- 30,590
Actually, Newby says that Fex is "Semi Captive" and that they want all of your contracts.
For New Final Expense Agents: 4 Final Expense Contract Scams To Avoid
- Thread starter Rearden
- Start date
- 6,027
For what it's worth - if you work in my Call Center - you are captive to us for as long as you work with us . . . But - since we only use 2 carriers that don't allow any Agents to be direct - you don't need a release and won't get one . . .
We only advance 3 months to newbies and 6 months to seasoned agents . . . You get 50% Commissions paid direct from Carrier and 25% Bonus / Incentive Commissions that pay out on either 4th or 7th month from us . . . Leads are provided . . .
Vested from day one. You want to leave - see ya. You still earn any pass thrus and renewals minus any charge backs, if any . . .
Real Simple.
Want a 120% contract - I'll refer you to an IMO that will hook ya up!
We only advance 3 months to newbies and 6 months to seasoned agents . . . You get 50% Commissions paid direct from Carrier and 25% Bonus / Incentive Commissions that pay out on either 4th or 7th month from us . . . Leads are provided . . .
Vested from day one. You want to leave - see ya. You still earn any pass thrus and renewals minus any charge backs, if any . . .
Real Simple.
Want a 120% contract - I'll refer you to an IMO that will hook ya up!
- 30,590
Hey Lamb Chop, which 2 companies are you using?
Also, which IMO will you hook agents up with for the bigger contracts?
- 6,027
Hey Lamb Chop, which 2 companies are you using?
Also, which IMO will you hook agents up with for the bigger contracts?
Hey Hey Amtrak - can't disclose our setup ( I will in a private email ) . . .
I have a buddy to send the others too - just get some gift cards if the referrals produce.
I'm really staying focused this time around . . .
- 30,590
It sounds like you've done a lot of research Tom. I really hope this works out for you.
- 1,410
Let me be the devils advocate.
Here's the IMO/Agencies prospective on #1, #3, & #4:
Say an agency is paying for $500 worth of leads every week for one agent alone. Leads are free to the agent with a lower contract.
Once said agent is there for 6 months he is contacted by an agency offering 120% but no leads. The agent quits for the 120%, & they roll most of their entire book of business over.
The first agency pays back all debt roll up chargebacks, loses the $500 a week for 6 months (25-26 weeks) for the leads, & doesn't earn any renewal overrides due to the agent being vested Day 1.
This scenario happening just once costs the first agency $12,500 in leads alone. With the debt roll up it could easily be a $50,000 loss.
This reason alone is why a lot of IMOs/agencies won't release. There's too much risk. If this scenario happens, at least they have renewals & paythroughs (from business that the agent couldn't roll over) to recoup part of that loss. Would YOU take on a potiential $50,000 loss on ONE recruit??
Here's the IMO/Agencies prospective on #1, #3, & #4:
Say an agency is paying for $500 worth of leads every week for one agent alone. Leads are free to the agent with a lower contract.
Once said agent is there for 6 months he is contacted by an agency offering 120% but no leads. The agent quits for the 120%, & they roll most of their entire book of business over.
The first agency pays back all debt roll up chargebacks, loses the $500 a week for 6 months (25-26 weeks) for the leads, & doesn't earn any renewal overrides due to the agent being vested Day 1.
This scenario happening just once costs the first agency $12,500 in leads alone. With the debt roll up it could easily be a $50,000 loss.
This reason alone is why a lot of IMOs/agencies won't release. There's too much risk. If this scenario happens, at least they have renewals & paythroughs (from business that the agent couldn't roll over) to recoup part of that loss. Would YOU take on a potiential $50,000 loss on ONE recruit??
No IMO on here except for one pay for their agents leads and this model contradicts their agenda so don't expect them to understand or agree.
From my perspective the one who takes on the highest risk needs to have things in place to protect them. This is common sense.
Absolutely! It's rough when you spend many hours with someone only for them to turn around and leave. It happens.
The only stipulation is if they owe the company money that may roll to us. We ask that it be paid in order to release.
See the attached file.
We do. Many brand new agents have contracted with us. We have to train them via video, chat, phone, etc.
We have 3 different training sites as well. FinalExpense101.com, MedicareTraining101.com, and ILIAA.org. Albeit each of these sites are going through transformations, they are still pretty good for training.
- 6,027
DOI's wouldn't like this . . . This agent may go to jail.
This agent would be sued to high heaven if they did this to my agency . . .
- 6,027
It sounds like you've done a lot of research Tom. I really hope this works out for you.
Me too buddy . . .
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