The Million Dollar Round Table, also known as the MDRT, is a global association that recognises top performing life insurance agents and financial advisors around the world.
Members who qualify for the MDRT are typically held in high regards by their peers and are seen as the top achievers in the life insurance and financial services space.
As a global association, the prestige offered by the MDRT is not lost among life insurance agents and financial advisors Malaysia.
Every year, thousands of finance professionals in Malaysia strive to qualify for the MDRT. In fact, once of the most common question asked among insurance agents and financial advisors in Singapore is, “how much more do you need to hit MDRT”. This question certainly shows how important the MDRT is for finance professionals in Malaysia.
The MDRT has global standards that have to be met in order for finance professionals to qualify. According to MDRT, Malaysia agents are required to achieve S$124,100 of first-year commission for 2017 in order to qualify for the MDRT. In addition, MDRT members are also expected to meet ethical standards in order to be part of the MDRT
There is a common perception among skeptics that MDRT members are simply those who are good at selling products that give high commissions. These include Investment-Linked Policies (ILPs) and Endowment plans.
The logic here is simple. Selling these products that have higher premiums tend to lead to the higher commission, which in turn makes it more likely for agents to qualify for MDRT membership. MDRT membership is after all, largely based on achieving commission targets.
While this puts MDRT members in a negative light, there are a few other ways consumers can look at MDRT members and their achievements.