Mentor Commission?

[zoltzz]

Hi everyone,

I need you guys opinion on something. I'm just starting my insurance career as a P&C agent. I'm doing fine on the personal line but as far as commercial goes, I don't have a clue.

My company offers commercial mentorship on getting started in the commercial business. But the thing is, the commission split seems crazy. It is 50/50 with me and my mentor after the company gets its commission. And even after I cancel the contract with my mentor, the renewals from the business I wrote during the time the contract in place would still be in effect. So it's going to be 50/50 on the renewals as well.

Does have anyone have experience is explaining this? Is this a fair deal for someone new to the business?

Thanks guys.

 

[STIBROKER]

I would learn the biz quick and get out from under him.....

 

[jhuang]

Depends on what kind of commercial you are looking to focus on.

Focus on a few markets, smaller risks to start. Then once you get comfortable, as suggested move out fast.

 

[Guest]

I would go seek out an experienced agent to mentor you, screw that split.

 

[DHK]

Is he going to help you service that client too?

If not, why is he being compensated with renewals?

If you still go forward, make sure the client belongs to YOU. Your information goes on "line 1", not the mentor. (Unless you are a salary-based assistant.)

 

[xrac]

I think 50/50 is a fair split on the initial commission but the renewals should be yours.

 

[b61mack]

commerial is very complex, not a cookie cutter policy. his store burns down did you sell him income replacement insurance, no, did you offer it to him, no. big problem....i would not worry about the split, just be a fast learner. look at the mentors side, he has to take a newbie on a call and split the commission... think of it as you are learning and getting paid. sounds good to me... i would take that deal, with a smile on my face!
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i noticed you have been in the business a "whole month", you are very lucky to even get someone to teach you p&c, let alone commercial, and you are getting paid to boot..."someone up there likes you"

 

[briko3]

50% is standard if he's a good mentor. You should know after one call with him if he is worth the money.

 

[AtlantaLife&Health]

Stop being greedy. Without dude, you ain't gonna make the sale! You'll be getting a 0% split all to yourself. Don't be greedy as a newby. Soak up all the info you can from the guy. You'll make the money back on all the other policies you'll write after you're done being mentored. Get some biz on the books first. He's not asking for too much. Don't just take it. Run with it!

 

[desiree]

I agree with Atlanta - last I checked, 100% of nothing is still nothing.