When Brent R. Kimball, CFP, ChFC, participated in an MDRT Foundation service project at Camp Riley in 2013, he brought his 24-year-old daughter with him. The experience of building an outdoor equestrian rink at the camp, which helps children with physical or cognitive disabilities, made a life-changing impact on her.

Six months later, Kimball’s daughter asked him, “What does it take to get into financial services?”

Now Katherine Kimball, BA, is a five-year MDRT member from Lynn, Massachusetts, USA, and part of the MDRT Foundation Grants Committee. “She got into the profession just because of the work we did for charities,” said the elder Kimball, a 34-year MDRT member from Pembroke, New Hampshire, USA, who served as MDRT Foundation President in 2014.

The point of this story, among other things, is that generosity can often lead to unexpected benefits and greater involvement. This is certainly the case for the MDRT Foundation’s now 20-year-old Inner Circle Society, which, thanks to 76 members in six countries, has donated nearly $600,000 to the MDRT Foundation in 2022.

When it was founded in 2002, the Inner Circle (IC) comprised 19 members who had donated at least $5,000 annually to the MDRT Foundation. The group, recalls Kimball (one of two 20-year members of IC, along with Jerry D. Semler, CLU, a 53-year MDRT member from Indianapolis, Indiana, USA), was created by the Major and Corporate Giving Committee to celebrate philanthropic leaders and help support the MDRT Foundation’s commitment to charities that are important to MDRT members.

Some believed that asking for $5,000 would be a tall order, Kimball said. (Note: Some IC members divide their contributions throughout the year, donating $417 per month rather than a lump sum. Others use the premiums of donated life insurance policies to qualify for IC.) But, as all advisors know, “If you don’t ask, you don’t get it.”

Making a circle

At first, IC members were recruited via phonations, with Kimball intent on being a donor on that level so he could ask for the same contribution from others. Being an IC member, Kimball added, could also help members reach higher Knight levels  (Bronze is $2,000 given in total; Silver is $3,000; Gold is $5,000; Diamond is $10,000; Platinum is $25,000; Excalibur is $50,000).

“One thing we did was identify Gold Knights and tell them that if they give $5,000, they’d automatically jump to the next level,” said Kimball, himself an Excalibur Knight.

Currently, there are three levels of Inner Circle membership: Patron (at least $5,000 annually; 60 members); Founders (more than $10,000 annually; 13 members); and Benefactors (more than $25,000 annually; three members).

What are the benefits of Inner Circle membership other than giving? IC members receive special seating at the MDRT Annual Meeting; exclusive social gatherings at MDRT events; a newsletter (called The Society) containing stories of impact and members’ updates; and, beginning in 2023, the ability to utilize Inner Circle Grants. This allows for IC members to designate a portion of their $5,000 donation to a charitable organization. (Patrons can nominate $1,000 grant recipients; Founders can nominate $2,000 grant recipients; and Benefactors can nominate $5,000 grant recipients.)

For Catherine Gough, FPFS, a five-year MDRT member from Shrewsbury, England, UK, joining the IC, which she did in 2022, is about continuing to support the MDRT Foundation and encouraging others to do the same.

“I had supported a grant application for a local charity which was successful, so when I was asked by a fellow MDRT member who is on one of the Foundation committees to contribute and become an Inner Circle Society member, it was an easy decision to make,” said Gough, whose business supports organizations aiding cancer and neurogenerative condition research, and terminally ill children and their families. “I want to help remind members of their ability to apply for MDRT Foundation grants to make the most of their membership.”

Brent Kimball and daughter Katie Kimball volunteer at the Foundation booth during the 2022 MDRT Annual Meeting.

Enduring support

The more you give, Kimball says, the more appealing you are as a grant applicant because of the personal generosity you have shown. All of the aforementioned organizations are about continued support for others, represented by how Kimball — who has applied twice for MDRT Foundation grants on behalf of organizations important to his clients — explains to members that a donation directly to a charity would be the end of the funding. But applying for a grant through the MDRT Foundation can lead to even more support for the member’s charity of choice while also supporting the Foundation.

Likewise, being an IC member is just the beginning, Kimball says.

“I think Inner Circle might lead you to do a service project or lead you to start a local charity,” said Kimball, himself the founder of Alex’s Team, a foundation to fight childhood cancer. “It’s made members make a bigger commitment to not only the MDRT Foundation but their own local charities.

“And I know guys who have said, ‘I give to the Foundation because every year I sit down with family at holiday time and say, “Who would you like to give money to?” and one reason we pick the MDRT Foundation is because we know we can apply for grants that my kids and wife care about.’”