If you are interested to join the ranks of top financial and life insurance professionals in the Million Dollar Round Table (MDRT), a strategic approach is absolutely essential. MDRT qualification requires a certain production-level to be met in addition to its strict standards for ethical practices. Luckily, the parameters for production qualification are laid out quite clearly by MDRT, with annual production levels broken down by month. Use their guidelines as a starting point to set goals and take a tactical approach to membership qualification.
Set Monthly Goals
When I decided I wanted to make the jump from Court of the Table to Top of the Table with MDRT, it felt a bit daunting. To tackle this challenge, I decided to use the same technique I used to qualify for MDRT early in my career. I broke down my long-term goal into monthly bites and made sure to look at this number every single day to ensure I stayed on track.
The method I used to set and track my monthly production goals was straightforward; I simply wrote down the monthly target and subtracted the commission from every case that I wrote. If I produced more than my monthly goal, I wouldn’t lower the next month’s goal or carry the excess forward. On the other hand, if I underperformed one month then I would be sure to make it up the next month by adding the remaining amount to the next month’s goal. With monthly goals that you look at on a daily basis, you’ll pay closer attention to the amount of production that you’ve written and are more likely to stay focused throughout the entire year.
Track Activities to Reach Your Goals
Once you have your monthly goal set, consider which activities you need to conduct to reach those targets and how often you should do them. I highly recommend that you use an activity tracking system. If you work at a solo practitioners’ office, you may conduct an abundance of opening interviews and amass a large inventory of people with whom you need to touch base. The rut that many advisors fall into is allowing those opportunities to become stagnant and go to waste. With an activity tracking system and a monthly production chart in your arsenal, you can be sure that these prospects aren’t collecting dust.
After 25 years of research, Al Granum determined that agents were successful if they engaged in a certain number of activities on a daily, weekly, and monthly basis. He created a system which assigned each activity a point value with activities like scheduling discovery interviews, opening cases, and holding closing interviews as one point each and referrals are half a point. According to Al, you need five points per day, 25 points per week, or 100 points per month in order to best set yourself up for success. This point-based system provides a variety of productivity tools that can help you track your inventory, give ratios of how well you’re doing, forecast future productivity, and more.
These systems are incredibly useful and will ensure that you engage in the correct amount of activity to be successful. Without these analytics to help pace yourself and your level of activity, it’s very easy to get frustrated and flounder. The point system will provide a solid framework for you to bolster your business and reach your long-term goal of MDRT qualification.
The Power of Referrals
One of the biggest keys to attain new business are referrals from satisfied clients. Ever since the National Do Not Call Registry was put into place, receiving referrals is one of the only ways to meet prospective clients. Not all referrals are equal, though. Receiving a name from someone who will not make an introduction or help you get in front of that potential new client will not be very beneficial to you.
Target your current clients that have prestige and influence with their peers and working with them to ensure you have high quality referrals to add value and efficiency to your process. A prospective client will be much more likely to trust that you are worth their time if the recommendation comes from someone they look up to, like a successful executive or a trusted mentor. Build relationships with clients who have this type of influence for a great way to bring in new clients as you try to expand the amount of business you conduct.
Proactivity is Key
Lucky for us, there are many individuals who intend to get insurance but just haven’t gotten around to it yet. While there are plenty of opportunities for advisors to bring on new clients and expand their business, it is key to actively seek these opportunities and be proactive rather than wait for clients to find you through the web or through an average referral. Reach out to prospective clients, set up meetings, build relationships, ask them to take action, and track your activity and progress throughout the entire process. If you set goals and are well-organized, proactive, and diligent about meeting them, you will have a great shot at qualifying for MDRT.