MDRT is a term most people have heard of, even if they are not in the financial services industry. But what exactly does MDRT mean? And what happens at such MDRT events?
We find the answers to some of the questions in your mind. More interestingly, we bring you a sneak peek into such industry events, as Money Playschool attended the recent MDRT Day Singapore.
What is MDRT?
MDRT stands for Million Dollar Round Table. Founded in 1927, Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals®, is a global, independent association of more than 66,000 of the world’s leading life insurance and financial services professionals from more than 500 companies in 72 nations and territories. (Source)
Isn’t MDRT all about chasing sales targets?
While MDRT members must meet a certain level of premium, commission or income during the year, professional success is only one of the pillars reflective of MDRT levels of excellence. Members must adhere to strict ethical standards, always placing the best interests of their clients above their own direct or indirect interests. They must also maintain the highest standards of professional competence by seeking to maintain and improve professional knowledge, skills and competence.
MDRT members must be committed to helping others with their financial needs, to ensure that their clients are well prepared in the event of a catastrophe. MDRT members come together not for accolades and personal gain, but to share how they provide peace of mind, and protect the futures of clients. (Source)
Really? How do I know this MDRT message is true?
You may be thinking, “Is it all just good PR and marketing? Is it all just nice empty words?” Because it sounds too altruistic to be true!
As the saying goes, “actions speak a thousand words”. Let’s take a look at how they act and not what they claim via the MDRT Day Singapore event.
First, what is MDRT Day?
MDRT members typically attend the MDRT Annual Meetings and MDRT Global Conferences, where members from all over the world come together.
MDRT Day, on the other hand, is organised to benefit both MDRT members and aspiring MDRT members to learn from industry leaders.
Each market typically organises their own MDRT Day to provide a more relevant and localised perspective of the financial advisory practice, as well as give aspiring members a taste of what MDRT members-only events are like.
This year’s MDRT Day Singapore was held on 10 October 2022.
Who organises MDRT Day Singapore? They must earn a lot of money from it!
MDRT Day Singapore is organised by Singapore’s Million Dollar Round Table Membership Communications Committee, or MDRT MCC in short. MDRT MCC works at the local level and serves as the communication link between MDRT leadership and the members, volunteers and community in the local market.
Did you know? Financial advisers serving in the MDRT MCC are all volunteers from the industry, which means they do not get paid!
Why do they spend countless hours and nights organising activities and events such as MDRT Day for their fellow financial practitioners in the industry?
As Fuji Yeo, the current MDRT MCC Singapore Country Chair and Chair of the MDRT Day Singapore 2022 organising committee, said in her opening speech, “All of us are very passionate about MDRT. We understand that MDRT is not just about production count or an award to place on your name card. It’s about much more than that. It’s about improving how you conduct your business and yourself as a Whole Person, too. We believe MDRT can change a person’s life!”
The 8-year MDRT Qualifying Member added, “It boils down to my first experience with MDRT. I attended the MDRT Experience, which was open to non-members, too. I was a non-member then, and it really opened up my eyes. People from different countries and cultures, speaking the common language of MDRT.”
Maybe it’s just one MDRT member that’s super enthusiastic and altruistic?
While there were some business-specific ideas, strategies and motivation, most, if not all, of the industry speakers spoke about what it means to be an MDRT member and the higher purpose of being an adviser.
Carol Kheng, MDRT Second Vice President, 24-Year MDRT Qualifying and Life Member, said it’s all about providing prospects and clients with solutions to their problems. “To me, success is measured by the lives I’ve touched and how many problems I’ve helped to sove.”
Alan Tang, 5-year MDRT Qualifying Member, shared on the changing needs, expectations and attitudes consumers where they like to buy but don’t want to be sold. Hence, the importance of increasing touchpoints with clients and keeping them updated on news and market developments, and more importantly, how you treat them and wow them with your service because “people will never forget how you made them feel”.
Cindy Huang, 15-year MDRT Qualifying and Life Member, said the career had made her a better person. She highlighted the importance of empathy for clients, always putting herself in her client’s shoes, understanding her clients’ emotions and financial situations, and being genuine in serving as key principles in her journey to serving over 1,000 clients now.
What’s this MDRT Whole Person concept?
If you still think MDRT is all about chasing sales figures, the term “Whole Person” also kept popping up throughout the day. So what is this MDRT Whole Person concept?
“At MDRT, we are committed to this vitally important concept, and want all our members to understand the value and benefits of balancing their lives in seven critical areas: relationships, health, education, career, service, financial and spiritual. In fact, in light of today’s tough economic climate, committing to be a Whole Person has perhaps never been more important.”
Robust, healthy lifestyle
Within MDRT, members know their ability to creatively problem-solve for clients is dependent on their own physical and mental well-being. They thus strive to maintain a sound and balanced mind and body through lifestyle choices, improving the quality of their life and a more productive business.
Strong, fulfilling relationships
MDRT members make it a priority to spend meaningful time with family and friends so that they can build relationships based on sharing, love, mutual respect and openness. This is the foundation for happiness and prosperity for all members, as those they are closest to empower them to reach their highest potential.
Intellectual curiosity is a core value of every MDRT member. They believe in the power of lifelong learning and actively seek the growth it provides. Incorporating a new skill or gaining knowledge drives members forward as professionals and individuals.
Career success and growth
No matter the pace, forward momentum will lead to accomplishing goals. Continual membership in MDRT reflects how members value this incremental progress, as engaging with fellow peers provides opportunities to gain new perspectives and continued growth.
MDRT members lead by example. They follow the advice they give to their clients and take steps to nurture their own financial security. Keeping personal finances in order removes potential distractions and helps members concentrate on their clients’ needs.
Spiritual and personal values
MDRT members align their work with their values and spiritual beliefs. They find long-term meaning and purpose by cultivating these facets of their lives to grow toward greater fulfillment.
Commitment to community service
Providing service to others and being a positive influence on the communities is something for which every MDRT member strives. By contributing their time, energy and financial resources with no expectation of personal gain, they become positive role models and uplift their communities. (Source)
MDRT’s commitment to community service?
How do we know MDRT members are actually committed to community service? One of the ways MDRT members demonstrate this is through the MDRT Gives Day, which is happening on 26 October this year.
MDRT Gives Day is an online, one-day, global fundraising event that unites the MDRT community in supporting the MDRT Foundation’s global grant programs. The MDRT Foundation funds a diverse range of charities around the world through its global grant programs.
An exclusive member benefit, the global grant programs empower MDRT members to support charitable causes that provide lasting solutions for worldwide challenges such as hunger, illiteracy and access to medical care.
MDRT Gives Day Singapore
Singapore’s MDRT Gives Day is happening on 26 October via MDRT Singapore’s facebook page.
Since this is for a good cause, Money Playschool is proud to support MDRT MCC Singapore on the MDRT Gives Day in Singapore, together with GoalsMapper and Adviser Playschool.
Follow us to get the latest updates. We will also take a closer look at what MDRT Gives Day is all about!
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