Mass Mutual broker that can split a comm ?

[DHK]

The GA himself, or his brokerage director, should be quite capable of splitting the case. (Yes, I just assumed the GA's gender - lol.)

 

[Tahoe Ray]

I'm not sure what you are talking about. Look at my 3rd point. I said they needed to get a captive agent.

Sorry...missed that.

 

[ltcadviser]

I know that but a GA is more capable to help him than anyone on this forum.

1. The GA can point him in the direction to complete his LTC CE requirement if he hasnt completed one yet and its needed.
2. Get him contracted to receive commissions
3. Refer a captive agent to split the sale with in order to receive commissions on the case.

A MM GA can do this all in one shot.

Can not get contracted with MM through a GA to split commissions on the 500 series. All compensation will be paid to General Agency and the captive agent.

 

[Tothetop]

Can not get contracted with MM through a GA to split commissions on the 500 series. All compensation will be paid to General Agency and the captive agent.

The GA can arrange for them to receive commissions.

 

[ltcadviser]

The GA can arrange for them to receive commissions.

On the application to receive FYC/renewals or the GA writing a personal check outside of the contract?

 

[Allen Trent]

On the application to receive FYC/renewals or the GA writing a personal check outside of the contract?

while I am sure it done regularly, definitely can be a violation with some state insurance regulations & also more & more carriers have language in their compensation documents about all compensated parties being fully disclosed.

 

[Tothetop]

On the application to receive FYC/renewals or the GA writing a personal check outside of the contract?

Neither. The GA can arrange for you to get split commissions on another case of the writing captive agent.

while I am sure it done regularly, definitely can be a violation with some state insurance regulations & also more & more carriers have language in their compensation documents about all compensated parties being fully disclosed.

This is exactly why I recommend going through a GA to make this clean rather than the "I got a guy who can write this" method.

How are you getting paid after the captive agent writes the case for you and you are not contracted with MM @ltcadviser?

 

[Allen Trent]

Neither. The GA can arrange for you to get split commissions on another case of the writing captive agent.

Quid pro quo only is legal in politics. Guessing this would still be a legal violation or contractual if it is not legit in the 1st place. By not splitting commissions on the case in question & essentially issuing an IOU is still considered compensation as the IOU has value. Saw this get sideways with some people with equities licenses agreeing to share compensation on non-securities cases for a "referral" for equities. 2 people had a falling out & never followed through, so rep was turned in & received a $5,000 FINRA fine.

not saying insurance will flow the same way as an equities/FINRA case, but some Dept of Insurance are agressive when things fall apart or a consumer says "Jim sold me LTC"--but Jim never was licensed or appointed & Jack "wrote" the case because he was licensed & contracted, but let Jim meet with client to complete the applications, etc

 

[Tothetop]

Quid pro quo only is legal in politics. Guessing this would still be a legal violation or contractual if it is not legit in the 1st place. By not splitting commissions on the case in question & essentially issuing an IOU is still considered compensation as the IOU has value. Saw this get sideways with some people with equities licenses agreeing to share compensation on non-securities cases for a "referral" for equities. 2 people had a falling out & never followed through, so rep was turned in & received a $5,000 FINRA fine.

not saying insurance will flow the same way as an equities/FINRA case, but some Dept of Insurance are agressive when things fall apart or a consumer says "Jim sold me LTC"--but Jim never was licensed or appointed & Jack "wrote" the case because he was licensed & contracted, but let Jim meet with client to complete the applications, etc

I hear what you are saying. Your example definitely sounds more securities licensing related.

Agents and GA's do this and they know which agents to do it with most importantly. Its more likely to go left when the GA is not involved and its not an agent you have worked with before.

You ask the other agent to write the case and in return the agent can:

1. Add you to their cases you are allowed to write until you get your fair share of FYC
2. Give you referrals
3. Ask the writing agents GA to give you orphan leads

If all parties are in agreement (the agents with the awareness of the GA) these arrangements usually work out well.

It also helps if you are actually contracted with the carrier. By doing all this you are avoiding any commission issues.

 

[ltcadviser]

Neither. The GA can arrange for you to get split commissions on another case of the writing captive agent.

This is exactly why I recommend going through a GA to make this clean rather than the "I got a guy who can write this" method.

How are you getting paid after the captive agent writes the case for you and you are not contracted with MM @ltcadviser?

I don’t get paid anything. I help pro bono. The Mass Mutual agent earns the compensation. I don't need the money. I have earned more than enough elsewhere.