Case Fell Off

[Bwell86]

I just had a big case ($3500 commission) charge back temporarily. The client moved her retirement date back a month after we wrote the contract so the funds have not arrived.
It will be coming right back on, but I have a draw account and that has drained it for the next pay check.
I don't have any point to this other than to vent and say that this industry certainly has its ups downs. Enjoy the ride!

 

[djs]

Your point is simple....
Cash flow can be a bitch!

 

[Norwayguy]

I just had a big case ($3500 commission) charge back temporarily. The client moved her retirement date back a month after we wrote the contract so the funds have not arrived.
It will be coming right back on, but I have a draw account and that has drained it for the next pay check.
I don't have any point to this other than to vent and say that this industry certainly has its ups downs. Enjoy the ride!

This the annuity forum so am I to assume you were advanced the commission on an annuity that has not even been funded yet?

 

[Bwell86]

Yes. I really don't like being advanced on annuities because of situations like this. I'm told my company always advances on electronic application submissions.

 

[Norwayguy]

Yes. I really don't like being advanced on annuities because of situations like this. I'm told my company always advances on electronic application submissions.

You get advanced on submissions....Don't get me wrong that can be nice at time especially when it can take 2 months from the time you submit the app to the TPA approval and the releasing carrier to fully surrender and transfer the funds...Having said that I am much happier being paid once the policy has at least been issued.

 

[jmhalvo]

I just had a big case ($3500 commission) charge back temporarily. The client moved her retirement date back a month after we wrote the contract so the funds have not arrived. It will be coming right back on, but I have a draw account and that has drained it for the next pay check. I don't have any point to this other than to vent and say that this industry certainly has its ups downs. Enjoy the ride!

never heard of getting paid before $ arrives . Int

 

[moonlightandmargaritas]

I just had a big case ($3500 commission) charge back temporarily.

$3,500 is big? Wow. You may need to take your prospecting efforts up market! I wrote one $200,000 fixed annuity last year (purely by mistake). The comp was like $9,200.

 

[scagnt83]

never heard of getting paid before $ arrives . Int

Me neither. Im guessing its through an agreement with an IMO. If not, it must be a career thing with some obscure company...

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I'm told my company always advances on electronic application submissions.

Which company is it? Who does electronic annuity apps??????

 

[Bwell86]

I'm with Pru so I do primarily variable annuities. We used to be able to elect whether we wanted to "express" commissions, but I'm told that they will advance by default.

I've never done much with fixed annuities, but I'm curious now. Which companies do you use?

 

[scagnt83]

I'm with Pru so I do primarily variable annuities. We used to be able to elect whether we wanted to "express" commissions, but I'm told that they will advance by default.

Career agent with Pru?

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I've never done much with fixed annuities, but I'm curious now. Which companies do you use?

Depends on the case. Are you talking about Indexed Annuities or just regular Fixed (MYGA) Annuities?

Are you selling Pru for the Rider or for subaccount growth? What is their rider at these days?