Million Dollar found table Afirca/Middle East Conference
On 19 September, The African and Middle Eastern Zone of Million Dollar Round Table (MDRT) met at the Johannesburg Michael Angelo Hotel for their annual Zone chair meeting, Freddie Andalaft, Area Chair for Gauteng hosted the diverse representatives from South Africa, Botswana, Zimbabwe, Qatar, Israel, Lebanon, Kuwait, Oman, Saudi Arabia, and Bahrain.
The experience of interacting with individuals of such diverse cultures and religions over a common purpose was fascinating. The warmth and comradeship shared between the delegates was amazing and more admirably so between the Israeli and Lebanese delegates.
MDRT's purpose is enhancing the professionalism and performance of financial services intermediaries worldwide. Unfortunately membership in South Africa has dwindled down from over 400 in the late 90s to 92 currently. Of these members, 61 qualified for Court of the Table last year and 30 qualified for Top of the Table. This is a good indication that MDRT membership produces the most professional and highest earning intermediaries in the industry.
"The fall in membership is directly correlated to the drop in intermediary numbers in South Africa and the financial burden brought about by FAIS and other related legislation", says Andalaft. Financial Advisors have so many challenges facing them that MDRT is not the foremost on their agendas'. Another barrier to entry is the strong resistance that intermediary organisations face by the leading life offices in South Africa. Evidence of this is the failure of the LOAs chairman, Mike Jackson to arrive at the dinner on the night before without an apology.
On the contrary, Old Mutual has embraced MDRT in South Africa across the board from its executive directors to their agents, and they are taking advantage of the mammoth resources provided by MDRT. Headed up by Mr Chrispin Sonn, Old Mutual are currently marketing these resources to 3000 members of their agency force. We trust that other leading life offices will follow Old Mutuals lead. The overall objective of MDRT is to promote and encourage Professionalism and Performance. Both of which our industry is sorely in need of.
The Gauteng region is hosting a bi-monthly MDRT Video Club Viewing for intermediaries to rub shoulders with like minded people and enjoy some of the magic that MDRT offers. The first session was held on 10 October and hosted by AltRisk. Product providers are welcome to attend and expose themselves to the dynamic resources offered by MDRT. Please contact info@nfp for information on future dates.
The Membership qualification to attend the upcoming 4 day meeting in Denver Colorado in June 2007 is R245,000 broker commission; Court of the Table is R735,000 and Top of the Table is R1,470,000 commission. There is also a formula related to premium. Refer to www.mdrt.org for more information or contact Freddie Andalaft at [email protected].
"MDRT members are among the best and brightest in the financial services profession who are connected to the greatest resources, solutions and minds in the business", says Andalaft.
