3700 x $200= $740,000. Are you renting the facility.....or buying it???Not sure if that is sarcasm. SFG conference admission used to be $100. Now it's $200+. Who knows what the fee is for the cruise....
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
3700 x $200= $740,000. Are you renting the facility.....or buying it???Not sure if that is sarcasm. SFG conference admission used to be $100. Now it's $200+. Who knows what the fee is for the cruise....
I would be looking for another agency or go independent.. In the meantime, I would have my own business cards made with my own email address and phone number.Wall of text warning. But I need help, please.
Hi, I know this is an older thread, and I am new to Insurance Forums. I hope I am posting in the right place.... I currently am with an IMO out of GA/FL called Alliance Group. I was hired by one of their local MGA's to be a life agent in Charlotte, NC. At first, they seemed on the up and up regarding "doing what's best for the client" and providing a 2-day training course on the different products offered and minimal field underwriting tips. I had to pay for my own travel, which wasn't bad, a few hour drive from Charlotte.
To my issue:
I am allowed access to the local MGA's book of business to contact current clients but I think I need some advice/clarification.
First Issue: my commission level seems really, really low. LSW/National Life is heavily pushed by this group with me being on a 60% commission level and on top of that the MGA agent wants 25% from every policy I write from the book, was originally 50% and I negotiated down to 25%. I am not provided ANY other lead sources/options (free/paid or otherwise). So If I write a policy for $100 a month, here's how my paycheck is calculated:
$100 x 12 = $1200
$1200 x 75% = $900 (75/25 split from Book)
$900 x 60% = $540 (on a 60% contract)
$540 x 75% = $405 (earn 75% upfront, remaining 25% in months 10,11,12)
In summary, I'm making $540 (not going to include as-earned for this) instead of the $1200. So I'm effectively at a 45% commission level. I hope that someone can help shed some light on this for me and tell me if this is a fair commission level or am I being screwed??? I don't see how I can make a living at this level.
Second Issue: The entire book of business already have policies written by the MGA agent, duh. Most policies were written between the years 2000 and 2010. A vast majority, 98%, of the clients have not been contacted since the policies were written, which means no working home phones, cell phones, emails, and most have moved away so not even the correct home address anymore. I have to scrub the internet for working phone numbers and most of the time I'm using Whitepages which is incorrect about 70% of the time.
Third Issue: I have a "company" email but it's not the same as the name of the local agency, how does that even make sense??? On top of that, my business card has a different business name than the agency name and my "company" email. It's very confusing trying to explain to clients why my email is one business, the agency is another, and my business card says a third name. I have asked for this to be fixed but they just ignore me and tell me to produce more.
Summary: They seem to be of the mindset that only top-level producers deserve attention. They screw the new agent by providing minimal training, no lead sources, and I'm assuming low commission levels. To me, it makes sense to provide as much training and support as possible to the new agents so that they can potentially make a career out of this? How else are you going to add more agents to the agency with their current mindset?
To end this long post, I am looking for some advice on what to do. Are there other insurance agencies out there that I could look into? I have my Life License in NC, SC, and Texas. I've been licensed since April 2018.
Thanks for reading, if anyone does!
Give Todd King a call. He's a straight shooter.Wall of text warning. But I need help, please.
Hi, I know this is an older thread, and I am new to Insurance Forums. I hope I am posting in the right place.... I currently am with an IMO out of GA/FL called Alliance Group. I was hired by one of their local MGA's to be a life agent in Charlotte, NC. At first, they seemed on the up and up regarding "doing what's best for the client" and providing a 2-day training course on the different products offered and minimal field underwriting tips. I had to pay for my own travel, which wasn't bad, a few hour drive from Charlotte.
To my issue:
I am allowed access to the local MGA's book of business to contact current clients but I think I need some advice/clarification.
First Issue: my commission level seems really, really low. LSW/National Life is heavily pushed by this group with me being on a 60% commission level and on top of that the MGA agent wants 25% from every policy I write from the book, was originally 50% and I negotiated down to 25%. I am not provided ANY other lead sources/options (free/paid or otherwise). So If I write a policy for $100 a month, here's how my paycheck is calculated:
$100 x 12 = $1200
$1200 x 75% = $900 (75/25 split from Book)
$900 x 60% = $540 (on a 60% contract)
$540 x 75% = $405 (earn 75% upfront, remaining 25% in months 10,11,12)
In summary, I'm making $540 (not going to include as-earned for this) instead of the $1200. So I'm effectively at a 45% commission level. I hope that someone can help shed some light on this for me and tell me if this is a fair commission level or am I being screwed??? I don't see how I can make a living at this level.
Second Issue: The entire book of business already have policies written by the MGA agent, duh. Most policies were written between the years 2000 and 2010. A vast majority, 98%, of the clients have not been contacted since the policies were written, which means no working home phones, cell phones, emails, and most have moved away so not even the correct home address anymore. I have to scrub the internet for working phone numbers and most of the time I'm using Whitepages which is incorrect about 70% of the time.
Third Issue: I have a "company" email but it's not the same as the name of the local agency, how does that even make sense??? On top of that, my business card has a different business name than the agency name and my "company" email. It's very confusing trying to explain to clients why my email is one business, the agency is another, and my business card says a third name. I have asked for this to be fixed but they just ignore me and tell me to produce more.
Summary: They seem to be of the mindset that only top-level producers deserve attention. They screw the new agent by providing minimal training, no lead sources, and I'm assuming low commission levels. To me, it makes sense to provide as much training and support as possible to the new agents so that they can potentially make a career out of this? How else are you going to add more agents to the agency with their current mindset?
To end this long post, I am looking for some advice on what to do. Are there other insurance agencies out there that I could look into? I have my Life License in NC, SC, and Texas. I've been licensed since April 2018.
Thanks for reading, if anyone does!
If you haven't written any business nor built a team you should not have any issue leaving. You can self terminate directly w each carrier and recontract w a new FMO, or simply let your new upline deal w contracts.Hi all, I have found this thread very informative. I joined SFG a few months ago but due to personal issues, have not sold anything or built a team. Does this make my termination any simpler? Has anyone done this? How can I attempt to get SFG to release me?
Hi all, I have found this thread very informative. I joined SFG a few months ago but due to personal issues, have not sold anything or built a team. Does this make my termination any simpler? Has anyone done this? How can I attempt to get SFG to release me?