New Agent-Confused on which way to go-Need advice?

Garret Hemp

New Member
8
New agent here, been working for my dads friends life insurance brokerage.

Licensed. Currently there are plenty of leads for me to call, I get about 10% comp. It's a weird set up I am getting contracted with GA's and getting commisions from the companies, so I am like dependent-Independent. I don't really work for him in the way the other sales people(not licensed) in the office do.

However I am confused on which way to go since I am only 23. Looking for guidance.

Concerns: Which of these do I pursue, not worry about, which direction?

Own book- Do I start mail out, cold calling???
CLU?
CFP?
Series 663, 7?

Just feel overwhelmed, like I am semi-self employed, with no steady paycheck and no one to talk to.

If you were me, and have the knowledge you have right now. What would you do starting yesterday?
 
10% of what?

The last time I got 10% was a partnership split at a broker/dealer. If we did $50,000 of commission volume in a month, we had a 45% of that ($22,500) that was split between the senior partner and me. He got 90% of that ($20,250), and I'd get 10% ($2,250) plus a company-paid base salary. Not bad for a learning environment.

Now, if you're only getting 10% on your own sales... I'd hate to tell you this, but even WFG would start you off at 25%. Captive career agents start out at about 55%. Independent agents get 80%+.

We just want to be sure that you're not getting completely hosed in this deal.

So, 10%... of what?
 
10% of what?

The last time I got 10% was a partnership split at a broker/dealer. If we did $50,000 of commission volume in a month, we had a 45% of that ($22,500) that was split between the senior partner and me. He got 90% of that ($20,250), and I'd get 10% ($2,250) plus a company-paid base salary. Not bad for a learning environment.

Now, if you're only getting 10% on your own sales... I'd hate to tell you this, but even WFG would start you off at 25%. Captive career agents start out at about 55%. Independent agents get 80%+.

We just want to be sure that you're not getting completely hosed in this deal.

So, 10%... of what?

So 10% on each client I sell from their leads/book.
Plus about $1,000 base every two weeks.

I'll get 80% for my own clients, I just don't have any yet.
 
To answer your original question... I wrote this over 7 years ago and updated it over time. You may find it helpful.

https://insurance-forums.com/community/threads/guidance-for-new-life-agents.29999/

Thank you for this very informative, and well put together.
What about referrals from their existing clients?

It'll be my client.

I just needed some some guidance. Your guide you linked to will help a lot.

Thank you

Should I call from 9-3 every day their clients, then focus on prospecting the rest of the day/weekends? What would you do
 
Leveraging the existing client base would be the fastest and easiest way to build your book of business and maximize your earnings.

You need to build up your knowledge on each case and how to conduct a proper financial review, not just a policy review.



However, you are new, so you probably need some tools to help facilitate this. Sign up for a free 30-day trial of the Virtual Sales Assistant and check out their Priority Planning Review tools. They are a fillable document with "checkmarks" for people to indicate their interest and their planning so far. It's a great training tool for you and a simpler communication tool for your clients. (I wouldn't email them out - even though you could. I'd have them printed out for use in your office.)

Financial Services Online // Marketing Resources and Websites for Financial Professionals

Financial Services Online // Marketing Resources and Websites for Financial Professionals

Then you can find additional sales opportunities and do more of a financial review.

I'd recommend getting Sandy Schussel's Mastering Client Referrals mp3 training from his website (it's only $37 for the download). You can then incorporate referral conversations into your review process up front and without being needy or greedy, because "needy is creepy".



www.sandyschussel.com/products

If you need training on how to do a complete fact-find and financial review, sign up for the Insurance Pro Shop members only site for only $30/month and watch their online video training.

IPS... The Leading Insurance Marketing And Sales Training, Tips And Tools!
 
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