How to Qualify for MDRT? — A Complete Guide on qualification criteria
Founded in 1927, The MDRT is a premier association of financial professionals, and there are advisors worldwide who strive to Qualify for MDRT. Any financial adviser worth their salt knows what it means to be a part of the prestigious Million Dollar Roundtable. The prestigious group is a professional club of wealth managers and insurance professionals driven to make a difference for their clients.
Their network makes them the crème de la creme of the business. So, no matter how you want to grow as an adviser, insurance, to qualify for MDRT and getting a seat at the big table is going to open doors for you.
But here are the million-dollar questions:
- What’s the eligibility?
- How do you get in?
- What are the benefits?
Thanks to us, we will cover all your queries and help you with MDRT qualification and get a seat on the table that matters!Here are million-dollar round table requirements:
What’s the eligibility?
Simply put, there are three standard ways for MDRT Qualification that financial advisers can follow to become a member.
The Commission Method
An adviser must earn USD 61,000 in commissions, half of which must come from risk-protection category products.
The Premium Method
All total, an adviser must have a USD 122,000 paid premium, 50% of which must come from risk-protection category products.
The Income Qualification Method
An adviser must have an annual gross income of USD 105,000 from selling financial products, out of which USD 30,500 must come from new business generated.
There are a few changes made in the eligibility rules for the current year due to the ongoing pandemic. But in gist, if you have any of these parameters reached, you too can become a member.
However, MDRT has two different levels.
However MDRT has 2 different levels.:
Court of the Table
Commission & Premium Method
A minimum of USD 183,000 of eligible commissions paid or USD 366,000 of eligible paid premium is required. At least USD 30,500 of commission or USD 61,000 of premium (50 percent of the entry-level MDRT requirement) must come from products listed in the Risk-Protection category before applicants can use any credit from policies listed under the Other Products category.
