The Million Dollar Round Table (MDRT) is a

trade association A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific industry. An industry trade association partic ...

formed in 1927 to help

Insurance broker An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negotia ...

s and

financial advisor A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory ...

s establish best business practices and develop ethical and effective ways to increase client interest in financial products, specifically risk based products like life insurance, disability and long term care. As of the end of 2008 the organization has more than 39,000 members in 82 countries and territories. The name comes from a group of 32 successful life insurance agents who met at the

Peabody Hotel The Peabody Memphis is a historic luxury hotel in Downtown Memphis, Tennessee, opened in 1925. The hotel is known for the "Peabody Ducks" that live on the hotel rooftop and make daily treks to the lobby. The Peabody is a member of Historic Hot ...

Memphis, Tennessee Memphis is a city in the U.S. state of Tennessee. It is the seat of Shelby County in the southwest part of the state; it is situated along the Mississippi River. With a population of 633,104 at the 2020 U.S. census, Memphis is the second-mos ...

. Each agent could demonstrate they had sold more than $1,000,000 of life insurance that year. Their meeting focused on improving technical knowledge and enhancing their sales abilities as well as maintaining ethical standards in the industry. The 1927 meeting evolved into the formation of the organization that exists today. An organization dedicated to encouraging ethical values, sharing ideas and concepts clients have found to be valuable and helping to improve business practices. MDRT conducts annual meetings that are open to all members. These meetings are held in North America and Asia. Each year more than 10,000 members and guests attend. MDRT uses the concept of the "Whole Person," which was first presented by philosopher

Mortimer Adler Mortimer () is an English surname, and occasionally a given name. Norman origins The surname Mortimer has a Norman origin, deriving from the village of Mortemer, Seine-Maritime, Normandy. A Norman castle existed at Mortemer from an early point; ...

. According to Adler, "Whole Persons are engaged in a lifetime quest to achieve balance and congruity in all aspects of their lives and continually seek to develop their full human potential." Annual qualification requirements for joining include demonstrating a set annual production requirement plus agreeing to adhere to a strict code of ethics. Ethical violations will result in dismissal. To be eligible for a basic membership in 2020, for example, an applicant must meet a production goal of $190,000 in first year commission. MDRT also has established two additional tiers of qualification: Court of the Table and Top of the Table. To qualify for these higher tiers of membership, the applicant must demonstrate annual commission of first year income three to six times the base requirement.2017 Membership Requirements, https://www.mdrt.org/membership/requirements/

References

{{Authority control Organizations established in 1927 Insurance industry organizations