- 26,100
Two of the pieces we do not know. 1) what is his base and benefits. 2) the comp rate his 15% is based on.
Commissions told to be put in boss’ name/ commission payout
- Thread starter Jsiggs275
- Start date
Actually, I do know those numbers (had a chat with him yesterday). He's getting paid 15% of the basic street level. For instance, if you use Athene's Ascent Pro 10 Bonus, it pays out 6.50% at street level. He is only getting a percentage of that. So, he's getting 15% of 6.50%.
So, for a $100K annuity, they are making 6.50% (I'm sure they are making more), which comes out to $6500. Meanwhile, they are only paying him only $975. Although, he did say to me yesterday that it is more like 22.5% that he is getting. So, that's $1462.50. Either way, it's a far cry from the $6500 that he would be getting. This is where I was being very conservative about being able to make 3X what he is making now.
- 26,100
OK, still do not know the Salary and Benefits, which should be substantial.
#3) where the leads are coming from. Are they cold or qualified leads or maybe warm house accounts?
#3) where the leads are coming from. Are they cold or qualified leads or maybe warm house accounts?
- 26,100
To the OP -
On putting the boss on at 99%. What are your options? Is he the kind of boss you can say no to? Can you say no and continue the way you are now.
On putting the boss on at 99%. What are your options? Is he the kind of boss you can say no to? Can you say no and continue the way you are now.
- 26,100
I have a buddy that does life out of a large P&C company. His comp split is pretty low I think. However, he is happy. He does not need to cold prospect and everyone he calls knows the agency or the P&C's CSR has called them to introduce him. I think he is nuts building someone else book but he just wants to play golf and fish when he wants to.
- Thread starter
- #26
Not to sound arrogant- but considering the fact my fist 1/2yr produced the max they've seen from any producer in decades (actually, ever from a single producer) I'm sure I could say no- but it's definitely the type of boss that would hold it against you; that's why I'm just making sure it's not some scheme I'm unknowingly signing off on (they won't give a direct answer as to why to change the writing agent). Salary is very good, as well as benefits. By no means am I unhappy- I am just kind of seeing where I stand in regards to others in the industry, making sure I don't get made a fool of.. since there are things my boss (like the commission and other past actions) keeps in the dark & could be using to take advantage of me, knowing that they're the only knowledge I've been exposed to for the most part.
I still think you're getting screwed. When you run the numbers, you are paying dearly for them to supply leads to you! Just like in the example above, you could make $6500 instead of $1462. That's over $5000 that you just paid for that lead!
