I do not mean offending you. Sorry.
HBW Insurance & Financial Services, Inc?
- Thread starter tfohr
- Start date
- 376
You are burning your new agents. As soon as they come across a forum like this and see that one of us agents can give them a higher contract, they'll leave you for good. I only look to override my agents by 5%. Why? Because they will stay with me. They are not going to go out and find a contract 40% higher. Overrides are cool but I don't want to jip my agents. If you're cool with that, more power to ya.
Is that what they call it these days?
- 3,352
Its not my understanding that you can keep your 6 and 63 with them without cost, I still think it costs thousands per year just to 'house' the variable licenses with HBW for the E and O and the oversight charges. Am I wrong?
There is no free lunch for folks with 6 & 63. It is expensive to maintain in anywhere. A cheaper place is Primerica, which you may not want to join. You can suspend your association with a B/D for two years without costing you a dime if that is what you want. But you still needs to do the CEs in order to keep your license.
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Many banks and captive agencies pay small percentage than independent agencies. But there are still many people to join the captive/banks. It is a choice. Many people thinks Primerica was not a good organization. They pay very low percentage of commission, requires you recruiting heavily, etc. But some people wanted to stay, even though they know there are better opportunities outside. You have no reasons to explain. It is their choice.
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Why not just go with an IMO? You will probably get a higher contract since there are no levels of overrides to pay for. Besides, the MLM insurance model is pretty much dead. Besides, an IMO will still allow you to hire sub-agents should you choose. Typical GA style stuff.
As an experienced agent I can start at a 105% contract with HBW and no minimum production requirement to keep that. I doubt you will find that in many IMOs. Let's say you have an IMO that pays you 105% and you want to hire sub agents. You have to give them a hair cut on commissions and bring them in at 100% or lower. With HBW I can hire another agent at the same 105% contract as me and HBW will still pay me 7% overrides on that agents production. That agent can in turn hire another agent at 105% commission and HBW will pay him 7% overrides and they will pay me 5% overrides on that agents production. Plus it all counts towards even higher commision levels.
Interesting first post.
So "experienced agent" you just bypassed all of those ridiculous MLM style levels and went straight to the top of the heap eh?
Guess that makes you a National Director of Sales.
Hollywood Broker
Expert
Good Point WIN! LOL
No it doesn't make me a National Director of Sales, it puts me at the Agency Vice President level. Yes, I started at the Agency Vice President AVP level with HBW. This may be my first post on here, "but this ain't my first rodeo pal".
Oh, and just to set the record straight. I'm not currently with HBW, although I am considering going back with them. I was first licensed in 1986. I've been out of the country for a little over 2 years now and will be back the beginning of April. So I've been out of the insurance game for a couple of years, but looking to come back in. I've been offered to come back in with HBW at the AVP level. But I know things change over a 2 year period so I'm looking hard at everything out there. I don't want to be hopping around from one IMO to another and chasing this lead system and that lead system. I'm looking at contracts, marketing and leads. Trying to determine if it's better to purchase leads or self generate them. I'm leaning towards self generation. But what methods and what target markets? I'm also looking at agency building. Although I enjoy selling and dealing one on one with clients, I really want to grow an agency. Unlike some people I'm open to learning and don't think I know it all. That's why I'm here. I'm here to learn and exchange ideas. I never make assumptions that things are as they appear to be. Also please don't make the mistake of comparing the number of messages one posts on these boards as being more experienced than someone with less posts. It may mean one has too much time on their hands instead of being in the field.
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Oh, and just to set the record straight. I'm not currently with HBW, although I am considering going back with them. I was first licensed in 1986. I've been out of the country for a little over 2 years now and will be back the beginning of April. So I've been out of the insurance game for a couple of years, but looking to come back in. I've been offered to come back in with HBW at the AVP level. But I know things change over a 2 year period so I'm looking hard at everything out there. I don't want to be hopping around from one IMO to another and chasing this lead system and that lead system. I'm looking at contracts, marketing and leads. Trying to determine if it's better to purchase leads or self generate them. I'm leaning towards self generation. But what methods and what target markets? I'm also looking at agency building. Although I enjoy selling and dealing one on one with clients, I really want to grow an agency. Unlike some people I'm open to learning and don't think I know it all. That's why I'm here. I'm here to learn and exchange ideas. I never make assumptions that things are as they appear to be. Also please don't make the mistake of comparing the number of messages one posts on these boards as being more experienced than someone with less posts. It may mean one has too much time on their hands instead of being in the field.
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