Need Advice

[SME]

I haven't posted much here but now I need some advice. I have been offered a position at an independent agency that is primarily P and C and wants to start a life and health book. Basically they are offering me a 50/50 split on commission, base salary and plenty of leads. Which is all good and well but I wanted to be vested as well. I've worked for other agencies where I was not vested and I'm not making that mistake again. Can anyone tell me what an average vesting schedule is like?
Also I will be training other health agents in the future and want to ask for 3-5% of what they bring in as I will have to take away from my own sales time to train them. Does this sound like a typical deal?
Sme

 

[Sam]

That sounds like a pretty good deal to me, provided that they actually have a real supply of leads. You have to remember that the vast bulk of health and life commission is paid in the first year. If you can get a piece of the residual pie, that is great, but it can be a great deal for you even without that. I would focus more on earning a piece of what your trainees make...for instance, tell them that even though it is usual for you to be vested, you will give up residual income, for a higher piece of the pie from your trainees.
Also, bear in mind that almost all p&c commissions nicely on renewal, so if they are thinking in that mode, then you have a nice built in advantage.

 

[SME]

Thanks for the advice. I sell only health and life products so the renewal premiums are pretty low. I mainly want to be vested so that if I decide to leave and go out on my own I have so residual income to float me. But it may be better to take a bigger chunk out of the trainees. Thanks for the advice.

 

[joshril]

Steph... Are they making you sign a non-compete agreement??

 

[SME]

I agreed to a non solicit but not a non compete. My ability to sell is how I make money and I'm not willing to give that up.