Future of Small Group Benefit Brokers/Advisors

Nov 5, 2018

  1. rcduggan
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    rcduggan Super Genius

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    partner with a GA is good. splitting your comp with a GA is ridiculous. out of curiosity, how much of the comp are you splitting?
     
  2. junkman
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    junkman Guru

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    Splitting usual means you've stumbled onto a prospect and don't have the knowledge or resources to deal with it - basically out of your zone of competence otherwise, agents would be bringing you business to split.
     
    junkman, Feb 11, 2019
    #42
  3. rcduggan
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    rcduggan Super Genius

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    well right.... but this is a GA not another agent. a GA's already receives a point or two aside from the regular comp. i'm genuinely curious how much he's given up to this GA.
     
  4. leevena
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    leevena Guru

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    Could you be a little more specific on what you mean by entire package?
     
    leevena, Feb 11, 2019
    #44
  5. junkman
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    junkman Guru

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    Every state is different. In TN, agents go direct to the carriers. There are some self-funded plans with trust products sold through various flavors of wholesalers. Any agent can go to any source for product and we generally shop the entire market so that another agent doesn't show up with something we don't have. The only exception is when we know that the employer data isn't all over the street. Then we are more selective in sending RFPs.

    We would never go to another licensed anyone that isn't the source of product. Some agencies may place more business with a carrier and get over rides. Some have worked with a TPA and started their own trust product. Be sure you're at the source of the product and not dealing with an intermediary.

    Turn your client over to anyone and they will try to take the client - if they can. Only give data to those from whom you want the quote. Even group reps who you've done business with for years will walk with their x-date list and call on your clients. That has been the story at least since the mid 80s.
     
    Last edited: Feb 11, 2019
    junkman, Feb 11, 2019
    #45
  6. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    Depends on the PEO. But often it is a huge PIA. Especially if their 401k is wrapped up in the PEO.
     
  7. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    PEOs can be great for small blue collar businesses. Almost every white collar firm Ive ever encountered in a PEO regretted the move big time... and the only reason they hadn't moved out yet was because of the huge amount of time involved to do so. (and they are often paying WC premiums double what they could be)

    No two businesses are alike. To think that a single lineup of products is a proper fit for all businesses is not an idea based in reality.
     
  8. Mike Siegal
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    Mike Siegal Super Genius

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    May i ask 'what group plan' will demise in 2020?

    Thanks!
     
  9. rcduggan
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    rcduggan Super Genius

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    he said it, "grandmothered group plans".
     
  10. Mike Siegal
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    Mike Siegal Super Genius

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    I'm a little slow...and SLANG is a course i failed. Can you explain it to me like i'm 5?

    (you mean a large number of group plans will expire...or one particular company?) The way he wrote it, it sounded like one particular Plan (would expire).
     
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