MDRT Members?
- Thread starter WBunch
- Start date
- 2,152
I'm not even sure what the qualifications are again?
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.
2007 Commission Requirements
MDRT = $81,800
COT = $245,400
TOT = $490,800
2007 Commission Requirements
MDRT = $81,800
COT = $245,400
TOT = $490,800
- 16,887
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.
The qualifications for MDRT can be found here.
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.
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.
- 16,887
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.
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.
FWIW, here is some NYL propaganda
http://www.newyorklife.com/cda/0,3254,13868,00.html
http://www.newyorklife.com/cda/0,3254,15853,00.html
And here is a book you might want to consider.
http://www.amazon.com/Million-Dollar-Prospecting-Techniques-Round/dp/0471325503
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.
FWIW, here is some NYL propaganda
http://www.newyorklife.com/cda/0,3254,13868,00.html
http://www.newyorklife.com/cda/0,3254,15853,00.html
And here is a book you might want to consider.
http://www.amazon.com/Million-Dollar-Prospecting-Techniques-Round/dp/0471325503
- 477
You're correct. Doing business in NY is a pain and that is what limits the commission.
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.
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.
G
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Guest
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.
Al
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