Bringing in New Agents

[texaslady]

Randomly a girl I know expressed interest in working with me... she is in the process of getting her license here in Texas, already has it in California.

My question to you guys is how do you set up agents who come in under you? I know I want to set her up as a subagent, so the insurance company pays her a % and me my % of the commissions and renewals, instead of LOA where I am responsible for paying her completely. I want the least amount of hassle from my end as possible. I will be training her and providing her leads. What is a good starting split? How do agents work their way up to higher splits? I want to base it on production, but what's a good general figure/model? I also want to include something in the contract saying she has to stay with me at least a year (or however long) before she is vested and gets renewals.

Additionally, what if she brings in other agents? How should I handle that? And how can I draw up a contract? Help please!

 

[theinsuranceman]

Randomly a girl I know expressed interest in working with me... she is in the process of getting her license here in Texas, already has it in California.

My question to you guys is how do you set up agents who come in under you? I know I want to set her up as a subagent, so the insurance company pays her a % and me my % of the commissions and renewals, instead of LOA where I am responsible for paying her completely. I want the least amount of hassle from my end as possible. I will be training her and providing her leads. What is a good starting split? How do agents work their way up to higher splits? I want to base it on production, but what's a good general figure/model? I also want to include something in the contract saying she has to stay with me at least a year (or however long) before she is vested and gets renewals.

Additionally, what if she brings in other agents? How should I handle that? And how can I draw up a contract? Help please!

Talk to your upline.

 

[Mark]

Just get a blank contract from your upline or home office. Give them anything less than what you have. The difference is what you will make in an override. Contact your upline for all the details.

BUT BE WARNED! IF YOU PUT THEM UNDER YOU AND CO SIGN FOR ADVANCING AND END UP STICKING THE COMPANY WITH THE DEBIT, YOU WILL BE THE NEXT ONE THEY COME AFTER TO GET THE MONEY FROM.

 

[VolAgent]

Have a couple of drinks and forget it. One agent is more trouble than its worth. Only if you really plan to build a team does it make sense.

Have her get her own contracts, and then just split the credit on the app. No chargeback liability. Also, odds are she'll be out of the business in a year. Set yourself up as the servicing agent on all the business, then just move it to your name when she drops out in a few months.

 

[Josh]

I think VolAgent makes a valid point.

There are too many agents that want to recruit agents and not sell.

To answer your questions:

1. If she wants to contract under you and learn how to make money, get her contracted at a lower contract level then you relative to the amount of training and support you plan on giving.

2. If she wants to bring other agents onboard, there isn't really enough money (on Medicare products anyway) to have many levels of downline agents, and frankly there isn't much of a need for it.

3. As far as contracts go, just have them contract directly with the carrier under you and have the carrier handle the paperwork. Be careful with who you sign off on though, because you can get stung on paying their chargebacks.

4. Feel free to write me or give me a call if you have any other questions

 

[Guest]

depends on how hot she is and whats her job responsibilities

 

[proadvisors]

sent you a pm...by the way your avatar is very professional make that your business card you'll get plenty of business ..That's not you is it?

 

[Josh]

sent you a pm...by the way your avatar is very professional make that your business card you'll get plenty of business ..That's not you is it?

texaslady is actually a pretty decent agent. Like most of us she got punked when she got started and learned a bunch the hard way, but it seems like she's doing well. I've thought about asking her to be the spokeswoman for AffordableMarketingLists.com, but I'm afraid to ask for more pictures

 

[texaslady]

I think VolAgent makes a valid point.

There are too many agents that want to recruit agents and not sell.

To answer your questions:

1. If she wants to contract under you and learn how to make money, get her contracted at a lower contract level then you relative to the amount of training and support you plan on giving.

2. If she wants to bring other agents onboard, there isn't really enough money (on Medicare products anyway) to have many levels of downline agents, and frankly there isn't much of a need for it.

3. As far as contracts go, just have them contract directly with the carrier under you and have the carrier handle the paperwork. Be careful with who you sign off on though, because you can get stung on paying their chargebacks.

4. Feel free to write me or give me a call if you have any other questions

This is what I was thinking.... but what's a good starting figure?

 

[WinoBlues]

Have a couple of drinks and forget it. One agent is more trouble than its worth. Only if you really plan to build a team does it make sense.

Have her get her own contracts, and then just split the credit on the app. No chargeback liability. Also, odds are she'll be out of the business in a year. Set yourself up as the servicing agent on all the business, then just move it to your name when she drops out in a few months.

Ditto. 100% I have one now that I am getting ready to refer to a Primerica "VP" I know. Way to much work, for far to little.