Captive; what to Expect in Compensation

Discussion in 'Retirement Planning Forum' started by topseller, Apr 17, 2017.

  1. topseller
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    topseller Member

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    I am interviewing for a captive position in retirement planning. I have never worked "captive" before. This co.(IMO) pre-sets my appts and I will be selling annuities and various life products. I had a pre-interview with HR and am moving forward to Pres. of co. next. HR did not know the comp. arrangement and said it would be explained in my next interview. A series 65 is required within 120 days of start date.

    I am thinking it will not be a % of annual prm. Maybe a flat dollar amt per product sale? I know there is a tradeoff for free leads and especially pre-set appts. I'm just wondering how I will get "axed" on commissions.

    Can anyone help me with this? Tell me what to expect and or ask in the interview?

    Many Thanks
     
  2. Josh
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    Josh Well-Known Member

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    If they're providing presets the commission levels are going to be incredibly low because what you're doing is financing the marketing/training. What you should be expecting is solid leads and good training which should create an opportunity for you to make a healthy income, even if the commission levels are low. Most likely scenario though is the training might be decent, but the presets are usually trash and so you end up having to do most of your own prospecting/marketing, but you're stuck in trash contracts.
     
  3. topseller
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    topseller Member

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    I failed to mention that the appts are already clients of the co.(estate planning clients/high $$). So the "trust factor" is already established and the leads/appts are not random mailings. There is no prospecting at all. The training mainly consists of process and not so much product training(I already have that). They have a very sophisticated CRM and I will have my very own appt setter to schedule my appts(3-4 a day).We would work together on time slots. When asked if I had a quota to meet they said "no, you can take off anytime you want, as you are still an indep. agent. Just let your appt setter know 48 hrs in advance" (we will see about that one). So at this point it sounds almost to good to be true. I am just trying to prepare for the "bomb" to drop. Thanks for your input !
     
  4. TheAnnuityAcademy
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    TheAnnuityAcademy Member

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    I would never go captive with anyone. It limits you in what products you can offer and the leads you will receive.
     
  5. regularAgent
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    regularAgent Well-Known Member

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    TheAnnuityAcademy, until now I was a captive NYL agent, and now I'm going in dependent, but I'm quite lost, I don't know where to start looking for or what to do first. I'm life agent, and Im wasting so much time, I had had some offer not being captive, but only selling MM products, wich is the same as being captive.
    Can you show me the way to get on my way or the way to find it.
     
  6. Biggin
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    Biggin Well-Known Member

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    The "bomb" will likely be when they run through all the current clients. Then they will "sell" you on the wonders and glories of the FREEDOM associated with being independent. Now, you'll have to get your own leads but that's EASY! They've been doing it for YEARS! And they'll even show YOU how! I've never in 30 years of sales been a part of or even heard of a sales organization that didn't eventually do just that. And now you are working like an independent agent and getting paid like an indentured servant. Selling isn't really selling. It's prospecting. I spend a much larger portion of my business prospecting. If you have a lot of people to see and and as long as you know your business and you're not an @$$, you'll make a lot of money. No reason to pay these chumps to do your prospecting for you... they have a LOT less concern about how many leads you have than you do.
     

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