedoya, MDRT’s president, said in a message to members that MDRT wants to help members emerge from these trying times stronger, and better equipped to help their clients.
“As financial professionals, we are called to help our clients navigate the ebbs and flows of life,” Bedoya wrote in the message, which was posted on MDRT’s website. “That is what we do, and that is what our training and our experiences have prepared us for. The current situation has tested our ability to do it at a time when most of us are being asked to stay home and limit physical contact with others. At the same time, our clients need us more than ever as we all navigate uncharted waters…. We are resilient individuals who, when faced with adversity, find extraordinary strength in knowing that our work is important.”
— Read Actions to Take in the Time of COVID-19, on ThinkAdvisor.