New Agent Needing Advice

[TwiLight]

shawnmwalker YOU are correct.....

 

[Josh]

Josh is correct as well. Which is why agent aggregation works. A Group can provide the most lucrative splits because it has the best SCALE. (He didn't say that I did.) Local agent gets you on board and loses on you for a long time at a split you think in unfair. That is not the agents fault, he is trying to make it work for everybody.

But...

A group can offer you Carrier access, Training, overrides, bonuses, ownership, and a 80/20 - 90/10 commission split on new and renewal because of the SCALE.


Seek the factors you must have in your insurance career and find the agency who can provide that. Base salary, provided leads, the ones I listed above, and On and on, and on.

But again Josh is right, the guy is giving you what he can. If you need more, you can find that too. Your current employer does not have the SCALE of a national group to match their offering.

What salary does the group pay? Therein lies the rub.

 

[shawnmwalker]

Josh is right. No group will pay a salary. There in lies a great rub for many.

To my point, define what you need and go get that.

 

[VolAgent]

What salary does the group pay? Therein lies the rub.

Exactly, only a local agent will do that. But you are going to have to give up commission too.

You can't have your cake and eat it too. If you want salary, you have to give up some commission.

I repeat what I said earlier, fair what you both can live with. You need to make a living, but there has to be an upside to this for him. If he gives you a salary now and loses money AND then gives you more commission than he can afford later and loses money, there is no reason for him to have you around.

 

[jdeasy]

I am a new agent breaking into the field. I have agreed to work for a small independent broker that has started me off at a minimal hourly wage for training and licensure purposes. Now that I have gotten licensed and appointed through a few carriers, I am wanting to approach him to see about increasing my pay. He has paid everything thus far and pays for internet leads. I am starting to produce through those leads. I am needing a guaranteed pay for family purposes but want commission plus draw. We have briefly discussed this but he beats around the bush and wants to put it off until beginning of year, referencing what he has invested. What would be fair to approach him with and would I find anything that would offer draw plus commission elsewhere. Have been in sales for 10 years with medical devices and personal reasons set me on new career path. Just wanting to make sure family is taken care of and that is difficult at rate I am currently at. Any suggestions would be great.....

What line of business do you want to work? Who are the companies that you are contracted with?

What part of Ky?

 

[new_ky_ag]

Med Supps, Bowling Green Ky

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Humana, Anthem, Cigna so far. Haven't started appointment process with others yet but looking at combined and Mutual of Omaha

 

[jdeasy]

Med Supps, Bowling Green Ky

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Humana, Anthem, Cigna so far. Haven't started appointment process with others yet but looking at combined and Mutual of Omaha

I figured BG but you threw me off with that 120,000 population thing. BG is half that.

None of those companies you have nor the ones you are looking at are competitive for med sups in Ky.

Cigna maybe? But whoul would write them?

MoO, UoO, United, Omaha Ins or whatever their name of the month is right now will only be competitive until the next name change.

You need training and lots of it. Product and selling training.

I'm only about 90 miles from you but I only cross sell a few med sups. My business is FE.

I don't know of a local to BG IMO for med sups. But your iMO doesn't need to be local. You were probably advised properly to post in the Senior Forum and maybe someone can steer you to a med sup IMO?

If you would like to look at FE I would recommend taking a look at FEX. They do med sups too but that's not their focus.

 

[crabtrap]

If you are doing what you say and making him money, no way he will let you walk. It's common sense.

Be prepared with a back up plan before you cut ties and always leave on good terms with your head held high. You did your part, there are too many people who will walk all over you. Get paid what you are worth, that why I am starting this journey.