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#ConfuciusSays
Commissions told to be put in boss’ name/ commission payout
- Thread starter Jsiggs275
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- #12
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- #13
i work from the office and no specific hours or goals to hit, but I am their top performer; having a partial year last year and issuing 10 million in new business.
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- #14
yes
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If the comp will not change it sounds like you are assigning commissions.
Just curious why are you working for him? If you wrote 10 Million in annuities in under a year that is significant comp to the firm. I assume the clients belong to the firm as well. Do they provide the leads or clients?
Nice production.
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- #16
Yes they provide me with all my appointments and leads- I just sell. And so it seems it is just ramping up to get him an extra bonus for all of my sales and his.. but isn't that commission fraud if we're stating he was the writing agent when he wasn't present for the sale or delivery, saying he was, only to get an extra payout bonus or incentive?
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- #17
and thank you! I guess being new to the industry I didn't realize that production was so high. I should sell 16 million this year if I perform the same as my first partial year
Since you're w2, you're an employee of his firm. Comparing an independent's comp rates to yours is pointless. You'd be better off looking at what selectquote, policy genius, and other "we provide all the leads/support, you just sell" outfits pay their employees.
You can often add other agents on a comp split without them being directly involved in the sale. I'm guessing all of your comp is LOA to the agency anyway.
You may be able to negotiate a higher split if you're writing that kind of volume (especially if the other employees have a similar deal and produce much less) or set up some type of tiered comp (e.g. anything over 10m is paid at 25%).
Annuity leads are really hard to generate and a "good" agent probably writes a few million per year so you may want to do some math before you start looking at greener pastures or questioning your current situation.
It is very possible for him to learn to generate his own leads, especially if he plugs into a system. I'm sure there are other places, like us, who will train the agent on how to do that and also get street level. When you do the math on that, he'll make over 3 times (that's a conservative number) than he is making now.
The math I'm doing involves the average decent annuity producer doing 2-3m and this dude doing 16m @ 15% of the comp.
The income is going to be nearly identical. Your guy owns the book/OP never has to stress about prospecting.
Neither is necessarily bad/good but just different.
If your system is producing agents writing 10m plus, then that's awesome and certainly changes the numbers.
