MDRT Family of Brands Expands Definition of Success in the Profession with New Awards and Rankings
MDRT Expanded Company RankingsUsing a more holistic approach to measuring achievement, MDRT will restructure and add new categories to its Company Rankings beginning in 2022. These new categories will recognize companies that achieve excellence in the areas of MDRT membership growth, retention and longevity, demonstrating a commitment to investing in their advisors' personal and professional development. The eight new rankings include:
- Top 25 Companies – Total Membership Growth
- Top 25 Companies – Percentage of Membership Growth
- Top 25 Companies – Total Members who Rejoined
- Top 25 Companies – Percentage of Members who Rejoined
- Top 25 Companies – Total Number of 5-9 Year Members
- Top 25 Companies – Percentage of 5-9 Year Members
- Top 25 Companies – Total Number of Qualifying and Life Members
- Top 25 Companies – Percentage of Qualifying and Life Members
"MDRT membership growth, retention and longevity are critical to companies that want to generate success within their ranks and demonstrate a commitment to excellence," said Randy Scritchfield, CFP, LUTCF, MDRT President. "These new categories provide an opportunity to celebrate the financial service professionals who achieve and maintain career long success with their MDRT membership and acknowledge the important role their companies play in supporting that success."
The 2022 Company Rankings will be announced in early July.
MDRT Global Services Culture of Excellence Award
With the MDRT Global Services pilot programme underway as the newest addition to the MDRT Family of Brands, members of this unique association are actively honing their leadership skills and establishing an MDRT culture of excellence within their agencies. The Culture of Excellence Awards provide a framework for measuring success within MDRT Global Services, evaluating applicants according to an agency scorecard, which was developed following extensive research into key benchmarks for agency success.
The benchmarks identify six key aspects of successful agencies, including promotion, retention, recruitment, persistency, Whole Person, and membership in MDRT's Family of Brands – aspects which set the requirements for award qualification. To qualify for the Gold, Platinum and Diamond awards, agency leaders must meet three, four or five of the following criteria, respectively:
- Production: 25% increase in production year-over-year
- Retention: 75% annual retention
- Recruitment: 20% annual agency recruitment rate
- Persistency: 13-month persistency rate of 90%
- Whole Person: Agency community involvement, MDRT Global Services Learning Engagement score (measured by attendance at webcasts, Annual Meeting/Global Conference, and completion of assigned modules in Harvard ManageMentor)
- Membership in MDRT Family of Brands: 100% of agents must be members of MDRT or the MDRT Academy.
"These awards establish a new standard of excellence for global financial services leaders," said Ian Green, Dip PFS, MDRT Immediate Past President. "Successful leadership is so much more than just great numbers, which is why these rigorous awards also focus on MDRT's Whole Person concept and commitment to growth as evident by engagement within the MDRT Family of Brands."
MDRT Global Services Culture of Excellence Awards applications will be accepted between January and March of 2023, with winners announced in May 2023 and honoured at a special awards ceremony at the MDRT Annual Meeting and MDRT Global Conference. Click here for more information about the Culture of Excellence Awards.
MDRT, The Premier Association of Financial Professionals®, is a global, independent association of the world's leading life insurance and financial services professionals from more than 500 companies in 70 markets. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business. For more information, please visit https://www.mdrt.org/ and follow them on Twitter @MDRtweet.
About MDRT Global Services
As the newest offering under the global MDRT Family of Brands, MDRT Global Services was created exclusively for the financial services field and home office leaders. As a separate, individual membership association with innovative program offerings, MDRT Global Services provides its members with exceptional value and leadership growth opportunities. MDRT Global Services membership allows increased engagement within the MDRT community while allowing leaders to develop a culture of excellence within their respective organizations. To learn more visit mdrtgs.org.
About MDRT Academy
The MDRT Academy is an association for financial professionals striving to reach MDRT-level production. Those who join receive exclusive access to MDRT-member insights, gold-standard content and performance-driving features tailored to their specific needs – and it's all available through an intuitive website and mobile app. The MDRT Academy also offers goal setting and performance-tracking tools, monthly webcasts featuring MDRT members, Performance Guides, as well as hundreds of MDRT-approved articles, videos and podcast episodes. Learn more at mdrtacademy.org.
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