Broker World

Throughout its nearly 100-year history, MDRT has evolved alongside the financial services profession, adapting and innovating its leading production requirements to best serve top financial professionals worldwide. In the face of last year’s business challenges, MDRT innovated once more, adjusting 2021 production requirements to ensure equal opportunity for qualified financial services professionals around the globe while maintaining the association’s ongoing standard of excellence.

As the premiere association of financial professionals, MDRT qualification has long set the standard for success, with companies worldwide referencing the association’s production requirements as a benchmark for identifying top-performing employees. Acknowledging the influence its high standards have on the financial services profession, as well as the pandemic’s unprecedented but unique impact on each country, MDRT innovated to ensure its requirements were adjusted for each country equitably, while remaining first-rate. In collaboration with economist Dr. Judy Xanthopoulos, principal at Quantria Strategies, LLC, MDRT developed a data-driven formula to supplement its current production requirement methodology, the Blended Indices Model (BIM).

“Because MDRT qualification remains the ongoing industry benchmark for success, we know how crucial it is that our production requirements are evaluated consistently and developed strategically, to keep leading our profession ever forward,” said Ian Green Dip PFS, MDRT president. “Our goal in updating the 2021 requirements is to enable advisors to maintain their membership status while they focus on setting their clients up for success as they recover from the past tumultuous year. By enacting a data-driven approach to adjust requirements, and by developing forward-thinking ideas like the Productivity Action Plan, MDRT stands poised to continue providing its members unparalleled support, propelling them and their clients towards continued success this year and into the future.”

For the 2021 productivity requirements, Xanthopoulos supplemented the BIM by leveraging data from the World Health Organization, the International Monetary Fund and the Organization for Economic Cooperation and Development. She developed a COVID-19 Severity Index formula, which considers the severity and economic impact of the public health crisis, supply chain effects and projected decreases in consumer demand for each country.

Xanthopoulos modelled the application of the indexed adjustment, comparing several different base requirement methods. MDRT then adopted appropriate methodology and extended this approach using country-specific data, resulting in a calculated adjustment for each specific country.

“This methodology allows MDRT to provide flexibility in maintaining a top-tier standard in this difficult and uncertain economic environment, while remaining equitable across global economies,” said Xanthopoulos.

Xanthopoulos has helped MDRT evolve its profession-leading production requirements for a decade, identifying a global standard in 2011 and developing the cutting-edge Blended Indices Model (BIM) in 2016. Evaluating a variety of factors, including a country’s Purchasing Power Parity index and its Human Development Index, the BIM reflects the tracked changes and economic performance in each country to maintain uniform requirements worldwide.

The adjusted 2021 requirements apply to prior-to-2019 members or new applicants. For 2019 and 2020 members, MDRT waived production requirements, allowing those members to reapply for membership without submitting their production requirements. This evolution is part of the association’s Productivity Action Plan initiative, which aims to equip advisors with the strategies they need to navigate current challenges, grow their business and guide their clients towards a brighter future.

2021 MDRT membership applications are open through December 31, 2021; registrations after March 1 are subject to an additional fee. To learn more about the MDRT Productivity Action Plan and becoming an MDRT member, visit mdrt.org.

Founded in 1927, Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals®, is a global, independent association of more than 65,000 of the world’s leading life insurance and financial services professionals from more than 500 companies in 70 nations and territories. 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 www.mdrt.org and follow them on Twitter @MDRtweet.

The National Association of Insurance and Financial Advisors (NAIFA) is pleased to welcome Maeghan Gale as a Policy Director. Gale joined NAIFA’s Government Relations team on February 1 and reports to Senior Vice President for Government Relations Diane Boyle.

As Policy Director, Gale will perform research and analysis and develop and coordinate advocacy policies and positions for NAIFA. She will lead efforts to see NAIFA positions incorporated into model legislation and regulations, working closely with such groups as the National Association of Insurance Commissioners (NAIC), National Coalition of Insurance Legislators (NCOIL), and North American Securities Administrators Association (NASAA).

“Maeghan brings a wealth of experience and insurance and financial services industry knowledge to the NAIFA advocacy team,” said Boyle. “As the only producer association advocating for financial professionals and consumers on the federal level and in all 50 states, NAIFA works with legislators and regulators on a full slate of issues across the country. With Maeghan’s energy and expertise, collaborating with the other members of our national advocacy team and our state-level advocates, we are poised to continue NAIFA’s strong track record of advocacy success.”

