I followed a rule of the 3 legged stool. I built my business with 3 segments: 1/3 buying leads, 1/3 with BNI network meetings, and 1/3 with "other professionals". I found every bought lead is the same, so pay the lowest for shared leads. BNI is one of the most powerful network lead groups, well worth the hour a week and $350/yr. Lastly, no other financial professionals sell under age 65 health insurance, the step child of the business. I called CPA's and pitched HSA's, I called financial advisors who have wealthy clients who need the right asset protection, or who needs to help a client retire to get a hold of their 401k rollover. And lastly, captive medicare ONLY agents who don't do under age 65, but need you to make the sale on the younger spouse. All 3 of these professions need you, you don't need them. Protect their clients, don't steal them. Obviously ask for referrals from your book. Mix and stir.
I think their demand is unreasonable. They are probably concerned that you will be spending time servicing these accounts while "on the clock" with the new employer. Find a way to assure them this will not happen.
But I would not give up these renewals. You earned them and are entitled to them. They could potentially be worth close to six figures over the long term.
- 1,896
1. Get wife licensed.
2. Establish agency for wife.
3. Move license underneath her org for L/H.
4. Assign commissions to agency.
5. Accept position, move license (if necessary).
6. Profit.
2. Establish agency for wife.
3. Move license underneath her org for L/H.
4. Assign commissions to agency.
5. Accept position, move license (if necessary).
6. Profit.
- 1,007
take the 37 K job... get it in writing why they believe its a conflict of interest. Have you made them aware you would be forfeiting 13 k per year in commission? Tell them you would agree to sign a waiver stating as long as your employed there you will not conduct any new L&H business.. Pretty simple to me.
- 11,997
It's certainly reasonable. Many companies have policies where you have to get approval from the company if you have another job, regardless of the industry. If they're willing to pay a salary, they can set the guidelines for what they expect and this is well within reason.
In this job market you think they won't just find another employee?
We tend to put more emphasis on what we're giving up than what we'd gain. In the long run the benefits of this job alone could be worth as much as his renewals. I really don't mean to be rude here, but if they're only $13k at this point then it seems to indicate that this isn't a career he's going to be able to survive in. There is no shame in it, most people with a w2 job make more than most insurance agents. Many people with w2 jobs enjoy a steady income with raises, benefits and promotions. Yes, being in sales and doing your own thing is exciting and the upside potential on the commissions is exciting, but it's not for everyone. It amazes me how many people want to quite their $50k/year jobs to come sell insurance because they think they'll hit it big.
- Thread starter
- #16
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Guest
Guest
I like this idea as my wife is already licensed and contracted with the same companies as me.
1. Get wife licensed.
2. Establish agency for wife.
3. Move license underneath her org for L/H.
4. Assign commissions to agency.
5. Accept position, move license (if necessary).
6. Profit.
How do I go about making an agency and moving my license under her? Will I keep renewals if I move?
1. Get wife licensed.
2. Establish agency for wife.
3. Move license underneath her org for L/H.
4. Assign commissions to agency.
5. Accept position, move license (if necessary).
6. Profit.
How do I go about making an agency and moving my license under her? Will I keep renewals if I move?
- 11,997
You probably need to get an agency license (contact the DOI) and then do an AOR change with the carriers. You probably can just get the wife licensed and do the AOR change if you contact the carriers and they let you. It may make no difference to them at all if you're transferring it to an agency vs transferring it to another agent.
I did the same thing about 3 years ago.
Wife was in the biz, got pregnant with our 4th child, and well, left the biz. She was collecting her renewals for a while, but couldn't be bothered to renew her license and go through the headache of CE etc etc.
Just prior to her license lapsing she wrote up a letter stating she wished to assign her entire commissions to me and sent it in to the various carriers.
They all complied with her request, and all renewals are now paid to me.
However, she was technically a "downline" agent for me so don't know if that had any weighting in this.
We did not have to do anything other than write the letter and send it in. We didn't even notarize it or anything like that.
Actually, I was quite shocked at how easy the process was.
Hope this helps.
Wife was in the biz, got pregnant with our 4th child, and well, left the biz. She was collecting her renewals for a while, but couldn't be bothered to renew her license and go through the headache of CE etc etc.
Just prior to her license lapsing she wrote up a letter stating she wished to assign her entire commissions to me and sent it in to the various carriers.
They all complied with her request, and all renewals are now paid to me.
However, she was technically a "downline" agent for me so don't know if that had any weighting in this.
We did not have to do anything other than write the letter and send it in. We didn't even notarize it or anything like that.
Actually, I was quite shocked at how easy the process was.
Hope this helps.
- Thread starter
- #19
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Guest
Guest
You guys have given me a lot to discuss with my wife. Now if I decide to decline the job and stay in this line of work, what can I sell other than health and life? Also, where can I find people who want those other products other than from my existing book of business?
You can only transfer your book to your wife if you had direct contracts with the insurance companies. If you went through any other agency/agent, they own the business.
U can sell health, life, medicare, dental, vision, accident, critical illness, annuities, equity indexed annuities, final expense, long term care. If you want to make bigger money, life/annuities is the way to go, but requires a steep learning curve.
I already gave you my ideas on where to find clients. Another is to call small biz's with no group plan, have them do an HRA, to fund IFP for EE's, and put uninsurables on PCIP.
U can sell health, life, medicare, dental, vision, accident, critical illness, annuities, equity indexed annuities, final expense, long term care. If you want to make bigger money, life/annuities is the way to go, but requires a steep learning curve.
I already gave you my ideas on where to find clients. Another is to call small biz's with no group plan, have them do an HRA, to fund IFP for EE's, and put uninsurables on PCIP.
