MDRT Family of Brands Expands Definition of Success in the Profession with New Awards and Rankings
- Written by MDRT
In addition to this, MDRT Global Services is introducing the MDRT Culture of Excellence Awards, which recognizes agency leaders who cultivate excellence in productivity, retention, recruitment and more. With these new initiatives, the MDRT Family of Brands recognizes and elevates the exceptional performance of companies and financial services professionals.
MDRT Expanded Company Rankings
Using 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
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.
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[3] for more information about the Culture of Excellence Awards.
[1][2]References
- ^ Media OutReach (www.media-outreach.com)
- ^ MDRT Family of Brands (www.mdrt.org)
- ^ here (www.mdrtgs.org)
Authors: MDRT
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