Leaving Captive and Going Independent

[Advisor06]

When did you guys know it was time to leave your captive company and go the independent route?

What is the big difference between working for a NYL or Pru since they all seem to offer a brokerage option aside from just selling for just the main company?

 

[Dave020]

Re: Independent

When the GA started bouncing commission checks (NML).

 

[Advisor06]

I am looking into Penn Mutual and they seem to pitch themselves as "interdependent" guess they are trying to be captive with the feel of independent.

 

[rousemark]

Re: Independent

When i decided I did not want to continue as a staff manager with NL&A, working 70 hours per week trying to motivate agents that wanted to be doing something else.

 

[WCMason]

When the agency I was captive to announced that we were changing carriers for FE and my commission would increase from 48% to 75%.

Until then I had no idea that 48% was terrible. The increase prompted me to do some research to find out what a real potential commission was.

Once I discovered that I could earn over 100% if I were independent I was out the door as quickly as I could make the arrangements. I left at my one year anniversary and it was the best decision I ever made.

 

[Advisor06]

I'm getting less than 30% on term and less than 60% on WL

 

[xrac]

I'm getting less than 30% on term and less than 60% on WL

So who pays commissions that low other than some of the P&C's?

 

[Advisor06]

A fraternal catholic company

 

[CFP83]

Re: Independent

I am independent and Penn is my go-to life carrier.

Penn has a career agency system, and a completely seperate Independent channel. So for guys who want the career agency culture they can go to a Penn General Agency, and for established independent producers/finanicial advisors you can do business through the independent channel.

If you're ready for the independent route Penn has a great line-up of products.

 

[Tahoe Ray]

Re: Independent

I am independent and Penn is my go-to life carrier.

Penn has a career agency system, and a completely seperate Independent channel. So for guys who want the career agency culture they can go to a Penn General Agency, and for established independent producers/finanicial advisors you can do business through the independent channel.

If you're ready for the independent route Penn has a great line-up of products.

Yes they do...

And why are you getting no comp on your term? Those numbers are awful unless you have someone going on cases with you (and doing all of the work) or as XRAC points out, you're P&C.