How Do I Compare Compensation Between IMOs/FMOs/MGAs?

[uberjer]

Hello gurus,

I'm just getting started in the business and am initially focusing on Annuities and Life Insurance as an independent agent.

How do I compare compensation between the different agencies? What questions should I be asking so I can compare compensation?

This is my last sticking point in terms of being able to select a place to hang my hat.


Thanks for all your help thus far!
Jeremy

 

[tins]

Hello gurus,

I'm just getting started in the business and am initially focusing on Annuities and Life Insurance as an independent agent.

How do I compare compensation between the different agencies? What questions should I be asking so I can compare compensation?

This is my last sticking point in terms of being able to select a place to hang my hat.


Thanks for all your help thus far!
Jeremy

I would worry less about who is offering the best comp. and compare who offers the best training/ prospecting help. Since you're just starting out, comp. should be lower on your list when choosing where to go. Once you become great at what you do and an expert in your field, you will pretty much be able to command whatever comp you want (within industry standards).

 

[NinjaNic]

word to the wise...the more you make, the less an IMO answers the phone. As Tins said, focus on services and not comp--especially out of the gate.

And, who have you contacted that you are comfortable with? And why? that is your decision...not comp.

 

[uberjer]

I would worry less about who is offering the best comp. and compare who offers the best training/ prospecting help. Since you're just starting out, comp. should be lower on your list when choosing where to go. Once you become great at what you do and an expert in your field, you will pretty much be able to command whatever comp you want (within industry standards).

I think I'm going with a group that doesn't offer the best training or prospecting help as far as I can tell. The person who introduced me to the business is overriding me .5%, but isn't really doing anything to help me get it figured out - no shadowing, no presentations, no prospecting help... I'm pretty much on my own and am just trying to make sure I'm not getting shafted on my commission. I think with Allianze I'll be getting 5.5% and Aviva I'll be getting about 5%. Do these numbers sound fair?

 

[Pete Cormie]

You've got to find someone willing to help you. Its doesn't matter what percentages are thrown around, without sales you're toast. You need help from prospecting to presenting to closing to setting up your shop to run efficiently. That's invaluable information and support and vital to your success. Find an IMO/FMO/GA willing to help you and pay them what they ask. It's the only way to make it.

 

[jacobtn]

I think I'm going with a group that doesn't offer the best training or prospecting help as far as I can tell. The person who introduced me to the business is overriding me .5%, but isn't really doing anything to help me get it figured out - no shadowing, no presentations, no prospecting help... I'm pretty much on my own and am just trying to make sure I'm not getting shafted on my commission. I think with Allianze I'll be getting 5.5% and Aviva I'll be getting about 5%. Do these numbers sound fair?

Either the contract your up line has sucks or you are getting screwed not sure which

 

[RomCat]

That is a good question. Who has tried to recruit You? What do they offer? If you get in a "fix" with a closing issue, can you pick up the phone and have a 'go to' on the other end who can walk you through the plan and actually help you close the sale on the phone? What do they offer Your hard earned client that exceeds other companies and plans? I eagerly await responses to these. Thanks!