You have probably heard the term “MDRT” being thrown around by Financial Adviser Representatives all the time. Those who are qualified members of MDRT would proudly tell their prospects and clients of their achievements as if they won some prestigious award. But is it really that noteworthy and impressive to win the MDRT award? What does MDRT actually mean?

What is MDRT?

Image source:__MDRT Singapore Facebook Page

Founded in 1927, MDRT (Million Dollar Round Table) is a global and independent association consisting of more than 72,000 members in 70 nations and territories from more than 500 of the world’s leading companies. The organisation recognises insurance and investment financial services professionals/planners who have served their clients by exemplary performance and the highest standards of ethics, knowledge, service and productivity.

What does it mean to be a member of the MDRT?

For many Financial Adviser Representatives, being a member of the MDRT is solid evidence that you are highly qualified in your field and a top achiever among the rest of your peers. However, being a member of the MDRT is not just about the reputation boost. All members are recognised to be highly ethical and accountable, and they are held to the strict MDRT Code of Ethics. Similar to doctors and lawyers in that regard, they are held responsible for their clients’ financial health and must perform the highest standards set by the industry. Also, MDRT members receive substantial benefits such as:

Join a global network:

They can meet and socialise with peers from other countries, expanding their networking and social circle with other qualified Financial Adviser Representatives from around the world.

Magazine:

MDRT’s bimonthly publication zeroes in on the latest trends and opportunities specific to the financial services industry, allowing MDRT members to overcome challenges to optimise their success.

Educational materials

Members have full access to online educational materials that provide a range of useful resources such as educational content, videos, MDRT podcasts, manuscripts from past MDRT meetings and many more.

Annual meetings

MDRT members can attend the annual meetings where members from all over the world share their ideas and experiences. Talks from industry experts would give members insights on personal and professional advice.

How to qualify for an MDRT?

As you can tell, achieving MDRT membership is not an easy feat. To be eligible for MDRT, they would need to hit a certain level of premiums, commissions, or income for that year. The requirements vary from each year and the conversion rates are also different for each country. As an example, let us look at the requirements to be an MDRT member in 2021.

Qualifier Member Court of the table Top of the table

Commission S$69,990 S$209,700 S$419,400

Income S$121,000 S$363,000 S$726,000

Premium S$209,700 S$629,100 S$1,258,200

You will notice the two extra columns next to the standard MDRT member requirement. Court of the Table and Top of the Table are exclusive membership given to those who can achieve 3 or 6 times of the minimum requirement of an MDRT member respectively. The levels are evaluated every year to ensure the level of exclusivity associated with the membership. However, as mentioned before, members must also adhere to strict ethical standards set by the organisation to qualify for the membership.

An important piece of information to note is that MDRT membershiponly lasts for one year. Members must apply every year to maintain an active membership or else you risk termination. For the first 10 years of membership, you are considered a Qualifying member. If you are approved for the 10th year of membership, you will be considered a Qualifying and Life member. The status of your membership is maintained by applying each year accompanied by a certifying letter that you have met the minimum requirement.

Achieving the title of MDRT is every Wealth Solutions Consultant’s dream as it gives them credibility and presents opportunities for their professional and personal growth. Of course, like anything in the world, the amount of benefits you can reap depends on how much you sow in the first place.

At KWO, some of our Financial Adviser Representatives are longtime MDRT achievers with up to 7 to 10 consecutive years of achievement. As they continue to grow both personally and professionally, you, too, will grow with them because at KWO, we strive to assist each other in reaching our full potential. These are the mentors you will have access to when you join KWO and if you desire an altruistic organisation that will help you grow to reach your full potential, come and join us now!