ING Financial Partners "Career Preview"

[BoomBoom68]

I have been in the mortgage business for the last 7 years and have seen my income go from a high of 190k to a low of 40k and now this year will be around 60k. There is nothing I like about this business anymore so I am considering a career change. I had an "career preview" today with ING Financial Partners (4 people were in a conference room for a basic information session). Their deal is for 2 years they will give a small base salary and they went through the compensation of a "low tier" producer to give us bare minimum income expectations. Based on generating 30 financial plans per year at 500 per pop, acquiring 1 million under managemnet per year, then 300k in 401k or 403b business, and another 1 million under management (performance based - you would get 1% of the AUM). Year 2 another 30 accounts and by year 5, after some fallout, you should have 80 accounts.

Plan 1MM 300k 1MM
YR 1 7,500 40,000 12,000 10,000 = 69,500/yr
YR 2 12,000 40,000 12,000 20,000 = 84,000/yr
YR 5 30,000 40,000 12,000 50,000 = 132,000/yr

Thoughts?? Fair expectations?

 

[briko3]

Re: Ing

I have been in the mortgage business for the last 7 years and have seen my income go from a high of 190k to a low of 40k and now this year will be around 60k. There is nothing I like about this business anymore so I am considering a career change. I had an "career preview" today with ING Financial Partners (4 people were in a conference room for a basic information session). Their deal is for 2 years they will give a small base salary and they went through the compensation of a "low tier" producer to give us bare minimum income expectations. Based on generating 30 financial plans per year at 500 per pop, acquiring 1 million under managemnet per year, then 300k in 401k or 403b business, and another 1 million under management (performance based - you would get 1% of the AUM). Year 2 another 30 accounts and by year 5, after some fallout, you should have 80 accounts.

Plan 1MM 300k 1MM
YR 1 7,500 40,000 12,000 10,000 = 69,500/yr
YR 2 12,000 40,000 12,000 20,000 = 84,000/yr
YR 5 30,000 40,000 12,000 50,000 = 132,000/yr

Thoughts?? Fair expectations?

Sounds really easy on paper, doesn't it? I bet a lot of research went in to being able to show it that way.

 

[BoomBoom68]

Re: Ing

That was helpful Briko - thanks! Anyone else have anything more meaningful to add?

 

[senior-advisor-indiana]

Re: Ing

I also like the way you presented it. A+ from me

 

[LGilmore]

Re: Ing

What products are you selling? What are your commission schedules? If it's securities seems really high on the payout to you. So high that you may have trouble maintaining accounts.

"you should have 80 accounts"? and after 3 years how many agents under thier oversight have 80 accounts?

You'll have to forgive many of us here for our comments as most of us brought into this business had all sorts of promises made about income from sales reps. Think of a sales rep as an army recruiter, their job is to add bodies to the army cause they know a certain percentage are going to die. financial services business is the same way.

Take what they tell you and half it.

 

[0b1kanobee]

Re: Ing

I think it is a little high on the expectations but I have seen it done by producers who work like machines. The one guy I know who did it I swear isn't human.

You are gonna have to sell some life insurance in the mix to make it happen and you won't be able to do it using strictly ING.

What state are you in?

 

[BoomBoom68]

Re: Ing

I think it is a little high on the expectations but I have seen it done by producers who work like machines. The one guy I know who did it I swear isn't human.

You are gonna have to sell some life insurance in the mix to make it happen and you won't be able to do it using strictly ING.

What state are you in?

I'm in NJ.
- - - - - - - - - - - - - - - - - -

What products are you selling? What are your commission schedules? If it's securities seems really high on the payout to you. So high that you may have trouble maintaining accounts.

"you should have 80 accounts"? and after 3 years how many agents under thier oversight have 80 accounts?

You'll have to forgive many of us here for our comments as most of us brought into this business had all sorts of promises made about income from sales reps. Think of a sales rep as an army recruiter, their job is to add bodies to the army cause they know a certain percentage are going to die. financial services business is the same way.

Take what they tell you and half it.

The recruiter said a lot of their business is tax sheltered annuities and working the 403b market.

 

[0b1kanobee]

Re: Ing

I don't quite understand your compensation but this is usually doable. You are gonna have to cross sell some life insurance to make it happen. If I know people in Florida where wages are extremely low who have made this happen then I believe it is possible. It is the first three years which are tough. If you can get past year 3 you will never look back. I say go for it if you are up to the challenge and have a really strong work ethic. Hopefully you will have very good training, you will need it. See if you can get a good mentor and make sure you own the book of business.

Did you ask what happened to the other guys who had the position before? They either didn't cut the mustard, went on to better things or were getting screwed. If you are gonna build a book of business, just make sure it is yours. They also could be adding on. Maybe they picked up new business/clients. This can be a really good opportunity.

I would get myself a Final Expense contract like Monumental Life and write one of those a week to add to your income. That will get you an extra 20K a year if you don't meet the numbers. Just ask everyone you meet with if they have life insurance and sell one of those when possible. I have a buddy who is in your shoes with ING and he just started to do that. He has sold around 15 FE policies this way in the last two months.

That guy is the machine I was speaking about. His first year in the business he captured a little over 500 clients. He kept it simple and basically asked people to sign apps. Now he can do anything annuity wise and financial planning but was real simple in the beginning. "You need retirement income........sign here". I'm sure you could do better but this guy had no training and barely spoke English. Made a boat load of money though and still does. Year 4 you should make 70k before you get out of bed for the year on residuals but it takes a lot of persistence.

Interesting they give you a salary too. That makes it nice.

 

[BoomBoom68]

Re: Ing

I don't quite understand your compensation but this is usually doable. You are gonna have to cross sell some life insurance to make it happen. If I know people in Florida where wages are extremely low who have made this happen then I believe it is possible. It is the first three years which are tough. If you can get past year 3 you will never look back. I say go for it if you are up to the challenge and have a really strong work ethic. Hopefully you will have very good training, you will need it. See if you can get a good mentor and make sure you own the book of business.

Did you ask what happened to the other guys who had the position before? They either didn't cut the mustard, went on to better things or were getting screwed. If you are gonna build a book of business, just make sure it is yours. They also could be adding on. Maybe they picked up new business/clients. This can be a really good opportunity.

I would get myself a Final Expense contract like Monumental Life and write one of those a week to add to your income. That will get you an extra 20K a year if you don't meet the numbers. Just ask everyone you meet with if they have life insurance and sell one of those when possible. I have a buddy who is in your shoes with ING and he just started to do that. He has sold around 15 FE policies this way in the last two months.

That guy is the machine I was speaking about. His first year in the business he captured a little over 500 clients.

Thanks for the response. The way they presented it makes it seem doable. I have a strong work ethic and have been a former #1 mortgage broker in a company of 250 loan officers so my sales ability is there as well. If it's doable, I'll find a way.

 

[0b1kanobee]

Re: Ing

The thing to remember in that business is "insurance is a contact sport". Just go out there and make contact. Set reasonable goals for how many apps you want for the week or two weeks or month, whatever. Just hit your goals at all costs and be active in your market. Goals are huge and from your prior business, you know this already. I think you should go for it.