Gale was previously the Director of Strategic Planning and Community Relations for MassMutual. She was also a financial planner for Prudential Financial and an agency owner with State Farm Insurance Companies. Most recently, she has advanced her career in strategic marketing and training positions. Her marketing experience complements the NAIFA 2025 Strategic Plan goal of amplifying NAIFA’s brand as it relates to policy issues.
Gale holds a BA in Political Science and an MS in Marketing. She is currently pursuing a second Masters degree, this one in Public Policy, at The George Washington University.
Gale was an accomplished professional wakeboarder. She was two-time World Champion (1999 and 2000), X-Games Gold Medalist (1999), National Champion (2000), Masters Champion (2000), and Guinness Book of World Records record holder.

The National Association of Insurance and Financial Advisors is the preeminent membership association for the multigenerational community of financial professionals in the United States. NAIFA members subscribe to a strong Code of Ethics and represent a full spectrum of financial services practice specialties. They work with families and businesses to help Americans improve financial literacy and achieve financial security. NAIFA provides producers a national community for advocacy, education and networking along with awards, publications and leadership opportunities to allow NAIFA members to differentiate themselves in the marketplace. NAIFA has 53 state and territorial chapters and 35 large metropolitan local chapters. NAIFA members in every congressional district advocate on behalf of producers and consumers at the state, interstate and federal levels.

The National Association of Independent Life Brokerage Agencies (NAILBA) announced a groundbreaking new certification program for life insurance case managers.

The first of its kind, NAILBA’s web-based program was built to enhance an increasingly automated and more complex business function. Client applications have begun to require more involvement from case managers in recent years, and the current pandemic environment makes the case manager’s role even more critical.

The certification (which, when completed, will entitle certificants to NAILBA’s NCCM designation) is comprised of eight instruction modules on key case management topics. Each section may be completed independently of the others and culminates with a mastery quiz. There is a 175-question final exam for those pursuing the NCCM designation.

NAILBA Certified Case Manager Instruction Modules:

1. Life Insurance Overview
2. The Underwriting Process
3. The Role of the Brokerage General Agency (BGA)
4. Types of Case Submissions
5. The Case Manager Role
6. Case Management Requirements
7. Working with Advisors & Insurance Professionals
8. Regulatory Considerations

“There is a lost opportunity cost when firms have to train case managers on their own,” said NAILBA Board Member and President of Brokers Clearing House Debbie Hannam. “I am so excited about the opportunities this creates for agencies and carriers across the life insurance industry. Two of my veteran case managers with over 20 years of experience went through this curriculum, and they could not believe the information that was in there. The whole program is enlightening.”

Victoria Van Dusen-Roos, NAILBA board member and principal and COO at Diversified Brokerage Services, echoed Hannam’s enthusiasm: “It is wonderful we now have a robust training platform, whether you are hiring a new or advanced case manager,” she said. “As an agency principal, we can now level set everyone’s knowledge on the fundamental skills and responsibilities you expect in case management.”

For more information on NAILBA’s case manager certification visit http://www.nailbacasemanager.com.

Building on its culture of excellence and providing financial professionals exceptional opportunities for personal and career growth, Million Dollar Round Table (MDRT) is expanding its family of brands with the introduction of MDRT Global Services. A distinct, individual membership association created exclusively for field and home office leaders, MDRT Global Services introduced its initial offerings and began to build an inaugural member base with a pilot program in select countries beginning on January 1, 2021.
MDRT Global Services membership benefits include diverse opportunities for innovative leadership development, enhanced agency productivity and deeper engagement within the MDRT community. With access to impactful tools that allow field and home office leaders to inspire a culture of excellence within their organizations, MDRT Global Services members will refine their management skills while also supporting their advisors and influencing their advisors’ success.

“MDRT’s passion for supporting the leadership development of financial services professionals through innovative offerings drives everything we do,” said Ian Green, Dip PFS, 95th MDRT president. “With the introduction of MDRT Global Services, we will empower field and home office leaders to be as effective and productive as they can be, and further infuse the MDRT culture into their organizations so MDRT Global Services members and their teams can continue to excel.”

Financial services professionals who are field and home office leaders were able to join the MDRT Global Services pilot program beginning in December 2020. Pilot members, in exchange for providing ongoing insight and program feedback, will receive a complimentary two-year membership and will have the unique ability to shape MDRT Global Services’ customized offerings. This feedback will ensure MDRT Global Services can best meet its members’ leadership growth and development needs. Pilot program input will be used to refine offerings for the paid membership program to be introduced at its conclusion.

“Members of each association within our family of brands expect a world-class experience that brings them exceptional value and provides a clear path to financial services excellence. We look forward to welcoming field and home office leaders to MDRT Global Services and are committed to recognizing their achievements as field leaders,” Green said.

Field and home office leaders interested in learning more about MDRT Global Services and applying for pilot program membership can visit www.mdrtgs.org.

As the newest offering under the global MDRT family of brands, MDRT Global Services was created exclusively for 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.