I looked into it as I like recognition for a job well done. They have some great books, but it would appear that their focus is more on Life Insurance Agents. Personally, is I was to join the organization, the only levels I like are COT and TOT.
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[COLOR=#000066]"Tell me and I will forget. Show me and I will remember. Involve me and I will understand." Confucius
Just wondering do we have any MDRT members here? No Zack you or any of fellow NAA Kool-Aid drinkers are members.
I interviewed at NYL a couple of years ago and they couldn't believe that I had no interest in joining the MDRT. It's not that I'm against it. I just don't understand what it does for me. I don't fully understand what it is though.
If it's something that consumers look for as a qualification then I would join. And if it is something that brokers recognize to give me better deals I'll join. If it's just a join because they're exclusive...I don't see the point.
For US members it is $75k in FYC; $454k for top of the table.
MDRT qualification probably means little to consumers. They have no clue what most of the designations mean and most could care less . . . which is to their detriment.
The MDRT means more to others in your industry and does provide you with resources that can help you become more successful. NYL prides itself in having more MDRT & Top of the Table producers than any other carrier.
In the past I have had memberships in NALU, NAHU and the CLU Society. The publications available to members were quite good and I was able to pick up CE credits for attending meetings. But most of the local meetings became more of a swap meet than anything with company reps (more so at NALU & NAHU) pitching their carriers plans than anything. There was way too much thumping of chests and not enough substance.
Perhaps things are different at MDRT meetings, but given the ego's of those who are usually in attendance I doubt it.
Seems like those of us that are independent can meet the requirement MUCH easier than a captive agent since it is gross commission based. We make a higher % commission but some of it goes back into our marketing and office expenses.
A captive agent (like NYL agents) make a much lower commission. So I am pretty impressed that they have the highest percentage of members.
NYL was definitely offering me their top commission package because I have qualified for the round table pretty much every year. I wonder if other companies would do the same? Might be worth joining in that case.
Seems like those of us that are independent can meet the requirement MUCH easier than a captive agent since it is gross commission based. We make a higher % commission but some of it goes back into our marketing and office expenses.
A captive agent (like NYL agents) make a much lower commission. So I am pretty impressed that they have the highest percentage of members.
NYL was definitely offering me their top commission package because I have qualified for the round table pretty much every year. I wonder if other companies would do the same? Might be worth joining in that case.
If carriers gave more commission to indies for being a MDRT member I would strongly debate about joining.
NY based carriers must limit the commission paid on life products. There are ways to "boost" the comp via office & marketing allowances but unless things have changed the commission is 55% for life products.
Chumps will have more insight due to his NY based carrier connection.
NYL is a fine company, but I never really liked their attitude. My exposure to career shops is from several years in the past, so things may be different now. The only prestige career shops that I felt were solid were Mass Mutual & Northwestern Mutual. Both were more progressive than the "pure" NY based carriers.
NY based carriers must limit the commission paid on life products. There are ways to "boost" the comp via office & marketing allowances but unless things have changed the commission is 55% for life products.
Chumps will have more insight due to his NY based carrier connection.
You're correct. Doing business in NY is a pain and that is what limits the commission.
NYL is a fine company, but I never really liked their attitude.
I'm not a cheerleader by any means, as I have my gripes, but I have not seen many of the common complaints I've heard voiced about NYL whatsoever from any agents I've encountered. The most common one is that NYL trashes every other company and we've been told never replace business unless it's clearly in the best interest of the customer and don't make a living bashing the work of other professionals.
The only prestige career shops that I felt were solid were Mass Mutual & Northwestern Mutual.
I've heard really good stuff about Mass. Ironically, the word I've heard on Northwestern is that they actually do frequently bash other carriers and I've heard their sales force is incredibly pushy. Now, that is just what I have heard from some people, but obviously can't vouch for it. I do know that Northwestern has a strong emphasis on hiring recent college grads and those that have never been in the industry, which would tend to make me think there is an indoctrination factor.
You're correct. Doing business in NY is a pain and that is what limits the commission.
Can you elaborate on this statement with a bit of detail? Why is writing WL in NY more of a pain than in CA or any other state? Does NY limit the commissions that can be paid on life? Health? Annuities?
Reason I ask is that wife and I are half-thinking of a re-lo to New York City next year.
I interviewed at NYL a couple of years ago and they couldn't believe that I had no interest in joining the MDRT. It's not that I'm against it. I just don't understand what it does for me. I don't fully understand what it is though.
If it's something that consumers look for as a qualification then I would join. And if it is something that brokers recognize to give me better deals I'll join. If it's just a join because they're exclusive...I don't see the point.
