Monday, November 03, 2008

Million Dollar Round Table (MDRT)

Dear Mr. Tan
I am JC from Malaysia. I am currently only doing Unit trust. Can my Unit trust sales performance be used to obtain the MDRT status?

I suggest that you ask the MDRT organisation. I think that the qualification is based on first year commission from the sale of any financial product. So, the answer is likely to be "yes".

But it does not matter if you are not MDRT status. It is more important for you to give good advice for the financial well-being of your clients, and still an adequate, though modest income.


Anonymous said...

Dear JC,
MDRT is an obsolete benchmark created many years ago to encourage salesmen to sell more insurance.Helping people to have insurance in itself is a noble idea but unfortunately MDRT has a the wrong criteria for qualification. It is money based or commission based and as a result over the years many insurance agents abuse, resort to unethical practice and fleece their clients to qualify for this award.It is well known in the industry that mdrt , cot tot agents , in their pursuit for these qualifications ignored the needs of the clients and consciously and willfully committed mis-selling and all malpractices to qualify.Product selling an expensive product with high commission is mis-selling. It is cheating.
These marks are bad marks although in their constitution ethics is important. Unfortunately those qualified ignore ethics by selling expensive whole life and endowment products which are very poor as financial planning solutions. Worse, need of clients is ignored. Need is deliberately ignored because if the approach to cleints' concerns is need based these products are unlikely and never will be recommended on reasonable basis.
However, these mdrt people don't. They product push and throw away ethics and conscience to the wind in order to rip off the customers and make huge commission from it.
If MDRT or other marks can redefine
the objectives and the criteria for qualification like, eg. how many people that were helped to achieve their goals or some other criteria which are truly noble, perhaps the qualifiers of these marks can be proud of. But alas, the current qualifications is about how many people you have cheated and ruined in order to earn so much money to qualify. Those in the industry know these people push products , committed unethical practices , do anything , say anything , stoop to anything to fleece the consumers without considering the needs of their cleints.
JC, you should do your best in the interest of your client. UTs are investment vehicles and not products to be sold to make money, to help your cleint to accumulate wealth, to achieve a funding need.
Bear this in mind and don't be distracted by the mdrt mark which has gained notoriety in the past years.Think of how you can help your cleint. This will be a more meaningful approach than product peddling

well wisher

Anonymous said...

You may still need to sell other "value" products to gain MRDT, if that is your ultimate objective. It is part of the rules and the game, unless you don't want to be part of it. Put simply, it is difficult to be "ethical" and to also strive to attain MDRT.
Or to be an illegal moneylender and also to be nice.

Anonymous said...

jc, you better not think of mdrt. If you do you will surely become one of those unethical whole life and endowment product pushers. These mdrt agents have no conscience and they sell to anyone whether they need insurance or not, even to old uncles and aunties. These people are chek ark agents.So don't follow them

Anonymous said...

The insurance industry will suffer a debacle like the banks when the consumers realised that they had been fooled by the insurance agents.

Anonymous said...

These mdrt, cot and TOT agents are the greatest malpractitioners. They sell only expensive products with high commission. They sell only whole life, endowment and regular ILPs because these products carry high commission.These agents have no qualm to push these products to anyone, young and old, poor or rich whether they need or not. The agents don't care. They are unscrupulous and have no conscience at all just like the RMs in the bank.They are cheats and the qualifications are testimony of how much and how many people they cheated.This is the truth about them. So next time if you see agents with those logos on their name card imagine them cheating you also. Beleive me they won't find out your needs first , they just push you these products as if they are all purpose, cure all like the magic stones, and you think you have the correct insurance. Avoid these people.
Ask the AIA, PRU and NTUC policyholders they will tell you.These agents from these companies are the most unethical agents in the market.


Anonymous said...

MDRT can be achieved by collecting enough first year Premium from customer.

for 2009 MDRT PREMIUM REQUIREMENTS, the criteria is s$309,000

a good hardworking, kind agent still can achieve MDRT by recommending the necessary insurance to his client, & not rip off his client....

R.Stephen said...

Dear JC,
I noticed your message now only.
I am a Development Officer with Life Insurance Corporation of India.
I request you not to be discouraged. I found MDRT as a great organisation which teaches a lot. Few members may be unethical, but as an organisation MDRT is a great platform for every financial advisor to get developed. I learnt a lot through MDRT and still learning.
You can send a mail to MDRT and they will give you all the details to become an agent. I know the Vice President of MDRT, Malaysia too.
All the best to you.

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