Was hand holding involved?Just to you Lee!! I seem to remember taking you out to lunch the last time I saw you. Fancy place too!! Candle lit if I remember right.
Do You Take Advances, or As Earned???
- Thread starter paige23
- Start date
Why wouldn't you take advances on interest free money? The only time I like as earned is on GI and Med Sup business. My first year doing FE full time I ended up banking over 50k which I invested in futures and options and made another 30k.
Most don't have the financial means to go as earned as well. Especially with lead costs and bills to be paid.
- 3,165
I will take advances until I'm in the biz at least 3-4yrs & then decide what's best. As of now it hasn't hurt me too much cause I don't get a lot of charge backs & when I do I'm always submitting new biz to that carrier anyway.
Sent via my Sprint Galaxy S4 using Insurance Forums
Sent via my Sprint Galaxy S4 using Insurance Forums
- 501
That's basically what it did. I took advances for a few years. Once my monthly renewals were high enough for me to be comfortable I started to slowly lower my advances. I lowered them by 25% a quarter. It took me nine months to make the transition and helped me ease into it.
After I made the change my monthly check was much more stable and it was easier to weather the ups and downs of production.
Cofie
Expert
OK, I've red this entire thread. Just making sure I am clear.
In FE I will be able to decide on advance in the beginning and will be able to change that to as earned when I am ready?
As far as advance I will be able to set my percentate at 50% or above?
In FE I will be able to decide on advance in the beginning and will be able to change that to as earned when I am ready?
As far as advance I will be able to set my percentate at 50% or above?
- 7,012
Most carriers will allow up to 75% advance. Go to FEXcontracting.com Newby recommends all new agents only take 50% for stability's sake.
I agree its much nicer after 3 months to get a chargeback and only owe ~$150 rather than ~$300.