Well the benefits are some really awsome mentoring programs where you can pick the brains of these really high dollar producers. Its really more about boosting self confidence and networking with other top producers for sales ideas and other things. And as for Salpro22's comment about liking the COT and TOT levels...Me too, my last 2yrs have been COTlevel and TOTlevel for last year the first two years was just Qualifer level.
Can you elaborate on this statement with a bit of detail? Why is writing WL in NY more of a pain than in CA or any other state? Does NY limit the commissions that can be paid on life? Health? Annuities?
I know for sure that NY limits the commission that can be paid out on life. As mentioned by others, it's 55% maximum commission. I don't know about annuities. NY in general is just one of the most overbearing, regulated, liberal, bureaucratic governments in the country, and thus hostile (for better or worse) to many industries. Health insurance, I'm almost certain, is guaranteed issue, so next to no one offers coverage in the state and that would kill what you currently do now.
Well the benefits are some really awsome mentoring programs where you can pick the brains of these really high dollar producers. Its really more about boosting self confidence and networking with other top producers for sales ideas and other things. And as for Salpro22's comment about liking the COT and TOT levels...Me too, my last 2yrs have been COTlevel and TOTlevel for last year the first two years was just Qualifer level.
I take it you have been selling for the last 4 years then? Do you focus on anything else besides Life?
Well the benefits are some really awsome mentoring programs where you can pick the brains of these really high dollar producers. Its really more about boosting self confidence and networking with other top producers for sales ideas and other things. And as for Salpro22's comment about liking the COT and TOT levels...Me too, my last 2yrs have been COTlevel and TOTlevel for last year the first two years was just Qualifer level.
Wow! That's Fantastic. MAYBE I need to Join. You Have reached Some HIGH Level of sales.
Northwestern has a strong emphasis on hiring recent college grads
The local shop looks for folks 35+. They go to recruiting fairs looking for people with experience in the business world but wanting a change. The GA will not hire right out of college.
The local shop looks for folks 35+. They go to recruiting fairs looking for people with experience in the business world but wanting a change. The GA will not hire right out of college.
Probably somewhat a preference thing, just like the NYL office wasn't interested in Al because of his age, whereas the local office here would have grabbed him up. But I do think it's pretty much company-wide that they don't hire guys with much experience.
Yes, NY DOI sets the limit on life policies at 55%. That is why many insurers do not write in New York. Some of the large insurers form a separate insurance company that will write in NY only. That way they get around the 55% restriction in the other 49 states. The "pure" NY based companies must adhere to the 55% limit in all the states in which they write business. I don't know about annuities and health.
Qualification is/can be based on either FYC or Premium. Therefore, qualification is the same and thus fair across the board.
I think you missed the point. I was not referring to the qualifications needed to join, but an incentive from the people who pay our bills......namely the insurance companies and clients.
Any Reputable Insurance Company Rep: "J.R. if you become a COT or TOT member we will give you X amount more per deal."
Me: Done, give me a year and put it in writing!
Client: "What is this COT I see on your card."
Me: That tells other agents that I make at least $200,000 (whatever the exact amount it) and can proudly say that I am in the top 1-2% of agents. Client: "Oh really?"
Me: "Yes, it is futile to say I have to think about it
I like the organization, I like the literature, I also like hanging around and talking with other successful agents/brokers. Hence why I enjoy talking with some of the members on this board.
What I don't like and will not do, is tell other people I don't know how much money I make or my AV. I do not feel the need to divulge that information and boast about how much money I make or what I'm worth. There are two milestone I think are important. Millionaire and Multi-Millionaire! Everything else doesn't do anything for me because I do not aim to become a Billionaire. I rather just have fun selling insurance and enjoy my life. Talking about money loses it's luster because I don't sell insurance strictly for the money. Spending money is a lot of fun. The challenge of being the best by adhering to business ethics is most rewarding part of my job when the day is done, but to each their own. Money is simply a bi-product of being the best!
I take it you have been selling for the last 4 years then? Do you focus on anything else besides Life?
I have been in the business for 8yrs. Years 1-4 were w/ Monumental as a partime agent in college. 5-6 were with Monumental as a full time agent(1st 2yrs of MDRT qualifer). And my last 2yrs have been as an Indy(yr7 COT,last yr. TOT). I'm mainly do Life, Disability, and Fianancial Planning. I have a lady in my office that handles all of the Health and Med Sups. I"m not on here bragging. I just think it is a great organization to bring yourself to another level in your career.
MDRT Members?
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